The American multinational finance company Goldman Sachs have recently listed six ways in which rapid adoption of artificial intelligence is transforming businesses in the United States, listing the various industries/applications where the technology is beneficial.
The list was developed as a part of a report published by the company to their clients, listing AI’s potential as “boundless”.
Artificial Intelligence have made internet searches easier by the help of applications such as Alphabet’s Google. The app recently noted that through the RankBrain AI-system, the technology routed a “significant number” of searches done through the system.
This make a key variable in how the company’s search algorithms determines its results, Goldman Sachs writes, referring to a Bloomberg feature from 2015 that said if RankBrain detects an unfamiliar word or phrase, it is able to guess what words or phrases that have a similar meaning. Then the app filters the result accordingly, which makes it more effective in dealing with queries that it has not come across before.
The use of recommendations for websites such as Amazon, Netflix etc., have become more and more common over the years, and is a valuable asset for the companies to customise and tailor the experience of their customers. Looking at the different ways of applying AI for this purpose, Amazon uses its Deep Scale
Looking at the different ways of applying AI for this purpose, Amazon uses its Deep Scale Sparce Tensor Network Engine as open-source software in order to expand beyond speech and language recognition, having the ability to identify and object’s physical properties.
This technology is currently in high demand among retailers looking for an “edge” in forecasting their customers demands.
This is the feature that allows Goole and Facebook to recognise faces in a user’s picture, and both companies have invested heavily in FaceNet and DeepfFace. Apple has also joined in on this, recently acquiring AI startup Emotient, an app that goes beyond just recognising faces, but also recognising their emotions.
Artificial Intelligence has proven to be very beneficial to the healthcare industry as well, diagnosing diseases such as cancer, and in some situations actually diagnosing better than a human doctor.
AI is also being applied to speed drug discovery by assisting in determining the areas of scientific research that are most fruitful. This could result in the risk of expensive Phase 3 trials to be halved, which eventually would save billions of dollars.
Goldman and Sachs reports that AI has the potential to increase crop yields and decrease irrigation and fertiliser cost, as well as assisting in early detection of crop and livestock disease, in addition to lower labor costs associated with sorting crops after harvesting.
It is predicted that AI-based technologies, such as precision fertiliser applications has the potential to improve corn yields by 70% by 2050.
AI can be beneficial to the finance industry by assisting in making investment decisions as well as helping high-frequency stock traiders to stay “on top” of their game. The technology does also have the ability to reducing credit risk and compliance costs that has increased with as much as 50% over the past years.