Connect with us

Technology

GETTING SERIOUS ABOUT AI

Carmine Rimi, Product Manager AI and Kubernetes, Canonical – the company behind Ubuntu

 

Artificial Intelligence (AI) has witnessed extraordinary growth in business circles over the past few years. So much so that it feels an omnipresent buzzword in corporate technology conversations the world over. The advent of cloud computing and open source initiatives have supported the rapid expansion of these technologies, which are experiencing huge investment from both multinational businesses and smaller enterprises.

 

Deloitte’s Digital Disruption Index highlights that 85% of senior executives plan to invest in AI by 2020, while Stanford University’s AI Index reports a six fold rise in the annual investments from venture capitalists into AI start-ups since 2000, with significant quickening of that investment after 2010. Moreover, Gartner predicts that the business value resulting from AI initiatives will hit $3.9 trillion by 2022, rising from $1.2 trillion in 2018. These impressive figures serve to underline the huge potential AI boasts.

 

Carmine Rimi

The trend towards the adoption of AI shows no signs of abating. In a software dominated world, AI acts as a trigger for business growth, innovation and the launching of new, advanced services for consumers. However, the deployment of AI technology is not a straightforward process, and no industry is immune from this complication. There are many considerations prior to a business being able to enjoy the advantages AI can deliver.

 

 

Challenges ahead

Business have had to discover that rolling out AI technology can be problematic. From concerns around integration with current systems, to a lack of understanding around how AI works, it’s clear that there are broad and complex challenges. A recent report from Databricks, for example, stated that 96% of organisations are experiencing data-related problems such as inconsistent datasets, while 80% reported a lack of collaboration between data engineers and data scientists. Then we come to the question of compute power. AI solutions tend to leverage large reserves of processing power, which will rise as data volumes rocket and the algorithms driving these systems grow increasingly more complex. This presents some large concerns around scalability.

 

It’s important to note that, from a practical point of view, AI technology is very much in its infancy but is developing rapidly. While the technology has been spoken about for some time, it is only during the last few years that deployments have started to take place and increase.

 

Challenges to AI deployment can even emerge before the roll-out begins. One of the major barriers for AI is IT teams and business leaders understanding how it can be used for everyday business problems; and also, how it can fit to the specific requirements of the company. As opposed to deploying AI for the sake of it, companies should look at where the technology can make the biggest mark, and what specific processes would benefit from being automated. This is easier said than done. AI requires people with knowledge who can seize the challenge of turning the theory into profitable outcomes. AI encompasses a range of processes and technologies, such as machine learning, data transformation, model creation, natural language processing and deep learning. To derive the most value from these it is essential to understand the differences between these innovations. So, what does it take to deal with these issues to realise the potential of AI?

 

 

Making the most of AI

Capitalising on the power of AI comes down to a few key factors. Primarily, it’s crucial that companies understand the importance of rolling out back-end infrastructure and systems which can support the compute-intensive tasks involved in AI and machine learning. Operating systems then have to be adjusted to these sophisticated workloads, which allows businesses to work with huge datasets, deploy applications at scale and manage the complexity that comes with that. Getting AI systems operational takes a lot of time, effort, expertise and resources – which are not always at the disposal of an organisation. AI platforms are only as good as the people who programme them. The industry skills shortage can impact businesses, so it’s important to partner with experts who are able to guide them and address any internal gaps. Enterprises need to be considered in the way they introduce AI, creating a long-term strategy and investing in the right people with the right set of skills and experience.

 

Harnessing the power of AI may be easier said than done, but no one doubts it presents a phenomenal opportunity. A laser-like focus on how AI can be leveraged to solve business challenges will help. AI has been growing in intelligence for some time – now businesses need to follow that lead and realise the true potential of this remarkable technology.

 

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

HOW TECHNOLOGY IS MAKING AIRLINES SMARTER DURING LOCKDOWN

Captain Nadhem is the General Manager of Alpha Aviation UAE

 

2020 has provided challenges to all industries, but few have been as directly hit as air travel by the Covid-19 pandemic. Across the world, entire fleets have been grounded as international airports closed and travel bans were introduced worldwide.

