An Introduction to AI

For most of us, the term Artificial Intelligence or AI generally invokes images of a Hollywood influenced ‘dystopia’ in which intelligent machines overcome their initial programming and work together to rule over humanity. As terrifying as that scenario might sound, what it doesn’t reveal is that AI, or at least the study of AI has been with us since the mid-1950s.

What we refer to as the ‘Modern World’ is built on the foundation of machines being able to perform various computational and other decision-making functions in a ‘human-like’ way, while simultaneously learning and adapting to new data.

Data is central to Artificial Intelligence as the ability of machines to learn and evolve decision making capacities depends on analyzing an ever-increasing flow of information. This is also why, since the Internet boom of the late 1990s, AI has evolved at an unbelievable pace.

AI and Modern Business:

Modern businesses access and consume data at an unmatched rate and a 2021 Forbes report revealed that Data Consumption by companies increased by 5000% between 2010 and 2020. AI has gone from being seen as ‘exotic technology’ by C-suite executives to becoming a core part of most modern business operations. A report by Grand View Research reveals that the Global AI market share was $ 62 billion in 2020 and is poised to grow at an annual growth rate of 42% till 2028.

While Artificial Intelligence can be used in a wide variety of ways, most business applications are based on driving growth. In addition, the application of AI to business processes can help in boosting process efficiency through automation and using insights gained from customers to uncover new business opportunities and boost revenues.

AI & Machine Learning

Machine Learning is a form of AI algorithm which appears to “learn” or “evolve” when fed copious amounts of Data. While Machine Learning algorithms are extremely useful in identifying flaws or gaps in production processes, thus improving efficiency levels, in the last few years, companies have started adapting these algorithms towards analyzing market trends and customer data as well.

AI & Deep Learning

An even more complex form of Machine Learning AI is referred to as Deep Learning, wherein neural networks are used to conduct non-linear reasoning. Deep Learning tools are particularly useful in activities such as Fraud Detection and Self Driving (driverless) Vehicles, where complex data and numerous factors have to be identified, analyzed, and responded to simultaneously. What makes Deep Learning models so significant for business scalability is the fact that they seem to be most ‘independent’ when compared to older Machine Learning models.

UAE & AI

The UAE Government has always been blessed with visionary leadership and it was this vision that saw the Emirates Kingdom launch its Artificial Intelligence Strategy in 2017. With the launch came the ambitious goal of making the UAE – the global leader in AI by 2031. This vision includes expanding the use of AI from the services and infrastructure sectors to segments like education, energy, transportation, and space technology.

More recently, His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced plans for the ambitious ‘Centennial 2071 Project’ – a landmark initiative designed to use cutting-edge technology to focus on the economy, education, development, and community cohesion and create a happier and healthier ecosystem for all future generations.

For some time now, the UAE Government has very actively focused on AI through several ground-breaking initiatives such as:

1. Establishing the AI Ministry in 2017, which started a ‘Think AI Initiative’ to help integrate the various systems that use AI across the UAE.

2. The Dubai Health Authority (DHA) has seen immense growth in AI based applications in healthcare – particularly in the aftermath of the pandemic and has already begun working on plans to use AI based Robotics to automate surgeries and other medical procedures.

3. The pandemic also saw the UAE partner with several Tech and AI platforms to help augment the education sector, by digitally integrating education programs across several major schools.

4. AI based tools, including Facial Recognition software and automated robots have also been used in a wide variety of ways on the security front. The Covid Pandemic also saw the use of this technology by the Police, who used Smart Helmets equipped with Thermal Cameras to detect infected patients from a distance.

The future promises massive growth opportunities in the AI and Tech Space

The future promises massive growth opportunities in the AI and Tech Space

AI and affiliated technologies are here to stay and the efforts taken by the UAE government will continue to see results in the years to come. A McKinsey Study in 2018 predicted that by the year 2030, about 45% of all existing jobs in the Middle East will be automated.

Almost all major businesses will look to make AI and AI based tools and technologies an increasing part of their work processes and we are certain to see their use in the following areas of business grow even further:

1. Machine Learning and Data Analytics especially in identifying Customer Behavior and Market Trends.

2. Improving Customer Service and Customer Relationship Management.

3. Segmenting the Audience and providing Product Recommendations.

4. Cybersecurity and Fraud Identification

5. Optimization of Supply Chain Operations.

For more information on how you can use AI to integrate and automate your business processes, reach out to us @ Triway Technologies