How is Artificial Intelligence impacting the Australian tech world?

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 How is Artificial Intelligence impacting the Australian tech world?
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Summary

  • Artificial Intelligence has touch-based almost every sphere of life, including education, health, business, security, and finance.
  • The corporate world is also using AI in varied ways, from self-driving trucks in mining to compliance management in finance and tools to support clinical decisions in healthcare.
  • The Australian Government has allocated significant funds in its latest budget to increase the country's AI capabilities .

Artificial intelligence, abbreviated as AI, has revolutionised the world around us. With the technological advancement and advent of AI technology, our life has become easier and faster. Artificial Intelligence has penetrated almost all spheres of life, be it education, health, business, security, finance, smart cities, and the list goes on.         

AI has transformed every walk of our life and enables individuals to rethink how we conjugate information, study and examine data and use the results to improve decision making. 

 Good Read: The Buzzing Trends || Which Are The Top ASX-Listed AI Or Artificial Intelligence Stocks?

Image Source: © Alexandersikov | Megapixl.com

Artificial Intelligence in Australia

The Australian government has recognised the importance of Artificial Intelligence in its digital economy strategy. It has thus allocated significant funds in its latest budget to increase the country's AI capabilities. The country is using AI in varied ways, from self-driving trucks in mining to compliance management in finance and tools to support clinical decisions in healthcare. A Deloitte report revealed that 79% of Australian organisations believe that Artificial Intelligence will be 'very' or 'critically' crucial for their business. 

For example, a world-first AI-driven production optimisation tool developed by Origin Energy Ltd (ASX:ORG) collects pump speed and flow rate data to decide which company's 2,000-plus gas wells could be turned down and turned back on again with the minimum chances of failure. This has helped the company in reducing the number of workovers and increase the life of each well.

Last year, BHP Group Limited (ASX:BHP) started the first of its 'digital factories' in Brisbane. Rather than having digital projects delivered by various parts of its business, the factory will build an integrated 'community of practice' in technical roles. Even for recruitment purposes, organisations use AI technology to access and hire a talented pool of people. 

In Australia, financial institutions have joined hands with regtech companies for AI-led solutions to recognise and minimise risks and manage compliance obligations such as anti-money laundering and counter-criminal financing.

Nonetheless, AI has tremendous opportunities in the healthcare industry. Several organisations are coming forward to test advanced AI solutions to produce better results for Australians. For example, Virtus Health Ltd (ASX:VRT), a reproductive services provider in the country, is spearheading an international study to identify if Artificial Intelligence can reduce or shorten the time it takes a patient to fall pregnant.

The study accesses the efficacy of using AI to pick embryos. In this study, Virtus is partnering with Harrison.ai, another healthcare company.

Similarly, various start-ups in Australia are applying machine learning technology to provide various services to consumers. These include Huddle Insurance, which is an AI-based insurance platform for people. Indebted provides cloud-based debt collection services for businesses operating as debt collectors.   

Good Read: How is artificial intelligence used in the mining industry?

Future of Artificial Intelligence

AI has tremendous opportunities and can play a vital role in the economic development of a country. A study conducted by PriceWaterhouseCoopers (PWC) had revealed that AI technologies could increase global GDP by US$15.7 trillion by 2030.  It is worth mentioning that China has set a goal of investing $150 billion in Artificial Intelligence to become a global leader by 2030.

The United States and the United Kingdom are leading the world regarding the adoption and deployment of AI technology. 

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