The founder and CEO of Sinovation Ventures which is a technology venture investment fir from China, recently described Artificial Intelligence (AI) as having the capacity to transform industries companies and even nations. The first major impact of AI is the huge quantities of data warehousing currently taking place in all companies. This is providing them with usage and behavioral insights like never before as they crunch the data to derive coherent business intelligence. Sensors are further expanding the capture of such data. Robots and autonomous vehicles are disrupting several existing industries. Amazon’s Echo used in Snapchat is an example of such sensors disrupting the way we work. The trust in algorithms need not be complete as shown through the latest crash of an autonomous vehicle of Uber. Accident rates for such cars are still lower than human errors. Similarly, air travel is one area which has become much smoother, with far fewer errors than previously. Most of AI profits from a general positive view and sense of trust. But sometimes this trust can get manipulated, with even Facebook claiming that greater regulation is needed. Unlike other industries where a pyramid structure exists, in AI or the digital world in general, a winner-takes-all trend pervades. AI will even impact nations’ competitiveness. US for example leverages its digital giants such as Facebook, Google and Microsoft while China has We Chat. Technology and the resultant economics have made the world a more level playing field for different nations.

Source:https://www.bcg.com/publications/2018/artificial-intelligence-will-reshape-companies-industries-nations-interview-kai-fu-lee.aspx?linkId=51006485

Uploaded Date:13 June 2018