You are reading the article Top Responsible Ai Predictions To Look Out For In 2023 updated in February 2024 on the website Eastwest.edu.vn. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested March 2024 Top Responsible Ai Predictions To Look Out For In 2023Responsible AI is essential for organizations to meet customer satisfaction with principles
The constant innovation and development with artificial intelligence (AI) have transformed the workforce of so many industries with new opportunities to boost productivity. Thus, organizations need to be responsible with AI with Responsible AI as a governance framework to document the challenges around artificial intelligence. Organizations should follow emerging trends of Responsible AI to achieve fairness and trust in the highly competitive market. Let’s explore some of the top Responsible AI predictions to look out for in 2023.Top Responsible AI Predictions for 2023 Accelerating Governance
Accelerating governance is one of the top Responsible AI predictions for 2023. Artificial intelligence is dynamic in nature with constant improvements and developments. Organizations need their government to function at a rapid speed like this technology. Responsible AI toolkit should be all-time on track of AI model performances and look for new potential risks throughout the process. One of the trends of Responsible AI is to boost company governance efficiently and effectively to eliminate errors and risks.Enhanced Ethical AI
One of the top Responsible AI predictions is the enhanced Ethical AI in organizations. It will help in creating smart frameworks that can assess and plan for AI models to be fair and ethical towards the goals of company strategies. Being responsible means being more ethical towards the products and services in the global tech market. End-users should have a strong understanding of their ethical concerns or doubts about artificial intelligence.More Cultivation of AI Models
Another trend of Responsible AI is providing an opportunity to cultivate AI models more to enhance productivity and boost efficiency. Organizations can utilize the principles of Responsible AI to cultivate AI models as per the needs and wants of end-users. Employees need to focus on appropriate real-time data and seek improvement to fulfill all the needs to have a successful Responsible AI in a company.Adopting Bias Testing
One of the top Responsible AI predictions is that more companies will adopt bias testing and eliminate inadequate tools and processes. There are multiple open-source machine learning tools and frameworks with stronger ecosystem support. Responsible AI can be leveraged with these tools focusing on bias assessment with mitigation, especially in non-regulatory use cases.More Focus on Explainability
The constant innovation and development with artificial intelligence (AI) have transformed the workforce of so many industries with new opportunities to boost productivity. Thus, organizations need to be responsible with AI with Responsible AI as a governance framework to document the challenges around artificial intelligence. Organizations should follow emerging trends of Responsible AI to achieve fairness and trust in the highly competitive market. Let’s explore some of the top Responsible AI predictions to look out for in 2023.Accelerating governance is one of the top Responsible AI predictions for 2023. Artificial intelligence is dynamic in nature with constant improvements and developments. Organizations need their government to function at a rapid speed like this technology. Responsible AI toolkit should be all-time on track of AI model performances and look for new potential risks throughout the process. One of the trends of Responsible AI is to boost company governance efficiently and effectively to eliminate errors and chúng tôi of the top Responsible AI predictions is the enhanced Ethical AI in organizations. It will help in creating smart frameworks that can assess and plan for AI models to be fair and ethical towards the goals of company strategies. Being responsible means being more ethical towards the products and services in the global tech market. End-users should have a strong understanding of their ethical concerns or doubts about artificial intelligence.Another trend of Responsible AI is providing an opportunity to cultivate AI models more to enhance productivity and boost efficiency. Organizations can utilize the principles of Responsible AI to cultivate AI models as per the needs and wants of end-users. Employees need to focus on appropriate real-time data and seek improvement to fulfill all the needs to have a successful Responsible AI in a chúng tôi of the top Responsible AI predictions is that more companies will adopt bias testing and eliminate inadequate tools and processes. There are multiple open-source machine learning tools and frameworks with stronger ecosystem support. Responsible AI can be leveraged with these tools focusing on bias assessment with mitigation, especially in non-regulatory use cases.Organizations need to put more focus on explainability to follow Responsible AI efficiently. There cannot be a complex AI model performing that is difficult to explain to stakeholders. Responsible AI needs organizations to have a strong understanding of artificial intelligence algorithms and the process to provide predictions. Thus, if a company puts more focus on the explainability of AI models, it is easier to follow Responsible AI principles and meet customer satisfaction in a long run.
