The world has seen a rise in Artificial Intelligence (AI) in the past few years, with technologies like Apple’s Siri, Amazon’s Alexa, Google Assistant, and Facebook’s Messenger chatbots. Although AI has been around for decades and is a tool used across various industries, it remains a misunderstood concept in today’s digital world.
On our path to exploring, employing, and capitalizing on AI in our business endeavors, Ocean Investments has learned a great deal about how AI can help us reach our goals and change the world for the better – so we’ve decided to share some of our acquired knowledge with you.
Read on, because, who knows, we may be changing the world together one day!
What Is Artificial Intelligence (AI)?
Artificial Intelligence (AI) is a term that was first used in 1955. In short, AI refers to technologies designed to replicate or enhance human intelligence. It is a branch of computer science that emphasizes the creation of intelligent machines that work and react like humans. If a computer created by IBM Watson wins Jeopardy, that is an example of true artificial intelligence. It can reason, learn, plan, predict, and adapt to new circumstances — all things humans do.
AI includes areas such as machine learning, natural language processing, perception, and the ability to physically interact with the environment.
AI’s Importance and Prominence
Examples of AI include chatbots, personal assistants, automated assistants that comment and answer your questions on social media, and machine learning algorithms – which are used to analyze data and information like an expert (such as analyzing medical images to help doctors or create movie recommendations based on your past viewing patterns) – natural language processing technology – which is used to parse human language (for example this blog post)—and pattern recognition technology. There is no set definition of AI since it’s an evolving technology.
Over the past few years, AI has made rapid progress; in fact, a recent Oxford study found that AI is growing more rapidly than any technology in history and that its advancement will likely disrupt every industry. In this context, the idea of AI (including its implications) can be hard to wrap one’s head around.
The above are just some of the main applications of AI in today’s world. The capabilities of AI continue to get more powerful as more companies invest in new developments for its applications.
How AI will change the world?
There are a number of subfields within AI, with the majority of the focus being on language processing and machine learning. The latter specifically focuses on giving computers the ability to learn for themselves rather than having to be explicitly programmed.
Natural language processing allows computers to understand what is in a text by implementing NLP algorithms. Many of the potential applications for AI require more research, and we are seeing more investment at this very moment in those areas.
A very recent breakthrough that took the internet by storm is ChatGPT – this software has been able to generate intricate Python code and write college-level essays when given a prompt!
A new era has definitely arrived, and artificial intelligence will change the world for the better in ways we never could have imagined.
The two main areas forming the backbone of AI’s revolution are the automation of tasks and process optimization.
Automation of tasks
AI can automate many routine tasks that are performed by humans today. It can process data faster than humans can, taking advantage of its ability to scan vast amounts of information and make quick decisions based on what it finds. This automation frees up employees’ time for more creative and strategic work that adds value to their organizations.
Process optimization
AI can also help optimize processes within companies by identifying areas where improvements could be made and suggesting changes based on historical data or other factors such as customer satisfaction levels or employee satisfaction levels. This makes it possible for companies to improve efficiency without disrupting their operations or increasing costs significantly.
The Future of AI
Artificial intelligence is heating up as a technology opportunity, with venture capitalists pouring more than $5 billion into AI startups in just the past few years. That’s because AI can help us solve complex problems and make better decisions at scale — from improving medical diagnosis to helping farmers increase crop yields by 15%.
This isn’t just science fiction anymore; it’s happening right now. In fact, scientists are using AI to create new medicines that have the potential to cure some of humanity’s most intractable diseases. And self-driving vehicles will save lives by reducing traffic accidents caused by human error.
Healthcare
One of the most talked about applications for AI is medicine.
AI is being used to predict disease outbreaks from data collected by wearable devices. It can also help doctors diagnose cancer more accurately than human beings can.
There are already healthcare apps that use AI to help doctors analyze medical images or predict disease outbreaks faster than humans ever could (or at least as fast). Some companies have even started using AI in their drug discovery efforts. Scientists have already used AI systems to develop novel antibiotics against MRSA infections without knowing which chemicals they were working with ahead of time.
Health is a research and investment area of utmost importance for OI’s goals – and we are already making much progress toward developing this as one of or our main business verticals.
Cybersecurity
Artificial intelligence is reshaping every industry, and cybersecurity is no exception. The size and complexity of cyberattacks is increasing, as well as the number of attacks. The average cost per breach has increased to $3.62 million in 2018, up from $3.57 million in 2017, according to PwC’s 2018 Global Economic Crime Survey. This is due in part to the fact that organizations are still using outdated security measures that leave them vulnerable to attack.
