3 ways AI is already transcending hype and delivering tangible results - VentureBeat

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3 ways AI is already transcending hype and delivering tangible results - VentureBeat

July 15, 2023 8:20 AM Image Credit: VentureBeat made with Midjourney Head over to our on-demand library to view sessions from VB Transform 2023. Register Here In January 2023, ChatGPT, the now ubiquitous chatbot from OpenAI, reached 100 million active monthly users, outpacing TikTok by seven months as the fastest platform to reach this milestone.  The chatbot’s ubiquitous presence and popularity have renewed a decades-long debate about the potential impact of artificial intelligence (AI).  Google search trends for AI have soared since the service launched, and companies are rushing to lap up domains from Anguilla, population 15,000, looking to benefit from its .ai domain registration.  At the same time, investors are pouring money into generative AI startups, hoping to catch lightning in a bottle and capitalize on this technology to find the next big tech breakthrough. As one AI investor recently told the New York Times , “We’re in that phase of the market where it’s, like, let 1,000 flowers bloom.”  Event VB Transform 2023 On-Demand Did you miss a session from VB Transform 2023? Register to access the on-demand library for all of our featured sessions. Register Now Today, the hype cycle is so hot that even companies without legitimate AI credentials are trying to align themselves with the technology, prompting the Federal Trade Commission to issue a terse warning to companies: “If you think you can get away with baseless claims that your product is AI-enabled, think again.” The hype cycle can be so ludicrous that Axios reporter Felix Salmon recently explained, “When a company starts talking loudly about its AI abilities, the first question should always be: “Why is this company talking loudly about its AI abilities?” To be sure, this isn’t the first rodeo for AI speculation. The technology is more than half a century old, and it’s been through many boom and bust cycles that yielded significant technological advances but have continually failed to fully live up to the hype.  In other words, developing AI products and services that are repeatable, scalable and sellable has historically been difficult and often prohibitively expensive. However, by looking at the ways AI is already making the most significant impact, we can paint a clearer and possibly more accurate picture of what it will look like moving forward.  Here are three ways AI is impacting our world today, which can provide a useful roadmap for how it might actually change the world tomorrow. 1. Helping people make better decisions  In our data-saturated digital-first world, AI is helping people make better decisions. It can sift through billions of data points, synthesizing key insights and equipping people to make pivotal decisions.  In this way, AI is a tool to empower people, sharpening their intuition and enabling them to make more informed decisions. It’s not a substitute for human discernment but a powerful aid that enhances our ability to make better real-world choices. Take the security industry as an example.  It’s difficult to find a physical space that isn’t monitored by at least one camera. The Bureau of Labor Statistics reports that installed surveillance cameras grew by 50% between 2015 and 2018, exceeding 70 million cameras by the decade’s end. Monitoring the footage is an entirely different story, and tasking humans with watching endless uninteresting camera feeds is a recipe for boredom and inattention. That’s where AI steps in, acting as a vigilant and tireless sentinel. By filtering out the mundane, such as rustling trees or passing cars, AI zeroes in on the most pertinent information. It’s a whiz at detecting anomalies, like unexpected activity in a deserted parking lot. Even so, there is a meaningful difference between identification and discernment.  This is where human judgment swoops in. Security personnel or other trained experts can review the camera footage and assess and address accordingly any suspicious behavior. In this tandem of AI and human expertise, we witness the birth of a comprehensive and effective security system, reaping the benefits of both worlds. Simply put, AI is a catalyst, powering more efficient and effective decision-making across myriad domains. From interpreting earnings reports to bolstering security intelligence,...