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Increasing adoption of Artificial Intelligence is likely to impact the major revenue generating industries

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[yt_dropcap type=”square” font=”” size=”14″ color=”#000″ background=”#fff” ] A [/yt_dropcap]rtificial intelligence (AI) is gaining high importance among key executives across the globe in almost every end use industry. AI technologies especially machine learning, deep learning, natural language processing, speech recognition, and voice recognition are intended to provide machines with human like intelligence and features such as reasoning and learning. In fact, AI technology can perform certain tasks better than human being such as processing huge chunks of database efficiently and accurately.

Industries such as healthcare, government service, IT and telecommunication, media and advertising, BFSI, retail, travel, tourism, and hospitality create a huge amount of data base which is difficult to maintain by the conventional computing system. However with the introduction of artificial intelligence in these industries processing and managing of database became much efficient and rapid.

Key Industries Impacted by Artificial Intelligence Technology

Manufacturing is one of the first industry to take advantage of emerging AI technology, especially in the manufacturing process where robots were used to assemble and package products. Moreover, with the advent of technology, advanced robots will be able to perform complex operation in the manufacturing process such as assembling and testing of smart homes, smart city, vehicles, and electronics.

Healthcare is another industry largely impacted by the deployment of AI technology. In fact, AI in healthcare industry would be the key area of contribution towards the ‘Fourth Industry Revolution’. AI will provide physicians with medical information to take better decisions and make effective treatment plans. In the field of pharmacy, deep learning technology will help in analysing the effect of drugs on patient with accuracy and in less time as compared to the traditional method which is time consuming. Key players offering AI technology are either in the process of developing AI or have already launched AI technology and solutions in the healthcare field. For instance, IBM’s ‘Watson for Oncology’ and ‘Medical Sieve’ is already in market and are key AI technologies in healthcare, whereas Google has ‘Google Deep mind Health’ project that provides medical data to physicians through data mining. Some of the start-up and established companies that are contributing towards the growth of AI technology in healthcare field are IBM, Google, iCarbonX, Ayasdi, Babylon Health, and Flatiron Health among others.

Huge investment by start-ups and key players, ability of AI to perform complex medical operation is driving the AI market in the healthcare field. As per market research report published by ‘Markets and Markets’ on ‘Artificial Intelligence in Healthcare Market’ the AI market in healthcare is expected to grow from USD 667.1 million in 2016 to USD 7,988.8 million in 2022 at a CAGR of 52.68%.

Transportation and automotive industries have also gained a lot of hype in the area of artificial intelligence owing to the rise in smart transport and automated cars across the globe. Artificial Intelligence technology will acts as an agent of change in transforming the future of automotive industry. Professional drivers will be replaced by smart cars, and public transport will become driverless thus saving ample amount of cost and time. For instance, recently ‘The Roads and Transport Authority (RTA) of Dubai have announced driverless cars in Dubai by 2030. Through driverless car concept the government of Dubai is planning to make 25% of road transportation autonomous, which will increase productivity by 13%, reduce cost by 44%, and decrease yearly accidents rate by 12%.

Artificial intelligence has endless opportunity in the retail industry, and its growth can be attributed to the developing ecommerce websites. In ecommerce artificial intelligence helps in giving personalised services by understanding taste and preference of customers. Moreover, retailers are also providing visual search option to its customers so as to improve their customer’s online shopping experience. Neiman Marcus, Urban outfitters, and Asos are some of the retailers providing visual search option to their customers. Moreover, AI powered chatbots are also gaining high importance in the retail industry. Currently, chatbots are the hottest trend in retail industry that are not only automating the purchase process but are also offering personalised recommender services to its customers. Retailers are also using AI technologies especially machine learning to understand the behaviour of their customers based on their data available on social networking sites. Artifacia, Bloomreach, Infinite Analytics, Layer 6 AI, Mona, and Optoro are some of the players offering AI in retail industry.

