With the rise of computing power, AIs are analysing data and making predictions in all manner of areas, which are impacting jobs in a big way:
Waymo (owned by google) has started to allow users to hire autonomous vehicles, and Elon Musk will have a car drive by itself across the States in November/December 2017.
Whilst there is a lot of concern about how these cars will operate and questions about insurance – there is no doubt that Driverless cars will soon sweep the world, in a big way.
JP Morgan recently used an artificial intelligence program to analyse financial deals for legal issues. The process would have taken their team of lawyers around 360,000 hours to complete, but it only took the software seconds to implement.
Fukoku Mutual Life has replaced 34 jobs with AI. The system analyses insurance payouts after rapidly researching patient medical histories and procedures. This eliminates hours of workers filtering through files on every single case.
Profitability will increase at the company as it directly eliminates some roles – but also allows other workers to process the final payout faster.
Hedge Fund Managers
Bridgewater Capital – one of the most successful Hedge Funds with $160bn under management is using AI to automate day to day management of the firm in absence of the founder.
Narrative Science is one of a few companies taking on journalism – with its own software to write articles based on data that it’s fed. If you’ve read a sports report or financial report summary online – it’s more than likely that a few of these have been generated by AI.
One of the more popular uses of AI is to determine the difference between pictures. This superpower is now so advanced that AI will regularly outperform Doctors in diagnosis tests.
Computers can also now choose a better recommendation for a cancer treatment than a Doctor can.