Unfortunately, the challenges faced by airlines do not stop there. Airline economics dictate that planes be used as much as possible. For larger planes, this means keeping them in the air as close to 24/7 as is possible. For this reason, there simply aren’t enough dedicated storage facilities at global hub airports. At Frankfurt Airport for example, the tarmac on the 4th runway is now the home of many of the airport’s planes. It can also often take as long as 30 days to return a commercial jet to circulation after it has been mothballed.

As a result, many planes that are still in circulation have been transferred to the Indian sub-continent where air travel hasn’t been as badly disrupted. It will take some time for them to be rehomed to their previous routes if flight paths do reopen. In 2021, the aviation industry will also need to adapt and re-assess both its fleet sizes and operational strategies in order to re-build in the wake of this global crisis.

Pilots account for a key proportion of overhead costs and airlines will be constantly rethinking their pilot training strategy, which is likely to include a need to outsource and decentralise to maximise efficiency. At the same time, trained pilots will require training updates and renewals to their licenses, even as fleets are grounded.

Flight simulators have therefore assumed a crucial role in 2020. Usually developed to keep experienced crews sharp by creating challenging scenarios in safe environment for them to overcome, they have now become important across the industry for several reasons. Flying, like any other skill, requires constant practice to maintain the highest level of competency. That’s why airlines have recency rules that require pilots to perform a specified number of take-offs, landings and approaches within a certain period of time.

Advancements in simulator technology continue to bridge the gap between theory and reality. At Alpha Aviation we’ve recently invested in the new Alsim-AL172 flight simulator that features a Cessna 172 cockpit, with two seats and a flight deck. As pilots still need to clock up over 1,500 flying hours to receive their ATP certificate, advanced simulators like these will also be effective in providing pilot training without the operational costs of a real flight.

This year also highlighted the need for regulators to make changes to the training process. For example, there will need to be more reliance on e-learning in the initial cadet training and the acceptance of integrated technology in simulator training will also be important. Further adoption of Artificial Intelligence (AI) can also offer a vital competitive advantage.

AI technologies have already been widely adopted across the aviation industry. From facial recognition at airport passport security to baggage check-in and remote aircraft monitoring. For years these innovations have been streamlining processes, both for operators and customers. However, AI has a much greater potential beyond these practical applications.

Among other benefits, AI and machine learning algorithms excel at recognising patterns and are extremely efficient at collating data from the process of training cadets. As most flight simulators are already equipped with sensors that generate considerable amounts of data, this resource can now be used to assess pilot competency from the onset of training.

Powerful AI and machine learning systems can analyse hundreds of flight parameters and sort through thousands of hours of simulator data to produce findings that a human coach wouldn’t have been able to determine. For example, AI programmes can evaluate a pilot’s ability as they execute key manoeuvres and create a comprehensive assessment of a cadet’s strengths and weaknesses based on real-time data.

The data collected from these training sessions can also be analysed by AI programmes to evaluate how the cadets fly certain training routes, for example, considering their angle of descent and acceleration periods. From this, airlines can gather enough data to build a picture of each pilot’s unique flying style and determine the optimum routes for them to fly.

A crucial part of this assessment centres around the rate each pilot burns fuel. Real-time decisions about the throttle settings during take-off and the climb can have a significant impact on the amount of fuel burned during a flight. With airlines spending around 33 percent of their operational costs on fuel, reducing the rate that fuel is burned can have a considerable effect on the finances of an airline and its carbon footprint.

Airlines already use AI systems to collect flight data regarding route distance, altitudes, and aircraft weight to determine the amount of fuel needed for a flight. However, now the data collected from simulators can also be used to pair pilots to specific routes, based on optimum fuel usage. This will result in cost savings for the airline by optimising the potential of their pilot crew to reduce excess overheads.

As we continue to work directly with regulators and the airlines to further expand the use of technology and AI in the industry, our ability to continue to adapt and innovate in this crisis will hopefully mean clearer skies ahead.