Banking, Financial services, and Insurance (BFSI) are another industries benefited by AI technology. BFSI industry deals with a huge amount of customer’s personal data, so it is important to ensure security of such confidential data. AI can be applied in numerous applications in banking service such as customer service, back office operation, product delivery, compliance, marketing, and risk management. Furthermore, in financial service automated financial planners and advisors often named ‘robo advisors’ support users in making financial decisions and recommending them for buying stocks and bonds. Smart wallet is another key application of AI in financial industry, these wallets understand the users spending habit and send alert notification to them whenever user is overspending.

Lastly, the bottom line is increasing investment in AI has become business necessity across key industries. AI has not only created virtual workforce but has also enhanced the ability and skill of existing one. However, we also need to understand that substantial part of fiscal growth from artificial intelligence will not come from substituting prevailing workforce and investment, but in aiding them to use more effectively and efficiently.

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Science & Technology

Can big data help protect the planet?

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How do we get to a more sustainable and inclusive future if we don’t know where we are? This is where data comes in and, right now, we do not have the data we need. 

These were some of the questions asked at the Third Global Session of the UN Science-Policy-Business Forum held during the UN Environment Assembly. The virtual discussion delved into the role of big data and frontier tech in the transition to a sustainable future. 

Opening the session, United Nations Environment Programme (UNEP) Executive Director Inger Andersen said science needed to be digitized so it could be more democratic and accessible. She said digital transformation is central to UNEP’s new Medium-Term Strategy

“Big data and new tech can support real-time monitoring of the environment, help consumers adopt more sustainable behaviour, and create sustainable value chains,” she said. “The [UN] Secretary-General has made it very clear that digital transformation has to be part and parcel of the UN … we have oceans of data but drops of information.”

UNEP studies show that for 68 per cent of the environment-related Sustainable Development Goal indicators, there is not enough data to assess progress.

At the event, participants stressed that knowledge obtained through the latest digital technologies such as Artificial Intelligence, Machine Learning and the Internet of Things could speed up progress on environmental goals. Better data could inform interventions and investment, while boosting results and impact measurement.

Bridging the data divide

The data deficit is also hindering the world’s ability to respond to climate change.

Petteri Taalas, Secretary-General of the World Meteorological Organization, said earth observation systems and early warning services were still poor in parts of the world, with around US$ 400 million needed to improve these. 

“That is one of the ways to adapt to climate change – to invest in early warning services and observation systems. We have to monitor what is happening to the climate but this monitoring is in poor shape,” he said.  

Making the right technology available to developing countries not only presents a financing challenge, but also underlines the profound need for accessible, open-source technology.

Munir Akram, President of the UN Economic and Social Council, said bridging the digital divide is critical. He noted that connectivity was only around 17 per cent in the poorest countries compared to above 80 per cent in richer countries.

“We need to build a database for all the open source technologies that are available in the world and could be applied to build greener and more sustainable structures of production and consumption. These technologies are available but there is no composite database to access them,” he said.

UNEP’s digital transformation

UNEP’s commitment to harnessing technology for environmental action begins ‘at home.’ At the fourth session of the UN Environment Assembly in 2019, Member States called for a Big Data Strategy for UNEP by 2025.

The organisation is currently undertaking a digital transformation process, while also focusing on four key challenges:

  1. Help producers measure and disclose the environmental and climate performance of their products and supply chains;
  2. Help investors assess climate and environmental risks and align global capital flows to climate goals;
  3. Enable regulators to monitor real-time progress and risks;
  4. Integrate this data into the digital economy to shape incentives, feedback loops and behaviours.
  5. Indispensable tools
  6. Other cutting-edge digital transformation initiatives are also in progress. UNEP’s World Environment Situation Room, a platform put together by a consortium of Big Data partners in 2019, includes geo-referenced, remote-sensing and earth observation information and collates climate data in near real-time.
  7. At the event, Juliet Kabera, Director General of the Rwanda Environment Management Authority, described how her country had invested heavily in technology, including connectivity, drones and online platforms, such as the citizen e-service portal, Irembo.
  8. “There is no doubt that technology has a critical role in addressing the urgent challenges we all face today, regardless of where we are in the world,” Kabera said. “The COVID-19 pandemic once again reminded us that science and technology remain indispensable tools for humanity at large.”

