It’s mind-blowing just how far technology has advanced in recent years. It’s only been 12 years since the iPhone hit the market. Can you even imagine navigating daily life without it? Similarly, YouTube has only been around since 2005, yet it has disrupted the old television model, not to mention, transformed how we consume information, as well as share ideas and learn.
When it comes to tomorrow’s tech, it’s clear artificial intelligence is the next big thing poised to transform our lives. This is why I recently cowrote the book Own the A.I. Revolution: Unlock Your Artificial Intelligence Strategy to Disrupt Your Competition with Michael Ashley. The definitive guide to AI for today’s businesses, it is meant to inform, inspire, and most of all, empower readers to take advantage of this rapidly evolving technology.
Ahead of the book launch next month at the ITU’s A.I. For Good Summit in Geneva, Switzerland, I would like to share key takeaways from some of the many brilliant thought leaders we interviewed. It’s my hope these insights prove valuable to you and your business. Please find their excerpts below:
AI’s Impact on Law:
“I would say it will it’s close to legal malpractice not to use A.I in the future. When litigating a civil case, there’s usually vast amounts of information needing to be discovered, indexed, organized, and processed. In the past, our firm has used private investigators to acquire much of the required information which can be expensive. Today, A.I. can do it for practically nothing. Any firm not using A.I. will be at a huge disadvantage against a firm that does. It’s analogous to a lawyer still doing everything by hand instead of using computers.”
~Tom Girardi, Named “Lawyer of the Decade” by the International Association of Top Professionals and the real-life inspiration for the counsel in the film, Erin Brockovich
AI’s Impact on Medicine:
“Right now, the cost of health care, especially in America, is climbing so quickly it will soon become unsustainable. One of the best ways to curb the rise in health care costs is to emphasize prevention, to keep people from getting sick in the first place. Most people still rely on their general practitioner for their health data and ‘systems check,’ if you will.
Technology is allowing people to get this information for themselves. Add the A.I. component, and you can get actionable data that allows you to react accordingly to achieve a better outcome. Personal monitoring combined with A.I. analysis can definitely help with this. Many emergency room visits could be eliminated simply by providing data remotely to the proper medical professional. Of course, there will still be many situations where direct medical intervention is required, such as treating heart attacks, or broken bones, but there are many situations where AI-based telemedicine is not only useful, but desirable.”
~Surinder Oberoi, CEO/Co-founder of Ivy Health (soon to be Zinx)
AI’s Impact on Finance:
“Machine learning is set to transform lending in the Information Age. Think about how it used to work if you needed a loan. In years past, you would call or go to a bank and start a process that typically took 60 to 90 days to close, requiring heavy-duty and paper-intensive approval. This old system obviously does not work in today’s world. If you own a restaurant and your industrial oven needs $20,000 for repairs or your place won’t open tomorrow, you cannot seek capital in the traditional ways using antiquated bank financing time horizons.
Receiving actual funding, not just underwriter approval, in minutes instead of months is a leap forward in capital fulfillment; a game changer for today’s businesses. But how on earth can lenders make such quick underwriting decisions? It all comes down to AI, Big Data, and increased processing speeds.”
~Scott G. Stewart, CEO at Innovative Lending Platform Association