New-Tech Europe | February 2019

Robots are particularly well-suited for manufacturing as they excel at repetitive tasks. When asked to complete the same task again and again, humans can easily become bored and distracted leading to poor products or even worse accidents. As such, robots can often perform these tasks better than their human counterparts. As technology develops, industrial robots are gaining more capabilities like increaseddexterity and reasoning skills. So much so that CNN predicts that by 2025, 45% of manufacturing jobs will be undertaken by robots. AI in healthcare Many areas of healthcare are already benefiting from AI. Artificial intelligence in healthcare can use AI algorithms to scan radiology images for cancerous tumors and can produce far more efficient readings than even the best radiologist. This technology has allowed doctors to shorten diagnostic timeframes, which means that patients can receive treatment much faster and subsequently have a higher chance of survival. Within the healthcare industry, AI is being used to examine large datasets to understand and make informed decisions about diseases and help doctors create optimized treatment plans. Chatbots, in the form of Virtual Health Assistants, are also being employed to schedule appointments and reduce admin tasks at doctor offices. AI can even be used for at homecare services like reminding patients to take their medication, answer basic medical questions and call an ambulance in an emergency. Artificial Intelligence in education Schools and other learning environments are adopting AI to create personalized learningmethods to assist students; especially those

with learning disabilities. AI devices, like Intelligent Tutoring Systems, can analyze how the student processes and learn information. By using this information teachers can create a tailored plan to meet students learning needs. AI can also be used to streamline admin tasks, like grading papers, so teachers have more time to focus on what they do best. As AI becomes integrated into more classrooms, the traditional classroom structure could be radically transformed. More efficient learning environments, tailored to meet each students’ unique needs, may soon be possible. Leading to a world, where every student gets the help they need to do their best. Artificial Intelligence in banking & machine learning in finance Machine learning algorithms can be used to detect and prevent credit card fraud. AI devices scan card transactions to identify an “abnormal” activity and flag anything out of the norm. This is why your card often gets declined if you try to use it overseas or to purchase a big-ticket item. AI systems are far more capable than humans in their ability to accurately detect fraud as robots are experts at scanning large amounts of data. As this technology evolves, it should reduce the number of false

declines which currently affect card users and businesses. Financial service professionals can also use AI algorithms to conduct credit reports, process mortgage applications, manage money and transactions, and trade on the stock market. For example, Automated Trading Systems quickly analysis large amounts of data to create more in-depth and accurate insights into the stock market so that traders can make quicker decisions. Customers and accountants can access apps like Pegg to manage and automate financial transactions from any location, at any time. Benefits of Artificial Intelligence Like any emerging technology, AI and automation have a few drawbacks. One of the biggest barriers for SMEs when it comes to integrating this technology into their work processes is the initial cost. Some AI applications can be very expensive. However, as AI technology becomes more mainstream, costs should decrease, and specialist equipment should come with payment plan options. Currently, AI and automation technology is also rather limited in capabilities. Robots are unable to handle complex human emotions, react appropriately to unexpected events or come up with creative solutions. As such, they’re not suitable for all

Image 4: Artificial Intelligence applications for businesses

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