Discovering the Relevance of AI and Machine Learning
We have seen the impact of machine learning, (the aspect of computer science based on pattern recognition and repetition) on technology, law, healthcare and other areas of society. So it should come as no surprise given the surge in big data, which underpins machine language and artificial intelligence (AI), that we will begin to see an even larger effect of machine language and AI on more areas of both our personal and professional lives.
We are still in the midst of digesting the impact of big data in our day-to-day routines and processes. It has moved quickly. Many people will have to change the way they brainstorm solutions to their problems. Where we took guesses of what we needed to do, now we have ample information to make more accurate choices on what our course of action should be. Organizations, countries, and business enterprises will all have to draw on this new asset to help improve the services they provide and the lives of mankind.
Applied Machine Learning
In the finance industry, the impact of machine learning is well-known. For example in the hedge fund world, much of high-frequency trading is based on algorithms that are based on the efficiency and effectiveness of machine learning. Minor adjustments in existing algorithms are able to produce algorithms which maintain the central theme and are easily repeated automatically — in seconds.
Healthcare is an area where we see the potential as well. There are applications with wearable technology that connect personal health data and patient care. Machine learning and artificial intelligence could help more people find the right insurance by matching needs to the right carrier based on age, need and frequency of doctor visits. We have the data in Big Data.
High Stakes Law Technology
In the legal arena we also see areas of application by way of law technology. Here the stakes are high. Critical to the selection of a jury panel is understanding what are the likes, dislikes, habits, biases and social backgrounds of potential jurors. What if we could take historical data, link that to a specific type of case and apply that information to help trial lawyers select their next set of jurors? With the help of big data applications, machine learning and artificial intelligence we could have a system which facilitates the voir dire process. Such behavior and predictive analytics are crucial to jury selection and case outcomes.
Lawyers spend endless hours and resources when taking a case to trial. For trial lawyers, these types of tools and applications will provide an incredible lift in effectiveness, efficiency and a big boost to cost reduction, something law firms and clients can appreciate.
A Collaborative Future
Much of what we do today could be replaced by artificial intelligence in some way – we already know about Google’s effort to be build driverless cars, we know of attempts to find ways for machines to replace humans when it comes to grocery shopping and other tasks. Insights CEO Bob Allen says “I believe that our future is going to be much more of a humans and software working together, and to our knowledge nobody’s ever lost a job due to an implementation of Wordsmith.” He went on to say “In fact most of the time we’re implementing things that previously didn’t exist before.”