Riding the AI wave to make your life easier
During a period where technological developments have picked up speed, one innovation in particular wields a profound, broad-reaching impact on our lives.
That innovation is Artificial Intelligence (AI). Developments in computing power, the availability of data, and the rise of machine learning algorithms are driving AI’s incredible growth to transform the way we work, live, and deal with the world around us.
AI is not just changing the way we deal with the world, but also changing the world. It is anticipated that AI will boost the global economy by $15.7 trillion by 2030. That’s more than the value of China and India’s economies combined. AI will drive this growth by contributing to labour productivity increases (by up to 40 %) due to new technologies supporting more efficient workplaces and the creation of a new virtual workforce capable of solving problems and self-learning. These changes have profound implications for labour markets, businesses, and economies.
Driving innovation
As anyone who has received personalised product recommendations, which have clearly been based on your browsing and purchase history, retail and ecommerce are the most obvious sectors benefitting from AI, but there are many other sectors that are utilising AI in unique ways.
AI is already assisting the manufacturing sector by optimising production and maintenance. AI can spot patterns and suggest preventative maintenance weeks or months before a failure occurs and provide efficiencies in the production process.
The healthcare industry is also starting to use AI to improve medical diagnosis by revealing issues that might go undetected by physicians and provide more personalised treatment based on patient data.
How you can use AI to make your life easier
While AI is being used in many ways by a wide range of industries, there are many ways to utilise AI In your personal and professional life that are worth exploring.
Improve productivity
If you need more hours in the day, AI task schedulers can help you organise and prioritise tasks, suggesting the best times to do certain tasks based on past productivity patterns. AI tools like Wordtune can also help if you’ve got reading to catch up on by providing a summary of lengthy documents or articles. Tools like Speechify can also transform text into audio, allowing you to ‘read’ on the go. Or to get your emails under control, AI can help you sort messages, remove irrelevant ones, and prioritise those that are important - even helping you with draft responses.
Elevate your efforts
Got a problem to solve or do you need some inspiration for a project? AI brainstorming tools like HyperWrite can provide fresh insights, suggest innovative solutions, and stimulate your creativity. Writing tools like WordTune can give the final polish to something you have drafted, or you can use AI tools to provide copy on a specific topic.
For a smoother, safer household
AI assistants such as Google Assistant, Siri and Alexa have been helping us for some time now and can now assist even more by acting as the hub of a smart home if you start to replace old appliances with new ‘smart’ devices you can control using voice commands.
The most popular device on the market is smart speakers to control what music is playing and volume levels, but more smart devices are coming onto the market all the time. Smart robot vacuum cleaners use algorithms to map your house and can be pre- programmed so you can come home to a clean house and even fridges are getting smarter, helping you with shopping lists and even placing online orders!
And for a safe smart home, security systems can leverage AI to detect unusual activity, send alerts to your phone and even contact authorities if needed.
Smart devices can also save money on power bills - adjusting lighting and temperature based on your daily routines and preferences.
There are many ways you can benefit from the current AI wave of innovation as it impacts so many industry sectors and areas of our working and personal lives. As it’s a wave that’s growing in momentum, it’s worth using some artificial intelligence to supplement yours!
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Ben Widdup
EGU | Financial Adviser
1300 102 542 | 0402 633 205
ben.widdup@egu.au | www.egu.au
GPO Box 1598 Brisbane QLD 4001
This is general advice and has been prepared without considering your objectives, financial situation, or needs. You should therefore consider the appropriateness of the advice, in light of your own objectives, financial situation, or needs, before following this advice. If the advice relates to the acquisition, or possible acquisition of a particular financial product, you should obtain a copy of, and consider, the Product Disclosure Statement (PDS) for that product before making any decision.