UN Environment

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Women and girls belong in science

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As part of the World Bank's Education Quality Improvement Programme, students study biology at Sofia Amma Jan Girl's School in the Kandahar province of Afghanistan. World Bank/Ishaq Anis

Closed labs and increased care responsibilities are just a two of the challenges women in scientific fields are facing during the COVID-19 pandemic, the UN chief said in his message for the International Day of Women and Girls in Science, on Thursday. 

“Advancing gender equality in science and technology is essential for building a better future”, Secretary-General António Guterres stated, “We have seen this yet again in the fight against COVID-19”. 

Women, who represent 70 per cent of all healthcare workers, have been among those most affected by the pandemic and those leading the response to it. Yet, as women bear the brunt of school closures and working from home, gender inequalities have increased dramatically over the past year.  

Woman’s place is in the lab 

Citing the UN Educational, Scientific and Cultural Organization (UNESCO) he said that women account for only one third of the world’s researchers and hold fewer senior positions than men at top universities, which has led to “a lower publication rate, less visibility, less recognition and, critically, less funding”. 

Meanwhile, artificial intelligence (AI) and machine learning replicate existing biases.  

“Women and girls belong in science”, stressed the Secretary-General. 

Yet stereotypes have steered them away from science-related fields.  

Diversity fosters innovation 

The UN chief underscored the need to recognize that “greater diversity fosters greater innovation”.  

“Without more women in STEM [science, technology, engineering and mathematics], the world will continue to be designed by and for men, and the potential of girls and women will remain untapped”, he spelled out. 

Their presence is also critical in achieving the Sustainable Development Goals (SDGs), to close gender pay gaps and boost women’s earnings by $299 billion over the next ten years, according to Mr. Guterres. 

“STEM skills are also crucial in closing the global Internet user gap”, he said, urging everyone to “end gender discrimination, and ensure that all women and girls fulfill their potential and are an integral part in building a better world for all”. 

‘A place in science’ 

Meanwhile, despite a shortage of skills in most of the technological fields driving the Fourth Industrial Revolution, women still account for only 28 per cent of engineering graduates and 40 per cent of graduates in computer science and informatics, according to UNESCO.  

It argues the need for women to be a part of the digital economy to “prevent Industry 4.0 from perpetuating traditional gender biases”.  

UNESCO chief Audrey Azoulay observed that “even today, in the 21st century, women and girls are being sidelined in science-related fields due to their gender”.  

As the impact of AI on societal priorities continues to grow, the underrepresentation of women’s contribution to research and development means that their needs and perspectives are likely to be overlooked in the design of products that impact our daily lives, such as smartphone applications.  

“Women need to know that they have a place in science, technology, engineering and mathematics, and that they have a right to share in scientific progress”, said Ms. Azoulay.

‘Pathway’ to equality

Commemorating the day at a dedicated event, General Assembly President Volkan Bozkir informed that he is working with a newly established Gender Advisory Board to mainstream gender throughout all of the UN’s work, including the field of science. 

“We cannot allow the COVID-19 pandemic to derail our plans for equality”, he said, adding that increasing access to science, technology, engineering and mathematics education, for women and girls has emerged as “a pathway to gender equality and as a key objective of the 2030 Agenda for Sustainable Development”. 

Mr. Volkan highlighted the need to accelerate efforts and invest in training for girls to “learn and excel in science”. 

“From the laboratory to the boardroom, Twitter to television, we must amplify the voices of female scientists”, he stressed. 

STEM minorities  

Meanwhile, UNESCO and the L’Oréal Foundation honoured five women researchers in the fields of astrophysics, mathematics, chemistry and informatics as part of the 23rd International Prize for Women in Science.  

In its newly published global study on gender equality in scientific research, To be smart, the digital revolution will need to be inclusive, UNESCO shows that although the number of women in scientific research has risen to one in three, they remain a minority in mathematics, computer science, engineering and artificial intelligence. 

