How AI is Transforming Everyone’s Life, Including Yours
How AI is Transforming Everyone’s Life, Including Yours

There is an upcoming revolution led by artificial intelligence that is already transforming the way we live and make decisions.

Artificial intelligence (AI) is no longer considered a luxury. Rather, countries that are leading the AI revolution will be tapping an additional 20 to 25 percent in net economic benefits, while companies that absorb AI over the coming five to seven years could see their cash-flow doubling, according to researchers at McKinsey & Company. [1]

On the personal level, the AI revolution has already knocked its doors on our cars. Vehicle-gathered data will be worth around $450 billion to $750 billion by 2030 [2] while driverless taxis are no longer jaw-dropping, as trials have hit the streets of Singapore years ago, and will soon be a norm for Dubai’s taxi customers. [3]

It’s interesting to note that when the internet was commercialized, productivity increased, more businesses were created, and a true revolution of information-sharing erupted. Now, with AI, the same and more is expected to occur.

AI is changing our lives and will be necessary for automating administrative tasks, giving us more time to be creative for building new innovative solutions, and ultimately, being more productive and efficient in everything we do.

AI’s role in enhancing healthcare

Because AI can assume what we want, sometimes before entering complete information – such as is the case with predictive text – it has been phrased by some as an ‘alter ego’. This is not very far from the truth, as AI aspires to be our partner in all industries, from banking and healthcare to education.

AI has been aiding the healthcare industry in different ways, such as in early detection, wherein AI is streamlined to translate mammograms 30 times faster than manual checks, with 99% accuracy, as per a PwC report. [4]

Additionally, AI aims to decrease the need for care homes which can trigger loneliness for patients, by enabling humanoid robots to talk with patients and have conversations.

AI applications have also been beneficial in drug testing and are expected to reduce costs and increase efficiency. It usually costs companies $359 million and 12 years for a drug to travel from the development stage to the patient, as per research by PwC. [5]

Regardless of expertise, age and location, everyone benefits from A.I, as it is now more inclusive than ever before, benefitting millions – if not billions – of people across the world.

AI is transforming economies

McKinsey & Company researchers predict that around 70 percent of companies by 2030 will adopt no less than one type of AI, while adopting AI technologies has the potential to raise global GDP by around $13 trillion by 2030, which is a yearly growth in GDP of 1.2 percent.

Consequently, new jobs accelerated by AI investment can increase employment by around 5 percent by the year 2030. This is critical because it implicates that the sooner a company or economy integrates AI into its systems, the more it will benefit, in comparison to the world market.

All in all, innovation is at the core of new technology, and AI carries the potential to transform economies, the business market, and our day-to-day experiences for a higher quality of life.

Sources:

[1] McKinsey & Company, Notes from the AI frontier: Modeling the impact of AI on the world economy, September 2018
[2] McKinsey & Company, Monetizing car data, September 2016
[3] Massachusetts Institute of Technology, Startup bringing driverless taxi service to Singapore
[4] PwC, No longer science fiction, AI and robotics are transforming healthcare
[5] PwC, What doctor? Why AI and robotics will define New Health