Artificial intelligence (AI) is one of the most interesting new technologies that businesses all over the world are looking to invest in. The potential of AI is vast, and it has applications across sectors and industries, making it even more attractive. It can help with improving insight from large data sets, which in turn then speeds up processes and operations. Therefore, AI is set to be one of the most important technological solutions in the near future.
There are different types of AI as well, to be used based on the situation and the data available. Cognitive AI is thought of as being almost akin to a human brain, in that it can almost think for itself. It can look at various different data sources, even if the data is in different formats, and then deliver insight. Cognitive AI systems can adapt, they are interactive and contextual as well, and they can learn and evolve as they gain more and more new information, which is why they are considered similar to how the human brain works. One of the areas where this is being used is in the healthcare industry. Cognitive AI is being utilised to analyse blood samples, speech and language patterns, metabolism and other indicators to look at risk factors for diseases such as Alzheimer’s. This has created programs which can potentially diagnose the disease up to six years earlier than previously possible, which is an amazing achievement. AI models are being developed which can identify brain tumours, while there are startups which are helping healthcare providers assess and monitor elderly patients to identify if there is a decline in their physical or cognitive abilities. Thus, it is no surprise that spending on AI systems will reach more than $77 billion by 2022.
Artificial intelligence has various uses, as we said earlier, and one of the sectors looking at it in a big way is the casino industry. There are so many areas in this sector where AI can be utilised. Casino slots, for example, are using AI already, which makes them fairer, since they provide an accurate trend of payouts over time, and also makes it difficult to cheat for users. AI is also being utilised to improve chat bots which are used for customer service interactions online, so that personalized and contextual information can be given based on the person asking the questions.
The implementation of AI on a widespread scale will also need datasets, and large ones at that, to be properly effective. Medical data is growing at a fast rate of 36% CAGR till 2025, due to the growing availability of wearable devices and medical imaging. AI can only be truly useful when there is enough data to draw conclusions and trends from, and therefore it is equally important that the data itself is accurate and available quickly as well. Cognitive AI will also be important from the customer perspective, since it can be used to provide customized solutions to people and customers. This is again useful in the medical context, since it can help provide better analysis of patients at risk of various ailments, and provide personalized treatment options as well, based on patients’ medical history and their circumstances. Thus, we are seeing how AI can be a hugely effective tool in the years to come across various sectors.