The emergence of artificial intelligence (AI) has surprised and delighted the world as it has unveiled capabilities that were once thought to be far off in the future. No longer is AI the domain of futurists and technologists, it has evolved into a useful tool with hundreds of business applications. AI solutions are already making a large impact on businesses of every size and in every sector, whether it be for voice and AI-powered assistants, chatbots, or enhanced facial recognition for security and fraud detection. Businesses are using AI to increase productivity, add more value to their products/services and solve humanity’s toughest challenges.

What exactly is AI?

In its simplest form, AI leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind. Decades before the current definition of AI was established, the concept was introduced by Alan Turing in his seminal work, “Computing Machinery and Intelligence,” which was published in 1950. Turing, often referred to as the “father of computer science,” posed the question, “Can machines think?”, and proposed a test, famously known as the “Turing Test,” in which a human interrogator attempts to distinguish between computer-generated and human-generated text responses. Although the test has been subject to extensive analysis and criticism since its inception, it stands as a significant part of AI history.

How are businesses using AI to succeed and overcome challenges?

How AI is helping cure diseases

Despite the significant progress in medical treatments, numerous diseases still lack effective cures. This is attributed to the complex, costly, and time-consuming process involved in drug discovery and verification. The challenge of drug development is not limited to discovering potential treatments only, but also to the rigorous verification of their effectiveness, which is an extremely costly and time-consuming process. Clinical trials add further complexity to the process as they need to account for a diverse range of populations, varied interactions with other treatments, and potential side effects. Additionally, the rarity of some diseases creates additional hurdles due to limited data from fewer patients, making the development process even more challenging. AI has the potential to revolutionise the pharmaceutical industry by leveraging complex machine learning algorithms to analyse vast amounts of biomedical data. This analysis can help identify and validate potential drug candidates, accelerating the clinical development process and the discovery of new cures. By its ability to learn from large and diverse datasets, AI can improve the prioritisation of research into diseases that affect large portions of the global population. As a result, research resources can be allocated more effectively, leading to faster development of treatments for these prevalent diseases. This isn’t just theory, in late January 2020, researchers at BenevolentAI in London used their proprietary platform of AI models and algorithms to search through the scientific literature. They identified an established arthritis pill, which is taken once daily, as a potential treatment for COVID-19.

How AI is helping engineers 

Engineers often have to work in remote or challenging environments, which can create difficulties in accessing information. They may encounter problems like a lack of manuals or difficulty pinpointing the source of an issue. As a result, engineers may have to seek additional guidance and revisit the site later to resolve the problem. An AI-powered virtual field assistant can act as a helpful reference tool by providing quick access to a vast amount of technical information. It can assist engineers by providing relevant information and directing them to appropriate resources. The virtual field assistant can also aid in problem-solving by answering questions about specific engineering concepts, principles, or calculations. In case of troubleshooting or diagnostics, engineers can describe the issue to the virtual field assistant, which will return appropriate questions to identify the cause or provide step-by-step guidance for resolution. An example of a real-life use case is AMP Designs, which engineers and manufactures robotic systems powered by AI that can quickly discern variations in materials such as material type, shape, texture, colour, and logos.

How AI is helping companies reach a wider audience

In today’s globalised world, the ability to create and translate content at scale has become a crucial aspect for companies who want to stay ahead of their competition. By providing content in multiple languages, businesses can reach a wider audience. However, this process can be quite challenging, as it requires a significant amount of time and resources. Companies must ensure that their content is translated accurately and quickly to maintain their brand image and reputation. This means that they need to have a reliable and efficient translation process in place. However, rapid on-demand translation can be particularly challenging, especially for large organizations with a vast amount of content. One way companies are addressing this challenge is by leveraging AI and machine learning technologies such as DeepL. These tools can help streamline the translation process and improve efficiency, enabling companies to create and translate content at scale without compromising on quality. They can also help reduce costs associated with human translation and eliminate the risk of errors. 

Conclusion

These are just a few examples of how businesses are using AI to succeed and overcome challenges. You may still be finding it difficult to comprehend how AI can benefit your business and how to incorporate it into your specific strategy. With so much buzz around the use of AI in the business world, it can be overwhelming to understand how it could be relevant to your specific industry. Join us on March 1st for an AI workshop hosted by Takara.ai to help you gain much better understanding. There are only 10 spaces for this workshop, so be quick to secure your space. Register for the workshop below.  

Watch the video to find out more about the workshop from our Jordan Legg himself.