MEA poised to take advantage of Artificial Intelligence towards building an interconnected world – says LG Chief
It’s no secret, the world is evolving faster than it ever has thanks to radical advancements in technology and this is only forecasted to keep on accelerating. The introduction and implementation of new technologies and resources will only enhance the convenience felt by users and provide them with the opportunity to spend more time enjoying life and the simple pleasures it offers. The Internet of Things (IoT) is an ideal example of what we currently have and are adjusting to. However, there is a new door that will open a realm of possibilities to a truly interconnected world and that is Artificial Intelligence (AI). AI has been a buzzword for quite some time, but now it has become a reality as we are quickly becoming accustomed to its power, capabilities and luxury. The presence of AI can already be felt in some degree across many industries but the extent to which it is becoming a part of our daily lives is set to grow fast. With the potential to have an impact on the society while creating a variety of economic opportunities, one of the least discussed benefits of artificial intelligence is the ability to propel innovations as it diffuses through the economy. While some benefits of AI can be measured, others such as consumer convenience and time savings, are far more intangible in nature. Let us look at the automobile industry today. Driverless vehicles are continuously gaining traction and it is garnering a lot of interest worldwide. Using a combination of sensors, global positioning systems, radar, cameras, computer vision and machine learning algorithms, driverless vehicles can enable a machine to sense its surroundings and act accordingly. Isn’t that phenomenal? This is just one of the examples to highlight the impact or capability of artificial intelligence. The potential impact of driverless vehicles on economies could eventually extend well beyond the automotive industry. For example, the mobile service providers could see even more demand from subscribers as drivers, now free to enjoy leisure activities while traveling, spend more time on the Internet, which, in turn, could create new advertising opportunities for the service providers and selling opportunities for their retail partners. Artificial intelligence and robotic revolution are all set to bring about a change. The impacts of automation technologies are already being felt throughout the economy. The worldwide number of industrial robots has increased rapidly over the past few years with many companies across the world embarking on projects that focus on automated services. Look at LG Electronics’ focus on automated services and our quest to improve it. LG’s Airport Guide Robots and Airport Cleaning Robots roam the airport providing information and assistance to visitors while the Airport Cleaning Robot will be on hand to keep the floors impeccably clean. Companies like LG are looking at demonstrating its initiative to develop and expand robotic business as a future growth engine. In the Middle East, investment in technology innovation is in pockets, and is focused on global leadership rather than just regional consumers. However, with the consumers adopting a more modern, convenient lifestyle, technology is a key enabler as well as having a role to play in societal change. Among AI-related technologies, reports indicate that UAE businesses expect to invest in machine and deep learning, while Saudi businesses anticipate that they would be investing extensively in embedded AI solutions in the near future. This region contains a mixture of countries in very different situations. However, the potential of the region coupled with some of the region’s characteristic megatrends actually positions it to take a leading role in adopting and leveraging new technologies. According to industry reports - AI has the potential to boost labor productivity by up to 40 percent by 2035. This rise in labor productivity will not be driven by longer hours but by innovative technologies enabling people to make more efficient use of their time. Overall, AI is expected to unleash remarkable benefits across countries, countering economic growth prospects and redefining “the new normal” as a period of high and long-lasting economic growth. In addition to the economic growth – there could be significant social benefits as well. Driverless vehicles are expected to reduce the number of road accidents and traffic fatalities dramatically, making the technology potentially one of the most transformative public health initiatives in human history. They could also give back independence to people who cannot drive due to disability, enabling them to take up jobs from which they were previously excluded. And, even among those who can drive, driverless cars will make traveling far more convenient, freeing up time that people can dedicate to work or leisure. Successfully integrating human intelligence with machine intelligence, so that they coexist in a two-way learning relationship, will become more critical than ever. Currently, technological education goes in one direction: people learn how to use machines. Increasingly, this will change as machines learn from humans, and humans learn from machines. Robots aren’t necessarily going to take our job, they are going to make you better at your job, allowing you to focus on the things that you have been specially evolved to be good at. AI is exceptional at many of the things humans are terrible at: performing repetitive, monotonous tasks; concentrating for long periods of time, and quickly searching vast databases of information. Automating tasks like these should be welcomed. These findings can be understood to mean that in the coming years, we will see companies harnessing this innovative technology to overcome challenges, small and large, that will allow their business to run smoother and smarter. I am in no doubt that the region stands at the threshold of an enormous opportunity as the digital revolution beckons. I believe that it has the capacity to seize that opportunity, and to continue its path towards a highly productive and more integrated future.