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Check out these top automated AI products in 2023
Intelligent Automation (IA) is a combination of Robotic Process Automation (RPA) and artificial intelligence (AI) technologies which together empower rapid end-to-end business process automation and accelerate digital transformation. Here are the top 10 automated AI products to use in 2023.Google Cloud Machine Learning Engine
Google Cloud Machine Learning Engine will help you with training your model. Components provided by Cloud ML Engine include Google Cloud Platform Console, Gcloud, and REST API.
Google Cloud will help in training, analyzing, and tuning your model.
This trained model will then get deployed
Then you will be able to get predictions, monitor those predictions, and will also be able to manage your models and their versions.
Google Cloud ML has 3 components, i.e. Google Cloud Platform Console is a UI interface for deploying models & managing these models, versions, & jobs; Gcloud is a command-line tool for managing the models and versions, and REST API is for online predictions.Azure Machine Learning Studio
This tool will help you to deploy your model as a web service. This web service will be platform-independent and will also be able to use any data source.
It can deploy the models in the cloud and on-premises and at the edge.
Provides browser-based solution.
Easy to use because of its drag and drop feature.
It is scalable.TensorFlow
It is a numeric computational tool and an open-source system. This ML library is mainly for research and production.
The solution can be deployed on:
CPUs, GPUs, and TPUs.
Beginners and experts can use APIs provided by TensorFlow for development.H2O.AI
H2O AI is for banking, insurance, healthcare, marketing, and telecom. This tool will allow you to use programming languages like R and Python to build models. This open-source machine learning tool can help everyone.
AutoML functionality is included.
Supports many algorithms like gradient boosted machines, generalized linear models, deep learning, etc.
Linearly scalable platform.
It follows a distributed in-memory structure.Cortana
Cortana, – a virtual assistant, will perform multiple tasks like setting reminders, answering your questions, etc. Supported operating systems include Windows, iOS, Android, and Xbox OS.
It can perform several tasks, – right from placing an order for a pizza to switching on the light.
It uses the Bing search engine.
Supported languages include English, Portuguese, French, German, Italian, Spanish, Chinese, and Japanese.
It can take voice inputs.IBM Watson
IBM Watson is a question answering system. It provides support to SUSE Linux Enterprise Server 11 OS with the help of the Apache Hadoop framework. When you train your model with Watson, it will deeply understand the real concepts.
Supports distributed computing.
It can work with the existing tools.
Provides an API for application development.
It can learn from small data as well.Salesforce Einstein
It is a Customer Relationship Management (CRM) system. This smart CRM system is for Sales, Marketing, Community, Analytics, and Commerce.
Provides more awareness about the opportunities.
Helps in prioritizing the opportunities based on history.
It will help in giving recommendations for the best products.
Image recognition will help in providing deeper insights like where a specific product will be used more etc.
Engagement scoring is one of its important features.
Several other features are provided for analytics, platform, etc.Infosys Nia
Infosys Nia will help the enterprises by making complex tasks into simpler ones. It has three components, i.e. Data platform, Knowledge platform, and automation platform.
It helps in improving systems and processes, to empower the business.
It has a conversational interface.
Provides automation for repetitive and programmatic tasks.
The automation platform combines RPA, Predictive automation, and Cognitive automation.
Knowledge platform is all about capturing, processing, and reusing knowledge.Amazon Alexa
It is also a virtual assistant like Cortana. It can understand English, French, German, Japanese, Italian, and Spanish.
API is provided to support development.
It can be integrated with the existing products using AVS (Alexa Voice Service).
It is a cloud-based service.