In this environment, organizations need a new approach to cybersecurity that uses AI to identify threats faster than ever before and respond appropriately based on real-time data analysis.
The field of cybersecurity has traditionally been human-driven, as it requires advanced analytical skills that machines simply hadn’t mastered. But that’s changing rapidly, with AI becoming a key tool in the fight against cybercrime.
The most obvious example of this trend is the use of machine learning algorithms to detect anomalies in data streams, which can indicate an attack or other malicious activity. Security teams can use these tools to identify patterns in their systems’ normal behavior — things like spikes in traffic or unusual amounts of data being transferred — and then automatically flag those events for investigation.
This approach has already proven effective. According to a recent survey by the Ponemon Institute, the average company loses $4 million per year due to security breaches. By using AI to help identify breaches before they happen, companies can reduce their risk exposure significantly.
Cybersecurity is another serious focus field for Ocean Investments and we have already developed two award-winning cybersecurity companies, making exceptional progress in employing AI in their services – AMATAS and LogSentinel.
Business & Finance
The business world is at the forefront of AI systems adoption, but it’s also one of the most affected by them.
Financial institutions are using AI for risk analysis and fraud detection, among other uses. Finance professionals will no longer have to spend hours analyzing data and crunching numbers because machines can do that for them. Instead, they’ll be able to focus on higher-level tasks like strategic planning and management training — jobs that require more human intuition than simple number crunching.
A good example is Enova – they created the Colossus platform, which utilizes AI and machine learning to provide advanced analytics and technology to non-prime consumers, businesses, and banks in order to facilitate responsible lending. Colossus helps customers solve real-life problems, such as emergency costs for consumers and bank loans for small businesses, without putting either the lender or recipient in an unmanageable situation.
AI technology is also being used to analyze stock market trends, which helps investors make better decisions about where to put their money. Machines are responsible for performing trades on behalf of investors who want access to professional traders without paying their hefty fees. This could lead to lower costs for investors and better returns overall due to less human error involved with the process.
Marketing
AI can help with automated marketing campaigns and new product development, by using predictive analytics and identifying trends in customer data. It then suggests what consumers want (before they even know they want it!), as well as when certain offers should be sent out to specific groups of customers based on those trends. You also don’t need a human employee monitoring all these details — it’s all taken care of by AI software.
Manufacturers can also use AI to optimize current products based on market demand and consumer feedback. This optimization can take place at any stage of development — from initial concept through design, testing, and manufacturing — so companies can constantly improve their offerings without having to redesign from scratch every time a new model rolls off the assembly line.
Manufacturing
Artificial intelligence has already made its way into manufacturing plants all over the world. With robots on assembly lines and computers overseeing production processes, companies are able to produce goods more efficiently than ever before.
In addition to its practical applications, AI also has the potential to help manufacturers save money on labor costs and improve quality control. It can also save time by doing things like translating documents into multiple languages or calculating how much paint you need for a particular project.
AI can be used to manage inventory and production lines, design products and optimize their performance, make decisions on whether or not a product is defective, and even provide customer service.
Robotics
Robots are now an integral part of the manufacturing process because they can perform highly repetitive tasks quickly and consistently, increasing productivity and lowering costs. They can also handle dangerous environments and materials that humans can’t operate in, like nuclear plants or toxic waste sites.
Robots are becoming more autonomous as well. In the past, robots were programmed by humans to perform specific tasks in a particular order. But now, researchers are working on robots that can learn on their own through trial and error, just like humans do when they’re learning how to use tools like hammers or screwdrivers.
AI is also being used to monitor and optimize supply chains so they can be more efficient and predictable than ever before. By analyzing data from across all parts of the supply chain — including shipping routes and demand forecasts — companies can make better decisions about where to invest in new locations or equipment upgrades that will help improve efficiency over time.
A recent report from McKinsey & Company found that about half of manufacturers in North America are currently using AI systems in their operations.
Automotive
An obvious use case in the field of artificial intelligence, the self-driving cars’ sophisticated software system has been around for years, but recent advances have made it more practical than ever before. With such cars, you won’t have to worry about getting stuck in traffic or parking your car when you reach your destination. It also means that getting around won’t require owning your own car — you could simply hail a ride on-demand with your smartphone.
