The Value of AI

Tyrone Grandison Tyrone Grandison
April 1, 2019 AI & Machine Learning

The definition of artificial intelligence (AI)

Everyone uses the term artificial intelligence (AI) generically, and they mix it up with Machine Learning, Data Science, and Predictive Analytics. The definitions have changed over time, and everyone seems to inherently assume that they know what they're talking about when they say AI.

From my perspective, Artificial Intelligence is essentially the ability of machines to perform those targeted functions that you normally associate with a human being. These are things that humans do naturally, like reasoning, learning, and interacting with the environment. Anything that falls in that realm right now is AI. If you asked me that 20 years ago, AI would just be anything that is human-like that has to do with software. Now, you have AI solutions that span the gambit. There is everything from computer vision to chatbots to autonomous vehicles to robots. All of that falls under the AI umbrella right now because they're either interacting with the environment, reasoning, or learning.

The value of artificial intelligence (AI)

The value of AI is essentially the potential of AI. In other words, what is the hope? What are we wanting or intending for AI to do or to benefit for society generally? The well known cases where AI is applied focus on business scenarios in order to improve operational efficiency. The New York Fire Department figured out how to use machine

 

learning techniques to predict where the fire was going to be, using Firecast. That is a great use of AI. The city of Pittsburgh did something similar where they implemented a machine learning algorithm that allowed them to optimize and automate traffic flow. The United States Center for Immigration Services (USCIS) uses chatbots to reduce the workload on its existing staff because it has resource constraints. They are able to get chatbots to answer the majority of questions for people asking for comments and for requests coming in. This is the value of AI. The promise of making things easier, safer, more convenient, more efficient.

The promise of artificial intelligence (AI)

The value of AI is the promise of AI improving your everyday work life, and hopefully improving your everyday social life. AI walks the tight rope of enabling and taking away work-life balance. The current driving force for applying Artificial Intelligence solutions, i.e. current AI value propositions – tend to solely focus on the optimization of business functions. How do I either maximize revenue or reduce costs? Or manipulate some factor or indicator that influences either one of those things?

In the case of Pittsburgh, the question was how to optimize traffic flow. That issue had budgetary implications with regards to their inventory and their backend systems. It also made people's commute easier. Thus, the primary driving force is an optimization function that builds upon business objectives.

The emerging paradigm

The emerging paradigm is creating more work-life balance which will, in effect, make for better lives. The current paradigm is focused on doing something for business that has an offshoot of making your life easier. I'm hoping that over time it gets to a point where you have AI that is actually focused on the social good aspects and on work-life balance. It's slowly getting uptake, and at the very end of it– you basically have to figure out what the financial models underpinning AI construction and deployment. Currently, those financial models are very difficult to create and defend. They are also not often seen in the wild when you look at social enterprises and nonprofits.

Democratized artificial intelligence (AI)

As a final thought, how can we get to the point where we democratize the value of AI, where the value is not just for businesses, but the value is for everyone in society? Can we actually get to the point where we have AI frameworks that get us to applications for social good? Applications that actually improve our lives as the first objective, and not necessarily has a happy consequence?

  • Experfy Insights

    Top articles, research, podcasts, webinars and more delivered to you monthly.

  • Tyrone Grandison

    Tags
    Artificial Intelligence
    Leave a Comment
    Next Post
    The fifth industrial revolution looms

    The fifth industrial revolution looms

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    More in AI & Machine Learning
    AI & Machine Learning,Future of Work
    AI’s Role in the Future of Work

    Artificial intelligence is shaping the future of work around the world in virtually every field. The role AI will play in employment in the years ahead is dynamic and collaborative. Rather than eliminating jobs altogether, AI will augment the capabilities and resources of employees and businesses, allowing them to do more with less. In more

    5 MINUTES READ Continue Reading »
    AI & Machine Learning
    How Can AI Help Improve Legal Services Delivery?

    Everybody is discussing Artificial Intelligence (AI) and machine learning, and some legal professionals are already leveraging these technological capabilities.  AI is not the future expectation; it is the present reality.  Aside from law, AI is widely used in various fields such as transportation and manufacturing, education, employment, defense, health care, business intelligence, robotics, and so

    5 MINUTES READ Continue Reading »
    AI & Machine Learning
    5 AI Applications Changing the Energy Industry

    The energy industry faces some significant challenges, but AI applications could help. Increasing demand, population expansion, and climate change necessitate creative solutions that could fundamentally alter how businesses generate and utilize electricity. Industry researchers looking for ways to solve these problems have turned to data and new data-processing technology. Artificial intelligence, in particular — and

    3 MINUTES READ Continue Reading »

    About Us

    Incubated in Harvard Innovation Lab, Experfy specializes in pipelining and deploying the world's best AI and engineering talent at breakneck speed, with exceptional focus on quality and compliance. Enterprises and governments also leverage our award-winning SaaS platform to build their own customized future of work solutions such as talent clouds.

    Join Us At

    Contact Us

    1700 West Park Drive, Suite 190
    Westborough, MA 01581

    Email: support@experfy.com

    Toll Free: (844) EXPERFY or
    (844) 397-3739

    © 2023, Experfy Inc. All rights reserved.