It can be connected to devices like Cameras, lights, and entertainment systems.Google Assistant
It is a virtual assistant by Google. It can be used on mobiles and smart home devices. Supported operating systems include Android, iOS, and KaiOS. Languages supported by Google Assistant are English, Hindi, Indonesian, French, German, Italian, Japanese, Korean, Portuguese, Spanish, Dutch, Russian, and Swedish.
Functions which Google Assistant can do are:
Supports two-way conversation.
Search for the information on the internet.
Can do hardware settings on your device.
Can display you the Google account information.
It can recognize objects, songs, and can read visual information.
Let us have a look at top 10 metaverse conferences to not miss out in 2023
Who can deny the very fact that metaverse is taking the world by storm? With every passing day, the metaverse brings up new opportunities for collaboration and interaction. Metaverse conferences aim at gathering all tech and digital players around the globe. Such conferences are a great way to learn about the latest trends as well as technology. On that note, let us have a look at the top 10 metaverse conferences to not miss out in 2023.Augmented World Expo USA
This metaverse conference is a must-attend event if you aim to gain knowledge about virtual reality (VR), augmented reality (AR), mixed reality (MR), and extended reality (XR). With exceptional speakers like Pearly Chen, John Riccitiello, and Christopher Lafayette, among others, attending the conference, you know what you’ll be taking back!Consensus 2023 by Coindesk
“Consensus 2023 by Coindesk” is that one Metaverse conference that’d showcase all sides of blockchain, crypto, Web3, and the metaverse. All set to take place in Austin, Texas from June 9 to 12, this event is definitely worth attending.Metaverse Global Congress
Metaverse Global Congress would be held during June 28-29 in San Jose, California. Via this metaverse conference, you’d be getting an opportunity to learn about new opportunities for virtual meeting spaces, Augmented Reality and Virtual Reality learning, digital goods, virtual storefronts and so much more. How amazing is that?MET AMS
MET AMS is yet another conference that’d include keynotes, panels, talks, and workshops as well as immersive experiences and installations – all this coming from over a hundred thought leaders, artists, and brands shaping this space. One can surely picturise how informative the session would be. Save the dates – June 14 – 17. Location: Gashouder, Westergasterrein, Amsterdam.Siggraph 2023
Siggraph 2023 is an interesting conference coming up in the month of August where the attendees will get to learn about investing in this relatively new metaverse market and hear some insights on collaboration and productivity. The conference is all set to take place in Vancouver, Canada. A point worth a mention is that this metaverse conference will be available offline too.Metaverse Expo
How about getting to learn everything from the fundamentals of metaverse to how it is going to deeply change the way people interact with each other in the coming years? This is exactly what this metaverse conference has got in store for you. This is organized in Seoul, South Korea during June 15 – 17.XR Fair
Extended reality is all set to play a pivotal role in the creation of the metaverse in the coming years. This is why being a part of the XR Fair makes every bit of sense. Here, not only will you get an opportunity to network with other disruptive competitors in your space, but also learn more about the technologies which could power the metaverse.European Blockchain Convention 2023
European Blockchain Convention 2023 is an interactive event that’d have over a hundred speakers around multiple fields, workshops, fire-side chats, and more than one thousand attendees. Held in Barcelona in the month of June, you definitely should make it to the event as you know it is worth it all.Augmented Enterprise Summit
The month of October 2023 is all set to bring in one of the longest-running events dedicated to the business application of XR and other emerging technologies such as Augmented Reality, virtual reality, sensors, and wearables. Industry experts would discuss metaverse, remote work, creating 3D content for immersive apps, marketing, and sales.Immerse Global Summit
Immerse Global Summit is yet another innovative conference that is all set to bring together companies to explore VR and AR. All in all, the attendees would grab knowledge about the various growth strategies, digital marketing, AI, Web3, and edge computing.
