Friday, December 2, 2022

What AI Trends Will Give Business a Competitive Edge

By Swapnil Mishra - April 07, 2022 3 Mins Read

As organisations continue to automate day-to-day operations and to understand COVID-affected datasets, AI becomes increasingly important for accuracy and insights. 

Businesses are more digitally connected than ever before since the pandemic and the resultant work from home was put into action. While it may be still difficult to comprehend at this point how giving machines the ability to make decisions will change things, but everyone realises that AI will allow people to make decisions much faster and more accurately than they could ever have done before. 

Private enterprises invested USD 93.5 billion in artificial intelligence in 2021, more than double the entire private investment in 2020. According to the Stanford Institute for Human-Centered Artificial Intelligence “The AI Index Report” for 2022, this is the scenario. According to the research, the number of A.I. patents submitted in 2021 was 30 times higher than in 2015, indicating that more investments leads to more innovations. AI is becoming more sophisticated and accessible to small businesses. One thing is certain: innovations and new technologies will continue to push the limits of what is possible in 2022.

To speed on the latest A.I. developments, here are few trends cited in the report:

The United States and China are partnering on artificial intelligence.

Collaboration can help progress discoveries and breakthroughs as the globe strives to better A.I. technologies. Despite current political tensions between the two nations, the United States and China are leading worldwide collaboration efforts in the field based on the number of scientific articles shared by two or more countries.

Language models are becoming more intelligent, but they are also becoming more biased

Language models—statistical models that anticipate words, such as those used by Gmail to make automated reply email suggestions—are growing more advanced. This is due to the fact that there is an increasing amount of data to draw on in order to produce more precise results. Larger models, on the other hand, may have more severe biases since the data that feeds algorithms can contain racist, sexist, or ageist biases.

Also Read: Three Enterprise AI Trends in 2022

Artificial intelligence ethics are becoming increasingly relevant

Algorithmic fairness and bias has moved from the realm of academia to the realm of mainstream study. According to the paper, “research on AI fairness and transparency has skyrocketed since 2014 with a fivefold increase in related publications at ethics-related conferences.”

Artificial intelligence is becoming more powerful—and more affordable

It’s never been easier to save money by using technologies like automated suggestions, object detection, and language processing. According to the data, the cost of training systems has fallen by 63.6 percent since 2018, while training times have improved by 94.4 percent.

More businesses are relying on additional training data

A higher amount of data ensures greater data analysis capabilities that AI can deliver. Companies that don’t collect as much data as industry leaders like Amazon, Google, and Netflix are increasingly relying on third-party or external data to fill in the gaps.

A.I. laws are becoming more prevalent over the world

According to the survey, the number of measures entered into law incorporating “artificial intelligence” increased from one in 2016 to 18 in 2021. Spain, the United States, and the United Kingdom have passed the most legislations.

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Swapnil Mishra

Swapnil Mishra is a Business News Reporter with OnDot Media. She is a journalism graduate with 5+ years of experience in journalism and mass communication. Previously Swapnil has worked with media outlets like NewsX, MSN, and News24.

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