 

Continue Reading

Finance

HOW COVID-19 HAS RESHAPED THE PAYMENTS LANDSCAPE

By Mohamed Chaudry, Group Chief Financial Officer of FoodHub

 

The year 2020 may well have sounded the death knell for the saying cash is king. As the pandemic took over our world, consumer behaviour altered considerably as people embraced contactless payment, e-commerce and delivery services for many of the things we once handed over notes to buy.

Finextra reports that research carried out by YouGov for the ATM network Link found that 58% of Brits are using cash a lot less often thanks to the pandemic, with 54% avoiding it altogether and using alternative payment methods.

Some 76% of those questioned by YouGov added that they think the crisis will affect their future use of cash over the next six months.

 

Adapt to survive

Many businesses, particularly those in the food sector, quickly worked out they needed to pivot and adapt if they were to survive. Social distancing measures, lockdowns and the economic downturn hit the hospitality industry hard.

Safe and convenient online payments provide food businesses with a solid foundation from which to operate. The year 2020 saw the rise of payment gateways and the size of the market is likely to escalate in the coming months, giving online merchants more choice over the gateways they choose to work with.

Many of these platforms are embracing the changes in innovative ways, adapting to the altered way of life and creating different ways to facilitate recurring online payments and members’ due models. They can also put in place order ahead services for restaurants and expanded delivery options.

 

‘Seamless’ payments process

As lockdown restrictions continue to drive more people online, the e-commerce industry needs to offer seamless online payments to maximise its soaring popularity. The right payments provider should be able to guarantee security, offer access to fast-growing markets and a plethora of relevant payment methods for each market, all components that provide expansion opportunities and a better consumer experience.

Payment providers allow food businesses to focus on their core business and meet new customer demand while they take over the non-core competency tasks. Platforms such as online food portals need to design their site or app to make it as easy as possible for merchants to onboard and customers to use.

As the use of online payments racks up, online security has never been more important. Increases in one inevitably result in the increase of fraud or cyberattacks. Platforms and businesses must ensure customer data is protected. Payment partners can ensure security is key, their greater size and expertise providing the added edge to small businesses that do not have that capability.

 

Building a loyal customer base

Payment security is what will encourage—and keep—customers who haven’t previously used online food portals. Building a loyal, local customer base can encourage businesses to consider expansion—perhaps opening more venues in their region or county or even nationwide.

Promoting the ways in which a platform can benefit customers and a community—in the midst of a pandemic, for example, many people will be conscious that their local takeaway/restaurants, etc., are suffering and they’ll be anxious to help—is another way to broaden a platform’s appeal. An app that doesn’t charge a service fee or take a commission from its partners is one way to do this.

Covid-19 has accelerated consumers’ whole-scale move to online payments faster than anyone can have imagined, and they want convenient, relevant and secure payment services for markets that have previously been served mainly by cash or card.

The pressure is on for retailers (and especially food retailers who want to survive) to ensure they can meet this demand.

 

Continue Reading

Magazine

Trending

News11 hours ago

FUJITSU’S CTO, FINANCIAL SERVICES – IAN BRADBURY – SHARES HIS TOP PREDICTIONS FOR THE FINANCIAL SERVICES INDUSTRY IN 2021

At the beginning of the year, financial institutes were excited by the prospect of a new decade. The advent of...

Business2 days ago

HOW TECHNOLOGY IS MAKING AIRLINES SMARTER DURING LOCKDOWN

Captain Nadhem is the General Manager of Alpha Aviation UAE   2020 has provided challenges to all industries, but few...

Business2 days ago

THE INEFFICIENT MARKETS THEORY

Fraser Thorne, CEO at Edison Group According to accepted financial thinking The Efficient Market Hypothesis (EMH) asserts that, at all...

Finance2 days ago

HOW WILL WE PAY IN 2021?

Nick Corrigan, UK & Ireland Managing Director, President of Global Payments.   As 2020 began, there was already much conversation...

