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How artificial intelligence will transform our world
Set to reshape practically every industry, profession and life, artificial intelligence (AI) will have a profound impact on our future. It has the potential to completely reinvent all industries, transform economies, and remodel the foundation of global competition in an already rapidly evolving landscape.
Fourteen of the world’s most advanced economies have announced a total of $86 billion in funding for AI programs and activity, while digital innovation has been slated to deliver $315 billion in gross economic value to Australia over the next decade. This illustrates just how critical an ingredient AI is in our ongoing economic success.
What is artificial intelligence?
AI is a collection of technologies able to solve problems and perform tasks without explicit human guidance. Automation and machine learning are core to AI, underpinning applications such as natural language processing, computer vision, optimisation and decision support.
AI, which also includes robotics, has the potential to automate repetitive or dangerous tasks, increase productivity, allow the development of innovative consumer products and lead to the emergence of new industries.
Digital innovation accounts for roughly 11 per cent of gross domestic product (GDP) in the world’s leading economies, with Australia’s investment of 7.4 per cent failing to keep pace with leading nations. Despite having experienced nearly 30 years of economic stability, AI will force a necessary change in national priorities to ensure we keep up with the rest of the world.
The algorithms that underpin artificial intelligence have existed for quite some time, however exponentially growing volumes of data and the widespread availability of affordable supercomputers mean that Australia, and the world, can operate this revolutionary technology at a scale and speed never seen before.
Many sections of research, industry and government are already using AI as part of their business, and without a coordinated effort to drive AI development and adoption, valuable economic opportunities will be missed to build and capitalise on our capabilities in artificial intelligence and related domains.
What is AI’s impact?
Our approach to AI adoption and coordination in Australia could create 10,000 jobs and increase GDP by 7.5 per cent to 12 per cent by 2025. The manufacturing, agriculture, resources and health industries are expected to be most heavily transformed by the process. Some jobs may be lost in the short-term however more will be created in the long-term, just like “spreadsheets didn’t eliminate the accounting profession, but enhanced it.”
AI holds enormous promise to solve Australia’s most significant problems, such as climate change, cybersecurity, personalised medicine, more efficient cities, and sustainable energy and food.
Examples of AI being used today
AI-powered lease management tool Accurait uses text classification tools, optical character recognition and metadata to drastically reduce the document-intensive process of commercial lease abstraction by at least 30 minutes per lease.
Spark, an open framework for fire prediction and analysis, uses AI to model current knowledge of fire behaviour with state of the art simulation science to produce predictions, statistics and visualisations of bushfire spread, giving emergency planners more time to focus on other essential areas.
Meanwhile, 2400 sensors along the Sydney Harbour Bridge employ data capture and machine learning predictive analysis to provide early warning of issues before bridge users are affected.
What do businesses need to consider?
The creation of intelligent products, processes and services that can make life easier, more streamlined, and more connected will be essential to adaption, as will a focus on new digital technology-focused roles.
D61+ LIVE, CSIRO Data61’s annual science and technology conference, will explore the rise of artificial intelligence and how collaboration across the innovation ecosystem enables large-scale impact, while also examining the latest in data science and technology and its benefits for Australian business. Save your seat here. Registration is free.