Running a business is difficult enough, but the evolution of malware has recently made it much worse. Every year, there are millions of new malware strains to contend with, and each one is harder to detect. The year 2023 has been particularly bad for malware due to the increase of people working from home and additional hardships that are taking place. We will be going over 10 of the most dangerous malware to be on the lookout for as we progress through the year.1. COVID-19 Phishing Emails
It is important to remember that you are unlikely to receive pandemic updates through email by random individuals. If you receive an email from a stranger, you should run their name through an online2. OS Updates
Most users are now aware to only open files and emails from authorized individuals. Hackers have become aware of this, and they are disguising their email addresses to appear as though they belong to verified Microsoft employees. The email claims to contain information about new Windows updates. When the user tries to download the file, it will show up as a “.exe.” This will likely be ransomware, which will encrypt all your files so that you cannot access them. You will need to pay money to the hacker to obtain the decrypting software.3. Clop Ransomware
Clop is a version of CryptoMix ransomware. This variant tends to focus on users who have Windows as their primary operating system. It can attack entire networks rather than just individual computers. This ransomware can freeze hundreds of Windows processes and programs, leaving the victim helpless to stop it.4. Gameover Zeus
This malware is well-known for compromising the financial information of victims. This trojan uses peer-to-peer infrastructure. It uses spam messaging to gain access to a user’s computer. It then joins a botnet and monitors when you enter confidential information in your online bank account or payment service.5. Cryptojacking 6. AlienBot
For your business-related mobile apps, there is malware known as AlienBot. This malware gets inserted into legitimate apps, where users input login information. The malware steals the data and then eventually takes control over the victim’s whole device.7. REvil Ransomware
This ransomware requires the user to pay the hacker in Bitcoin to regain access to their files and programs. After the initial period expires, the ransom will double. This ransomware is notorious for leaking the confidential data of celebrities onto the dark web.8. Ryuk Ransomware
Ryuk is well-known in the world of ransomware. As with the others described, Ryuk will infiltrate your device and block your files, programs, and device’s system. The occurrence of this ransomware has been rising in recent times because more people are working from home, away from the safety of IT at the office. They are more likely to accidentally allow Ryuk to access their computer through Remote Desktop Services.9. NetWalker
This ransomware targets both small and large organizations. When the hackers extract the data from the network, a portion of it will be immediately published on the dark web. The victim will receive proof of this, along with a ransom letter for the remainder. Victims are more likely to pay the ransom quickly when they see that the hacker is serious about the threat.10. Tycoon
Tycoon is Java-based ransomware that aims to extort both Windows and Linux users. The ransomware will worm itself into the system by using an insecure server connection. After this, it can block anti-virus software to remain hidden.The Repercussions of Malware
Companies contain a large amount of confidential data that needs to be always kept safe. This is particularly the case when dealing with the addresses, phone numbers, email addresses, and financial information of clients. If your customers’ data gets lost in a privacy breach, it will be very difficult toHow to Avoid Malware
Text to Speech
Speech to Text
Smart Cameras (Face Recognition)
Smart Content generation
Crop and Soil Monitoring
And there are countless applications across all industries. In the next section, we will discuss upcoming AI and Data Science trends in 2023.
Hold on tight! We’ve got something extraordinary coming your way: an offer that will take your skills to new heights and expand your horizons. Calling all data science and AI enthusiasts to be part of the highly-anticipated DataHack Summit 2023. Save the dates from 2nd to 5th August and prepare to be amazed at the prestigious NIMHANS Convention Centre in Bangalore. This remarkable event is designed to ignite your passion with immersive hands-on sessions, game-changing industry insights, and endless networking opportunities. Don’t let this data revolution slip away – be there and become an integral part of the movement!Table of Contents 10 Upcoming Trends in AI and Data Science in 2023
The Artificial Intelligence (AI) and Data Science landscape is rapidly changing, with new trends emerging every year. Here are 10 trends that will shape this technology landscape in 2023:Adoption and Development of AI for Text, Speech, and Vision Developments in AI for Text
Recent years have seen significant breakthroughs in natural language understanding and generation with the use of large language models (LLMs) such as GPT-3, T5, and BERT. In 2023, it is expected that LLMs will continue to be developed and improved, with a focus on increasing model size and improving their ability to handle multiple languages and tasks.Developments in AI for Speech
Developments in AI for Vision
The generation of synthetic data is another rapidly growing technology that gained massive popularity and definitely is the technology to look out for.
