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Artificial Intelligence is transforming the business landscape in 2023. AI-powered technologies have taken over traditional processes and are increasingly being used in strategic activities such as decision-making and policy design.
While we know that AI is instrumental in automation, it has also significantly improved other areas of business management.
For example, retail companies are using AI to personalize product recommendations, optimize pricing, and automate customer service. At the same time, telecom giants are using this technology to improve network performance and streamline operations.
The state of AI in the business context is still evolving, but it is clear that AI has immense potential to revolutionize how businesses operate. As AI continues to develop, we can expect to see even more innovative and disruptive applications of AI in the future.
What’s Happening in AI?
As of June 2023, the developments in AI are witnessing a rapid climb, with more and more companies experimenting with this technology. This section covers the most important developments that have happened recently in AI and its application in business.
Accenture to Invest $3 Billion in AI over Three Years
Accenture aims to hire more talent, acquire AI companies, and provide training to its employees in the latest technologies. The company has also launched AI Navigator for Enterprise platform to guide AI strategy, rigorous business cases, decision-making, and policies; and the Center for Advanced AI to help enhance generative and other AI. Read More>>
Google Unveils Generative AI Shopping Features
Google has introduced a range of shopping features powered by Generative AI. These features include assisting users in assessing how clothing items will fit them regardless of body size using search and image-recognition technology. Google has also introduced a virtual “try-on” feature that allows users to visualize how clothing fits different body types. Read more>>
South Korea Telco Giant to Invest $5.4 Billion in AI by 2027
The majority of the investment will focus on securing source technologies for advanced AI. KT aims to utilize its telecom experience to provide customized AI services for various industries. It anticipates generating $1 billion in AI revenue alone by 2025. KT is targeting sectors such as healthcare, education, and robotics. Read more>>
Mercedes-Benz Cars to Come Integrated with ChatGPT
Mercedes-Benz has announced the integration of OpenAI’s ChatGPT into its MBUX Voice Assistant. This integration aims to enhance the natural dialogue format between users and the voice assistant. Users will be able to receive updates and control their smart homes through voice. The company is offering a beta program of the technology for three months. Read more>>
Google DeepMind Unveils RoboCat
Google’s DeepMind has introduced its self-improving AI agent called RoboCat. RoboCat can learn new tasks without human supervision, making it much faster than other models. The AI agent can pick up a new task with as few as 100 demonstrations. This advancement accelerates robotics research by reducing the need for human-supervised training. Read more>>
Lumenci Partners with ThirdAI to Improve Legal Management
This collaboration aims to revolutionize legal management by advancing IP and streamlining operations through Large language models (LLMs) and Generative AI technologies. By leveraging these technologies, legal teams can streamline document review, drafting, and data analytics, leading to improved time management and increased operational efficiency. Read more>>
AWS Announces Generative AI Innovation Centre
Amazon Web Services (AWS) has revealed the AWS Generative AI Innovation Centre, a $100 million investment program to assist customers in building and deploying Generative AI solutions. It offers tools like Amazon CodeWhisperer and Amazon Bedrock and infrastructure for training models, enabling customers to launch responsible AI solutions. Read more>>
YouTube Integrates AI for Video Dubbing
Aloud, a team working on AI dubbing tech within Google’s Area 120 incubator, will be collaborating with YouTube on this offering. Aloud’s technology transcribes the video, allowing users to edit the resulting transcript. The transcript is then translated by Aloud’s AI tech and dubbed into the desired language for use in the videos. Read more>>
NHS to Invest $26 Million into AI Tools to Accelerate Diagnoses
The U.K. government has introduced a $26 million fund to invest in AI technologies aimed at accelerating the diagnosis and treatment of patients. The AI Diagnostic Fund will be used to support AI imaging and decision-support tools for patients. The government plans to implement AI stroke diagnosis technology in 100% of stroke networks by the end of 2023. Read more>>
Google Cloud Introduces Anti Money Laundering AI for Fraud Detection
Designed to assist financial institutions in detecting money laundering, the solution aims to replace legacy systems and offers auditable outputs that speed up investigations. HSBC has already adopted the solution, identifying 2-4 times more suspicious activity while reducing alert volumes by over 60%. Read more>>
The Bottomline
AI can potentially revolutionize how businesses operate and deliver value to their customers. Of course, there are also some challenges that businesses will need to address as AI becomes more widespread. For example, businesses will need to ensure that AI-powered systems are fair and unbiased, and they will need to develop ethical guidelines for AI.
If AI is designed to collaborate with human talent instead of competing with it, the results will be much better for the future of both technology and business.
Going forward, we can expect a number of developments such as the rise of large language models (LLMs), Quantum computing with AI, and improved data privacy and security.
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