Automation and Artificial Intelligence:
Automation and artificial intelligence are going to drive the future of most of the work done in various domains. It would bring a revolution in the upcoming years and would contribute to the economic growth of a number of countries.
Automation refers to the ability of hardware and software to execute a task without any human interference. On the other hand, Artificial intelligence refers to the area of computer science where the emphasis is given to the creation of intelligent machines which can mimic a human being. Artificial intelligence can be considered as a subset of automation. In simple words, automation need not be necessarily based on Artificial Intelligence. An example to illustrate automation is the use of automatic assembly machines used in the automotive industry.
With the enhancement in Intelligence technologies since 2018, Artificial Intelligence has contributed towards transforming various industries. Artificial intelligence not only helps in economic growth, but it also helps augment productivity of various organisations. This technology has attempted to eradicate the gap between the machine and the domain knowledge.
Automation of Artificial Intelligence:
For Artificial Intelligence, which is changing the way a task is executed, there is still a need for human touch for smooth operations and to derive learnings from each execution so that the process followed can be perfected.
Automation of Artificial intelligence changes the way to execute daily activities and machine applications, which requires intervention from data scientists and professionals.
Need for Automated Artificial Intelligence:
Businesses work on models, and there is a high scope of making errors while working on a model. This impacts the consistency of the model. In order to mitigate human errors, automation of Artificial Intelligence can prove useful. Automated Artificial Intelligence applies the insights of various data scientists and helps in enhancing the benefits derived from data sciences. Automated Artificial Intelligence requires strong understanding of mathematics, probability theory and coding which is required for building the model.
Automation of Artificial Intelligence allows the application of this technology in industries like banking, healthcare, marketing, fintech, etc. This was previously limited to big organizations with huge resources.
Automation of repetitive duties helps businesses to implement as well as handle the outcomes efficiently. It also reduces the involvement of these data scientists, who can be gainfully employed for other critical tasks.
Drawbacks of Automated Artificial Intelligence:
- Artificial Intelligence requires heavy investment in its development.
- Artificial Intelligence can result in job losses.
- Another drawback of the Artificial Intelligence is that the output will be based on the initial coding done (or input) on the machine and it will be only be as intelligent as those responsible for initial programming.
- One cannot expect AI-programmed devices to be more creative than its creators.
- Artificial Intelligence could sometimes deliver inaccurate results.
Automated Artificial Intelligence in the Future:
Many believe that Artificial Intelligence in future would be taking away the jobs of many individuals. But the fact is in the long run, there would be the scope of newer jobs in the future. The primary reason is that AI-enabled machines or devices cannot replace human IQ. There would always be some or the other limitations with these systems. Thus, there would be a requirement of more people for managing these systems and keep it up to date to meet business requirements.
Adoption of Artificial Intelligence in Australia:
With the advancement in the fields of Artificial Intelligence, the scope of application of AI to engineering and other disciplines have also expanded. Engineers are building mathematical models for simulating the performance of the large and complex systems. Implementation of Artificial intelligence in the fields of mining and production systems have helped in improving the performance and efficiency of crushing plants, control systems, large sea-going boats etc.
Australian companies in the present scenario have developed or developing an artificial intelligence system, which helps in daily customised advice in the fields of healthcare, engineering design, corporate document recording systems, etc. However, in the case of the real estate sector, Australia is still lagging behind other countries around the world. Let's take a look.
Position of Automated Artificial Intelligence in Australia in Real Estate Sector:
Real estate companies in Australia are lagging behind other nations in adopting automation to boost productivity as they believe that it would create a lot of hurdles for them. They are also not sure that automation would create any difference in their operations.
As per the survey of consultancy firm EY and the Massachusetts Institute of Technology (MIT) Real Estate Innovation Lab, it was estimated that by 2030, 50% of all work would be impacted by automation. In the global survey, Australian respondents stated that they are hiring lesser number of Artificial Intelligence experts like a data scientist. Out of the total global respondents, one fourth of the respondents were Australians. The inference drawn from the poll stated that problem was the lack of competitiveness amongst the individuals.
The survey confirmed that 23% of the Australian companies were not certain whether the fact that automation or artificial intelligence would change their businesses is a concern for them or not. As per the figures provided by the Massachusetts Institute of Technology, in the last three years, there were around 750 start-up companies in the domain of Artificial Intelligence. Out of these 750 companies, 100 companies targeted real estate sector. Also, the sector has started gathering data and information. However, only the first-mover firms have commenced automating their tasks.
Around 46% of the Australian respondents stated that they have started a substantial automation of their businesses.
A look at the poll results on Automation:
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.