In an effort to reduce traffic congestion and pollution, cities are increasingly working towards implementing smart city technologies such as autonomous vehicles (AVs). The transportation sector is one of the largest contributors to greenhouse gas emissions, accounting for 14 percent of global emissions in 2015. According to the International Energy Agency (IEA), if no action is taken, this figure could increase by as much as 50 percent by 2050.
To help tackle these challenges, more than 60 countries have already announced plans to deploy AVs on their roads in the next few years. This includes China, France, and Germany. Some cities have even started testing AVs on public roads such as London and Amsterdam.
Global logistics and delivery
Every time we order something online, there are multiple players involved in delivering our package: carriers, couriers, shippers, and more. These players are constantly trying to find ways to optimize their operations so that they can deliver goods faster and more efficiently than their competitors — which is where AI comes in handy. With machine learning algorithms running behind the scenes, these companies have changed the very concept of transportation and delivery –
Drones are already being put in use by big companies such as Amazon and Domino’s Pizza.
We’re going to see more public transportation options like buses and trains or even underground tubes with autonomous electric trains that can transport people quickly from one city center to another.
Education
Education has always been a field that’s ripe for disruption by technology. With today’s students using computers and smartphones from an early age, it makes sense that schools would want to integrate technology as much as possible — including using AI-powered software for teaching.
Nowhere else is there such a wide gap between what students learn in school compared to what they need in their careers in life. AI can help bridge that gap by providing personalized instruction when students need it most — when they’re struggling or bored — and by providing assistance when they encounter problems they don’t know how to solve on their own.
The Gradescope AI tool, for example, helps teaching staff seamlessly administer and grade all assessments, whether online or in class. Thinkster, on the other hand, provides math coaching enhanced by AI – you get a certified math coach, who is dedicated to your child’s learning success. Daily personalized practice with coach feedback, data-driven insights, world-class curriculum, 1:1 private tutoring sessions, and more, all packed into this software.
Virtual Reality
Virtual reality has been around for a few decades, but it’s only recently that the technology has become affordable enough for the masses – and AI is having a huge impact. With mobile devices like smartphones now being able to handle VR experiences, companies have been rushing to offer their own headsets and software.
One of the most interesting things about AI is its ability to change how we interact with our surroundings — even when we’re not using any devices! There are many ways AI and VR are revolutionizing day-to-day life:
In unison, these two technologies can help healthcare institutions provide better care by providing doctors with more information about their patients’ health than ever before, as well as simulated surgery realities, where surgeons can practice on the most elaborate cases and explore possible mistakes and contingencies – all before performing a procedure on a human being.
Another area where AI-powered virtual reality is changing things for the better is education. Virtual reality can be used as an educational tool for students in order to teach them about topics like anatomy or chemistry through hands-on experience rather than reading about it or watching videos online. Students can learn about these topics in ways that they would never have been able to before this technology (such as dissecting animals or seeing chemical reactions take place in a safe simulated reality).
Ocean Investments & AI
AI is the future. It’s no longer a question of if, but when.
The future of AI is one of the most exciting areas to invest in today, as it has the potential to change everything from our lives to our workplaces to our homes. Some experts believe that AI will have the same impact on society as the Industrial Revolution.
Ocean Investments has always strived to operate at the frontiers of digital innovation, constantly looking for ways to solve humanity’s biggest problems –
From our commitment to making Bulgarians healthier via health tech innovation investments to our mission of giving digital peace of mind via leading the latest cybersecurity breakthroughs, AI is an instrumental industry for Ocean Investments’ future plans.
Our efforts to support The Institute for Computer Science, Artificial Intelligence and Technology, is just one of many examples of our attempts to develop and make use of breakthrough AI technology at scale, in aid of achieving our lifetime goals.
OMNIO
OI’s investment in OMNIO – the first integrated Financial Crime Compliance CRM solution – is a great example of our most recent efforts toward AI.
OMNIO is an innovative product that optimizes and automates the processes of applying regulatory mechanisms in measures against money laundering and counter-terrorist financing. OMNIO offers a new generation of software that automates financial crime compliance processes, utilizing machine learning technology and compliance knowledge. This multi-platform solution detects suspicious activity, generates assessments, and recommends a course of action for your cases.
We’d love to hear from you!
If you have an AI-based idea that can transform the future, get in touch! We’d love to discuss a potential future partnership that will help us solve humanity’s biggest problems!