Generative models, such as GANs and VAEs, are expected to continue to improve, making it possible to generate more realistic and high-quality images, videos, and 3D models.
Advancements in image and video understanding will enable the development of more sophisticated and accurate image and video analysis systems that can be used in a wide range of applications, such as self-driving cars, surveillance systems, and medical imaging.
Source: UnsplashMore Ethical and Responsible AI
In 2023, there are a number of potential use cases for ethical and responsible AI. One of the most promising areas is healthcare, where AI systems can assist doctors and nurses in diagnosing and treating patients. These systems can also help ensure patient privacy and data security, by securely storing and transmitting medical information.
Another area where AI can have a positive impact is finance. AI systems can be used to detect and prevent financial fraud, while also ensuring that credit and lending practices are fair and unbiased. This can help protect consumers and the overall financial system from fraud and abuse.
Law enforcement is another area where AI can play a role. AI systems can assist with crime detection and prevention, while also ensuring that civil liberties and human rights are protected. This can help improve public safety while also reducing the risk of abuse and overreach by law enforcement agencies.
Self-driving cars are another area where AI can play a role. AI-assisted cars that drive autonomously, while also ensuring the safety and security of passengers and pedestrians. This can help reduce the number of accidents caused by human error and improve overall road safety.
AI has the potential to improve many aspects of our lives, but it is important that it is developed and deployed ethically and responsibly. This includes considerations such as fairness, bias, sustainability, and inclusivity. By adhering to these principles, we can harness the power of AI to create a better future for all.
The process of using automation to apply machine learning models to problems in the real world is known as autoML. The time-consuming and tedious tasks like data preparation and cleansing are mechanised by AutoML, which entails developing models, algorithms, and neural networks. Data scientists may deploy models, visualise data, and understand models with the use of autoML frameworks. Hyperparameters search, which is used for preprocessing elements, choosing model types, and optimising their hyperparameters, is the key innovation in it.TinyML
TinyML is a kind of machine learning that condenses deep learning networks to fit on any hardware. It may be used to build a variety of applications due to its adaptability, small form factor, and affordability.
It solves the power and space issues associated with embedded AI by embedding AI on small pieces of hardware.
TinyML is widely used in the fields of pattern recognition, audio analytics, and voice human machine interfaces.
In 2023, embedded systems will be used in a wide range of products, including wearables, automobiles, agricultural machinery, and industrial machinery, which will improve and increase their value.Edge Computing
Edge computing is a method of processing data and running applications as close as possible to the source of the data, rather than in a centralized data center or cloud. This approach involves deploying computing resources, such as servers, storage, and networking equipment, at the “edge” of a network, closer to where data is generated. It allows for real-time data processing and decision-making, which is important for applications such as autonomous vehicles, industrial automation, and internet of things (IoT) devices.
It can reduce latency and enable real-time decision-making. Furthermore, edge computing can also be used to perform distributed machine learning at the edge, allowing for faster and more accurate predictions, and reducing the need for data transmission to a centralized location.
Low-latency applications such as augmented reality, virtual reality, and autonomous vehicles are also expected to see growth in 2023. These applications require quick processing and decision-making, which can be achieved by using edge computing resources closer to the source of data.
In summary, edge computing is a powerful approach that is expected to see significant growth in 2023 in the field of data science. Its ability to reduce latency, improve performance, enable real-time data processing, and perform distributed machine learning will make it an important tool for data scientists to process and analyze data at the edge.
Source: WikipediaAI-driven Cyber Security
In 2023, it is likely that AI-driven cyber security solutions will be integrated into a wide range of products and services. From network security appliances to cloud-based services, businesses will have access to a variety of AI-driven cyber security solutions to choose from depending on their needs.
