3 Ways Artificial Intelligence (AI) Services will Impact the Economy in 2020 and Beyond

1) Increasing efficiency and accuracy in our everyday work.

It’s tempting to believe that artificial intelligence services can do just about anything. If tech experts are to be believed, artificial intelligence (AI) has the potential to transform the world. Tech entrepreneur, Elon Musk, says this would be a threat to humanity and life as we know it.

Even though thinking among AI researchers has evolved over the years, the future impact of AI is strongly debated among experts.

Currently, AI and machine learning solutions power self-driving cars, complex ad-tech audience optimization, and a host of intelligent agents such as Alexa, Cortana and Siri. At the same time, leading AI experts, business owners, and analysts caution against an overly rosy view of its current capabilities.

The hype surrounding AI’s potential has misled many into overlooking its current utility. Eventually, AI will redefine industries and build technologies we never thought possible. However, business leaders and AI experts say the real value in today’s AI lies in increasing efficiency and accuracy in our everyday work.

2) Preparing for The Future – The Government’s Role

Artificial Intelligence (AI) Solutions holds the potential to be a major driver of economic growth and social progress. If industries, society, government, and the public work together to support development of this technology with thoughtful attention to its potential and managing its risks, then everyone will benefit.

The U.S. government has several roles to play. Participation in conversations about important issues is key; this is to help set the agenda for public debate. In fact, this initiate can monitor the safety and fairness of applications as they develop, and adapt regulatory frameworks to encourage innovation while protecting the public.

Another utility the government can provide is public policy tools to ensure that disruption in the methods of work enabled by AI increases productivity while avoiding negative economic consequences for certain sectors of the workforce. Not only this, but the government can support basic research and the application of AI to public good. One of those features is to support development of a skilled, diverse workforce.

Government can apply AI to serve the public faster, more effectively, and at a lower cost. Many areas of public policy, from education, to defense, to environmental preservation, and criminal justice, will see new opportunities and new challenges driven by the continued progress of AI.

To enable these policies, it’s crucial for the U.S. government to understand and adapt to these changes.

3) Economic and Social Morality

As the technology of AI continues to develop, practitioners must ensure that AI-enabled systems are governable. This is to ensure they are open, transparent, and understandable. In essence, AI must work effectively with people, so that their operation will remain consistent with human values and aspirations.

Researchers and practitioners have increased their attention to these challenges, and should continue to focus on them.

Developing and studying machine learning development services can help us better understand and appreciate our human intelligence. Used thoughtfully, AI can augment our intelligence and help us to chart a better and wiser path.

Charter Global offers AI resources to a variety of different types of projects. Consult us for expert help, and learn more about what we can do to achieve your AI goals.

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Look Out for These 7 Trends in the Internet of Things (IoT) | Charter Global

The internet has become a beastly enterprise, with the past ten years seeing more technological advancements than perhaps any other industry. The Internet of Things (IOT), for example, is one such advancement gaining immense traction in the marketplace. Here are 7 IoT trends to look out for this year.

1. Big Data Convergence:

IoT is changing the way we live and conduct business exponentially, generating a huge amount of data in the process. Big data platforms, for example, are usually made for supporting the demands of large-scale storage and for performing investigative work.

Interestingly, IoT and big data have a lot in common. Smart devices, for example, are now being designed specifically for the purpose of digesting massive amounts of system and user generated data. The cloud has proven instrumental in meeting analytic and storage requirements in the realm of big data. Moving forward, the junction between IoT and big data will definitely be a trend on the rise.

2. Data Processing with Edge Computing:

Albeit a powerful force, weaker elements in IoT are evident in the addition of devices behind the firewall of the network. While Securing the devices may be easy, securing the IoT itself proves a trickier phenomenon. Thus, security measures must exist between the network connection and the software applications linking to the devices.

Perhaps the most notable benefits of IoT are it’s cost-effectiveness and efficiency, especially in data processing. Rapid-fire data processing is prominent in most smart devices, re: self-driving vehicles and intelligent traffic-lights (aptly coined, “smart lights”). Edge computing has been proposed as a potential solution, gaining immense popularity.

Edge computing usually outperforms the cloud when it comes to speed and cost. Faster processing translates to lower latency, which is one of the premium benefits of edge computing. Data processing with edge computing will see an uptake in IoT trends in the near future, for certain.

3. Auto-ML (Machine Learning) for Data Security:

In present days, developers are tasked with finding newer methods in which people can share data securely by the use of block-chain-like technologies. Many industrial companies are learning how to trust and accept the forecast of machine learning models (otherwise known as “predictive analytics”), and will acclimatize their operations for preventing the downtime by model outputs.

Machine learning model training will likely become a highly automated process. Industrial companies in particular will increase the large capital assets, particularly in cloud computing, in the near future.

4. IoT – Massive Growth Coming:

When it comes to data analytics, IoT is perhaps the most promising technology to date. Smart devices ingest more data and information about the devices and users, and by 2020, it is expected that IoT devices will exceed 31 billion. Today, we see IoT devices as the major part for reporting and tracking.

IoT is capable of the extraction, storage, and analysis of massive data stores. When coupled with other ground-breaking technologies, like Artificial Intelligence (AI), for example, the essential data can be appropriately measured, filtered and categorized. IoT trends will most definitely see an increase in the amount of “work” smart devices are doing. What’s more, they will serve to assist data scientists and technicians in providing powerful, insightful suggestions.

5. Better Data Analytics:

Chances are, you’ve heard some of the hype and clamor surrounding artificial intelligence in modern business practices. The merger of IoT and AI has seen many recent developments, as the two can be used interdependently to provide e a centralized decision-making tool for all types and sizes of businesses.

AI and Machine Learning Development Services that can easily identify trends, patterns, and unique behaviors otherwise invisible to the naked human eye. Better data analytics and the need to safeguard this said data are two major reasons for the rise of this trend. By collecting insights from this data, we could even suggest it be rendered to help us make better decisions in our personal lives. The sheer intelligence, thoughtfulness and self-learning capabilities make this a hugely popular trend to look out for in the near future.

6. Smart Cities to Become Mainstream:

When it comes to data collection, many states have adopted a more technological approach – replacing or improving upon antiquated infrastructure; integrating sensors to reap data that proves invaluable for the purpose of urban planning and development. Prepare yourself for the integration of IoT into just about every sidewalk, crosswalk, highway, and byway, as data collection becomes less of a convenience and more of an evolutionary imperative for American progress.

Cities both nationwide and globally will become pioneers for the great data exchanges affording accessibility and empowering evidence for better decision-making. Ultimately, the digestion and dissemination of this unique, all-telling data will provide a fundamental platform for both private and public organizations, and the citizens under their watch.

7. Personalization of the Retail Experience:

With IoT, the efficiency of supply chain and information systems management has grown by leaps and bounds with respect to retail. Sensors and other smart beacon technologies are being used to tailor shopping experiences with ease, speed, and accuracy like never before.

In the not-so-distant future, IoT can be used to monitor, gauge, track, and personalize your investment portfolio – making unique, custom trade recommendations based on your data insights. Or, imagine getting notified immediately when a highly-sought after product from your favorite shop is discounted via push notification which when expanded, offers an indoor map of your favorite shop – leading you to the exact product you desire.

The value of this trend ensures the better integration of personalized retail experiences which ultimately can bring upon a new era of shopping as we know it.

Read More: Look Out for These 7 Trends in the Internet of Things (IoT)

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