Top 102 days ago

WHY BETTER PLANNING COULD BE THE INSURANCE INSURERS NEED

Adam Bimson, Chief Customer Officer, Vuealta   Insurance is predicated on the ability to plan effectively, to model accurately, and...

Business2 days ago

WHY IT IS MORE IMPORTANT THAN EVER TO SHOP SOCIAL

Dave Linton is an innovator, social entrepreneur, thought leader, mentor of social enterprises, motivational speaker and the founder and Managing...

Finance3 days ago

HOW COVID-19 HAS RESHAPED THE PAYMENTS LANDSCAPE

By Mohamed Chaudry, Group Chief Financial Officer of FoodHub   The year 2020 may well have sounded the death knell...

Business3 days ago

CREATING A PEOPLE-CENTRIC WORKPLACE CENTERED ON FLEXIBILITY, EXPERIENCE AND WELLBEING

By Anne Marie Ginn, Head of Video Collaboration, Logitech EMEA   The light is appearing at the end of the...

News3 days ago

UK OPEN BANKING FINTECH YAPILY ANNOUNCES EXPANSION IN VILNIUS

Yapily, a London-based fintech startup, has announced plans to set up in Vilnius, the company’s third European office. Yapily joins...

News3 days ago

FINTECH EEDENBULL SECURES PAYMENT TECHNOLOGY DEAL WITH NATIONAL AUSTRALIA BANK

EedenBull has announced a five year agreement with National Australia Bank (NAB), which allows the bank to deploy EedenBull’s innovative...

News3 days ago

MARQETA ANNOUNCES PARTNERSHIP WITH GOLDMAN SACHS ON MARCUS CHECKING OFFERING

Marqeta’s modern card issuing platform will be leveraged by Marcus by Goldman Sachs to build new digital banking offerings.    Marqeta,...

Finance5 days ago

MAKE 2021 THE YEAR YOU DRAW UP A PERSONAL BUDGET

By Neli Mbara, Certified Financial Planner at Alexander Forbes   Budgeting is the most important thing you can do to manage...

News5 days ago

FINTECH EEDENBULL SECURES PAYMENT TECHNOLOGY DEAL WITH NATIONAL AUSTRALIA BANK

EedenBull has announced a five year agreement with National Australia Bank (NAB), which allows the bank to deploy EedenBull’s innovative payment...

Finance5 days ago

GEOSPATIAL DATA VISUALISATION MAKES SENSE OF MASS OF COMMERCIAL PROPERTY INSURANCE DATA

Heikki Vesanto, Manager GIS Data Science, LexisNexis Risk Solutions UK & I   Like most areas of the general insurance...

Top 105 days ago

A GUIDE TO HMO PROPERTY INVESTMENT

Many experienced property investors are turning their attention to HMOs and achieving much higher rental yields as a result. Find...

Finance5 days ago

PROTECTING THE DIGITALLY-EXCLUDED: BIOMETRIC IDENTIFICATION ENSURES ACCESS TO PAYMENTS IN A CASHLESS WORLD

By Vince Graziani, CEO, IDEX Biometrics ASA   The events of this year have exacerbated a number of challenges for...

Interviews5 days ago

‘GLOBAL TRADE IN 2008 VS 2021: GLOBAL IMPACT, DIFFERENT CHALLENGES’

A Q&A with Nawaz Ali Head of Insights at Western Union Business Solutions who draws comparisons between the financial crisis...

Finance5 days ago

FOUR WAYS OF FINDING THE SUPPORT AND RESISTANCE LEVELS

Support and resistance levels are mainly conventional values where a large number of orders assemble to stop a prevailing trend...

Finance6 days ago

TAX-FREE SAVINGS ACCOUNTS OR RETIREMENT ANNUITIES: KNOW THE SAVINGS PRODUCTS AVAILABLE TO YOU

By Michael Kirkpatrick, head of individual consulting best practice, Alexander Forbes   The start of a year is a great time...

News6 days ago

FROM PLASTIC WASTE TO PAYMENT CARD

Giesecke+Devrient invites to join the cause of saving the oceans.   Giesecke+Devrient (G+D) and the environmental organization Parley for the...

Trending