“It is not enough to attract women to a scientific or technological discipline”, said Shamila Nair-Bedouelle, Assistant UNESCO Director-General for Natural Sciences.  

“We must also know how to retain them, ensuring that their careers are not strewn with obstacles and that their achievements are recognized and supported by the international scientific community”. 

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Importance of information technology and digital marketing in Today’s world

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In the current times, to cope up with the demands of the changing world, we need to adopt digital and modern platforms. With the world rapidly growing towards digitalization and investing in information technology, our state is also going for unconventional means for carrying out different tasks in a more appropriate and time saving manner.

Firstly, we can take an example of online shopping. Many international and local brands have their online stores. Customers can order anything from any part of the world without traveling from one place to another. This initiative has contributed towards time saving and efficient use of technology. One can get whatever they want at their doorstep without any hustle of the traffic. This initiative has boosted the business as there are walk in customers as well as online. This initiative has also attracted a large number of audience due to ease and convenience in shopping. This phenomenon comes under the digitalization process. We should not forget the significance of internet in this regard as it was the first step towards digitalization. All the communication and digital platforms we are using are accessible to us due to internet.

Another aspect of information technology is combating the communication gap between states and its masses. Today, there are many applications like WhatsApp, Skype, Facebook, messenger etc. through which one can communicate with his/her friends, relatives without being physically present there.

We have websites of different organizations as well as educational institutions through which we can get the information of that specific organization. Like, when we are registered with an organization, all our data is stored on its official page and accessible to specific persons. Same is the case with students that their educational record is held by university and when they are registered with their institutions, they can receive any updates or any new events or job opening through emails and messages.

The Covid-19 factor cannot be ignored in this regard. Due to the rise in Corona cases, jobs have been shifted from physical to online. Work-from-home is the new normal. All this is happening due to the digitalization process. It would not be wrong to say that the progress in information technology and digital platforms has made the life easier for the people.

Another prominent component is the online banking. Through this people can easily do transactions through their phones or PC’s by logging in to their bank accounts while sitting at their home and can access it any time. Bills can be paid through it. This is definitely a sigh of relief for the people who are tired of standing in the long queue outside banks to submit their bills or complexities while going to banks and doing transactions over there. This facility has also minimized the time wasted in traffic jams and standing in queue for long hours while going to banks. This time could be used for other productive tasks.

Online registration of cars in Islamabad initiated during the COVID-19 is another wonder of digitalization process. Islamabad administration has made it easier for its people to register their cars while sitting at their homes without the fear of being infected. Food delivery systems should also be appreciated for their smart work. There are apps like food panda, cheetah etc. through which people can order their desired food through a call. Many food chains offer home deliveries that has made the lives of the people much convenient.

The much-appreciated step by the government is producing Pakistan made ventilators and stents in the view of the rapidly increasing Corona cases. This was possible due to appropriate scientific and technological knowledge. The government has also said that soon we will be seeing Pakistan made chargeable vehicles on the roads. They will prove to be economical and fuel saving; they will be easy to handle and have human friendly interface.

Developments in Nadra is another milestone as now everything is computerized, there is no paperwork required and all the records are saved in computers. Recently, our interior minister has said that Nadra will now exempt the cost of making identity cards and the card will be provided to the person after 15 days as previously it to took more time to give the card to the concerned person. Removing check posts in the capital and substituting them with other efficient measures like cameras, drones is another achievement. Another recent development in the line of digitalization that cannot be ignored is inauguration of online system by the Islamabad traffic Police through which people can get their license and other paperwork can be done through the online portal.

It can be concluded that we are gradually moving from traditional ways of working towards a digitalized era. However, there is still a room for improvement, the good thing is that people are understanding the importance of the digitalization process by gradually accepting it but further awareness through innovative campaigns does not bring any bad. An interesting take pertinent to advanced digitalization and technological growth is that it had definitely made people to completely rely on digital processes and solutions that now people have to opt for these advanced strategies in any case, whether they are comfortable with or not. Obviously, good things take time and using digital resources for fruitful purposes is not a bad idea at all; unless and until resources are not wasted.

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