Date
16 October 2018
Autonomous car is one area where artificial intelligence is extensively applied. Photo: Reuters
Autonomous car is one area where artificial intelligence is extensively applied. Photo: Reuters

How AI is shaping the world of the future

High-tech companies in nine cities in the Guangdong-Hong Kong-Macau Greater Bay Area have seen a 47 percent rise in hirings over last year. Firms in Dongguan even posted a stronger hiring growth of 77 percent.

In particular, demand for artificial intelligence (AI) experts has been extremely robust. It is estimated that the number of AI-related jobs has doubled over the last three years.

The impact of AI and automation on the job market is growing, and so is its impact on our daily lives.

Let’s take a look at autonomous cars. News reports of road accidents involving driverless cars are becoming more common. But AI experts are working on various technologies to make self-driving cars more responsive to the surrounding environment.

Finance is another area where AI will play a bigger role. Not many industries have such enormous historical data as the financial sector. AI can help financial organizations harness such data and improve efficiency in serving clients.

Know Your Customer procedures, fraud prevention and smart investment counseling are some of the areas where AI can make a big difference.

A number of leading financial institutions are now realizing the need to incorporate technology into their operations, and are acquiring tech startups or hiring AI talents to keep up with the times.

It is said that one big American bank has set aside over US$10 billion for technology-related programs this year, with AI taking up the lion’s share.

AI is also making its presence felt in medical services. It won’t replace doctors or nurses, but it will help them make more accurate diagnosis and provide better treatment.

The technology will also improve access to medical services, making it available 24/7 to a greater number of people. AI will also help us better manage our health and live a healthier lifestyle.

Another area of AI focus is the chatbot. Advances in neuro-linguistic programming will enable chatbots and virtual assistants to recognize non-verbal information better, based on data such as the location, time, identity and facial expression.

This will allow robots to carry out smarter conversations with users and complete more complex tasks. In the not-too-distant future, families will interact with AI on a daily basis.

With all these new technologies, companies need to embrace AI to stay in the competition.

Along with AI, blockchain, cloud and Big Data are also becoming indispensable for companies in today’s world.

A firm grasp of these four basic technological elements is the only way to avoid becoming obsolete.

This article appeared in the Hong Kong Economic Journal on July 17

Translation by Julie Zhu

[Chinese version 中文版]

– Contact us at [email protected]

RT/CG

Venture Partner of Sequoia Capital China, former head of the data committee and vice president at Alibaba Group.

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