5 Global AI Initiatives That Grew in 2020

Due to technological innovations, computer and software program processes have exponentially grown and will not stop any time soon. Both the computers and software programs can learn and make vital decisions, thereby aiding AI systems to accomplish several tasks that used to be reserved for humans with ease. 

The growth of AI technology keeps improving over the past few years and these AI-based systems are presently used to aid humans from vital improvements. As a result, it has increased efficiency in virtually every area of life. 

Going forward, we believe that AI initiatives will affect how we live and be more efficient when compared to previous years. Here are 5 areas where AI Initiatives has grown globally in 2020. Below is our list: 

AI in Retail 

Currently, technology keeps rising in the retail business. As a result, small or medium scale businesses without a reliable online presence and effective strategies have lost in place to other competitors within the same niche of business. 

AI is now incorporated into the retail business through the use of tools that can easily detect stolen or misplaced goods on a shelf, amongst so many other innovations. Also, robots have been introduced to the workforce. They are designed to manage inventories, ensure products remain on shelves and are in order, and even scrub floors. 

In the nearest future, retail will come up with AI tools that will enhance automated technologies, requiring few humans to assist at grocery stores to customers. 

Robotic Process Automation 

In a study conducted by the McKinsey Global Institute, it was predicted that by 2055, almost more than half of the work tasks will be done by robots. With AI, this is possible as robots can be automated to repeat a job description as a routine to a great deal. 

These robots will be able to replace white-collar jobs as these AI robots can analyze data and trends across various sectors such as healthcare, financial institutes, and so on. 

Previously, the American Investment bank Goldman Sachs Group used to require about 600 traders to work in its New York office. However, this has changed as the same tasks are performed by a combination of AI tools and two humans as a workforce. 

AI Will Make Healthcare More Accurate 

AI has intentions to change how the healthcare sector works, with the desire that everyone is allowed to receive proper care safer and more efficiently. The normal way of analyzing health records, historical trends, and medical literature is time-consuming, hence, brought the need for AI tools suitable for this job. 

With the use of AI tools, diseases are easily diagnosed and treated, thereby enabling patients to receive medical care faster and more efficiently. As of now, there are so many AI healthcare tools designed to cater to the needs of diseases and ailments across the globe. These tools are efficient and reliable as they have been tested. 

AI-Powered Chatbots 

In simple terms, chatbots are computer programs designed to enhance conversations via audio or text. They are used to meet so many job functions, such as marketing, customer service, payments, and processing. 

Any company that incorporates a chatbot to function desires to automate some portion of communication usually done with customers or clients. In so many organizations, inquiries made by clients or customers are repetitive. Now, these chatbots will help to respond to those repetitive inquiries. 

The most recent chatbots are designed with a large database to provide insightful resources when one chooses an option provided. However, these chatbots might not understand complex questions or requests, hence, we recommend you use easy terms. 

Privacy Concerns Regarding AI Technologies 

A common issue of AI technology in our world today is how to keep our information private. AI will inevitably become prevalent in many sectors, with the innovation of AI tools that work faster and accurately. 

With the growing rate of data, people begin to ask questions about the privacy of their information. The truth is some tools have been designed to ensure your information is safe like Alexa by Amazon, Google Assistant, and Siri by Apple.