Source: PixabayAdvancements in Reinforcement Learning and Decision-Making Algorithms
Reinforcement learning is a type of machine learning that focuses on training models to make decisions and take actions in an environment to achieve a certain goal. Reinforcement learning is expected to be significant in the development of more sophisticated and capable Reinforcement learning agents and also and powerful Reinforcement learning algorithms. These agents will be able to handle more complex and dynamic environments, and will be able to learn from a wider range of data, including images and other sensor data, to make more accurate predictions and decisions.
It will result in the development of more sophisticated and powerful Reinforcement learning algorithms which will enable Reinforcement learning agents to learn from a wider range of data, and to make more accurate predictions and decisions.
Additionally, it is expected that new Reinforcement learning algorithms will be developed to handle new types of data, such as time-series data and unstructured data, which will enable Reinforcement learning agents to be applied in new domains.
Advancements in Reinforcement learning are also expected to lead to new applications of the technology. For example, Reinforcement learning is likely to be increasingly used in robotics, enabling robots to learn from their environment and adapt to new situations more quickly. Additionally, Reinforcement learning is expected to be used in a wide range of other applications, such as self-driving cars, healthcare, and natural language processing.
Source: WikipediaCloud Migration
The main IT spending driver for 2023, according to 68% of CIOs, is “migrating to the public cloud/expanding private cloud”. By containerizing their on-premise apps, businesses will quickly begin preparing for application migration. Cost considerations, chip shortages, and the requirement for scalability are the causes. Businesses will move their data warehouses, web apps, analytics, and ETL to the cloud. They will also migrate their online transaction processing systems.
To acquire, classify, clean, arrange, format, and analyse this massive amount of data in one location is a difficult undertaking. Platforms that operate in the cloud are gaining popularity as a remedy for this issue. Cloud computing allows companies to manage their duties more effectively and efficiently while also protecting their data.
Source: PixabayGrowth Component in Predictive Analytics
Thanks to precise data insights, Netflix was able to impact more than 80% of the material that its viewers watched by evaluating data from more than 100 million subscribers. Social Media happens to be greatly benefitted from the application of sentiment analysis by analysing customer experience and ensuring customer satisfaction. This has been possible by gauging customer sentiment. The raw unstructured data in the form of chats, online reviews, tweets, information from forums is fed to the sentiment analysis software and as a result, insights into customer sentiment are obtained.
Predictive analytics aims to estimate future technology trends and conditions using statistical tools and methods that use historical and current data. Sentiment Analysis tools have also aided in business applications for organisations.
By 2025, the market for predictive analytics will be worth $21.5 billion USD, expanding at a CAGR of 24.5%. The adoption of digital transformation across a number of enterprises is the reason for the extraordinary increase that is expected here.
Source: PixabayBlockchain-Based Artificial Intelligence
Blockchain technology is being combined with Artificial Intelligence to create secure Artificial Intelligence-driven platforms. These platforms can be used for data storage, to build Artificial Intelligence algorithms, and to create Artificial Intelligence powered applications.
Source: PixabayImportance of Data Science in 2023 Predicting Customer Behavior in Retail
Data science is used in the retail industry to predict customer behavior (by analysing sentiment data), such as which products they are likely to buy, when they are likely to make a purchase, and how much they are likely to spend. This can be used to optimize pricing and inventory and personalize marketing campaigns to increase sales.
Let us say a brand is to launch a new product. Data Science tools find application in determining the target audience for the product by way of social media monitoring, accessing the metrics for market research, analysing positive and negative sentiment and the polarity in the market for a similar product or product category. Deep Learning can provide deeper insights into the classifiers for the same. With all this information, effective marketing strategies can be devised for product growth and development.
Source: PixabayFraud Detection in Finance
Data science is used in the finance industry to detect fraudulent transactions. This can include identifying unusual patterns in transactions, such as large amounts of money being transferred to unfamiliar accounts. For example, PayPal uses data science tools to detect fraudulent transactions and protect its customers from financial loss.
