I just read an interesting article, ‘The Return of Artificial Intelligence’. Written by Bloomberg News, it appears that the sleeping giant, Artificial Intelligence is now awake and on a roll. Most are start-ups, and according to the article, funding is there for the asking, without even a business plan.
So, what are these entrepreneurs developing? The current trend seems to focus on developing business tools that solve specific organizational challenges. Behind the resurgence, is companies like Amazon, Google, Apple, and Microsoft who have over the past decade deployed AI technologies, such as which ad is more likely to be clicked on. Other examples include Apple’s chirpy assistant, Siri, and Google’s self driving cars.
What I find interesting, is this focus on solving business problems. According to the article, “the University of California at San Francisco began working with Palo Alto, California-based MetaMind on two projects: one to spot prostate cancer and the other to predict what may happen to a patient after reaching a hospital’s intensive care unit so that staff can more quickly tailor their approach to the person. Theresa O’Brien, an associate chancellor at UCSF, said the university teamed up with the startup—the first such collaboration she’s aware of—because it wants to develop better approaches to bespoke medical treatment by employing computers to sort and link data, which AI can help.”
American Express uses AI to automatically detect fraudulent transactions. ““Our machine learning models help protect $1 trillion in charge volume every year, making the decision in less than 2 milliseconds,” Vernon Marshall, American Express’s functional risk officer, wrote in an e-mail, without disclosing which AI companies it works with. “We have been delighted with how well this technology can detect fraud.”
All in all, it will be curious to watch as AI developments unfold.
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