Source: PixabayPredicting Equipment Failures in Manufacturing
Data science is used in the manufacturing industry to predict equipment failures. This can help companies schedule maintenance and repairs, and avoid unexpected downtime. For example, data science tools are used by GE to predict equipment failures in its wind turbine and jet engines, which can save millions of dollars in lost productivity.
Source: PixabayPredicting Patient Outcomes in Healthcare
Data science finds critical applications in the healthcare industry to predict patient outcomes. This can include predicting which patients are at risk for certain diseases, such as diabetes or heart disease, and developing personalized treatment plans. For example, IBM’s Watson Health uses data science to analyze patient data and predict which patients are at high risk for certain diseases. This can help doctors provide more effective treatment.
Source: PixabayPredicting Traffic Patterns in Transportation
Data science is used in the transportation industry to predict traffic patterns. This can include predicting how traffic will flow on a particular road or highway, and identifying bottlenecks that can help avoid potential delays.
Source: PixabayHow can you Make a Career in Data Science in 2023? Programming
This is one of the most important steps to becoming a data scientist. Although there are tools that can help you make models but it is important to have a knowledge of programming in order to master the field.
Source: PixabayStatistics & Mathematics for Data Science
A strong understanding of statistics and mathematics is essential for becoming a data scientist. Statistics and mathematics provide the foundation for many of the tools and techniques used in data science, such as probability, linear algebra, and optimization.
Source: PixabayStorytelling with Data
Storytelling is an important skill as it effectively communicates findings and insights to a non-technical audience. Data scientists often work with large amounts of data and complex models, and it is essential that they can present their work in a clear and compelling way.Machine Learning/Deep Learning
A strong understanding of machine learning is essential to becoming a data scientist. Machine learning is a subset of artificial intelligence that allows systems to learn from data without being explicitly programmed. It is used to make predictions, classify and cluster data, and find patterns and relationships in data.
Deep learning is also significant for data scientists. It is a sub field of machine learning. It is essential to have a deep understanding of neural networks such as convolutional neural networks (CNNs) and recurrent neural networks (RNNs), and how to train and fine-tune them using a variety of techniques such as backpropagation and stochastic gradient descent.NLP
Knowledge and experience in natural language processing (NLP) can be valuable for a data scientist, as it can be used to analyze and understand unstructured text data. Some specific skills and knowledge that can be helpful for NLP in data science include machine learning techniques for text classification and sentiment analysis, and experience with common NLP libraries such as NLTK and spaCy.Deploying ML Models
Deploying a model is an important aspect of being a data scientist. It is the final step in the data science process, where a trained model is put into production and used to make predictions or decisions in a real-world setting. The ability to deploy a model effectively is critical to the success of a data science project, as it allows the model to have a tangible impact on the organization.Structured Thinking & Soft Skills
Structured Thinking is the process of breaking down a problem or project into smaller, manageable components and approaching each one in a logical and organized manner. This includes defining clear goals, identifying and acquiring relevant data, developing a plan for analysis, and effectively communicating results.
Analytical Skills are a must for a data scientist and involves the ability to work with large and complex data sets, identify patterns and trends, and to communicate findings in a clear and effective way. Strong analytical skills in data science also require a good understanding of statistics, programming, and the ability to work with a variety of tools and technologies. One also needs to have a good command over communication skills as it helps to understand the assignment and coordinate with the team fluently. Good communication skills helps a person to build a strong personality and clear understanding.
But before you wrap things up, I’ve got something incredible to share with you. Gear up for a mind-blowing lineup of workshops at the highly-anticipated DataHack Summit 2023 that will take your skills to the next level. From ‘Applied Machine Learning with Generative AI‘,‘Exploring Generative AI with Diffusion Models’, to ‘Mastering LLMs: Training, Fine-tuning, and Best Practices’ (and more), get ready to unleash your creativity and expertise like never before. These workshops are meticulously crafted to equip you with practical skills and real-world knowledge. With immersive hands-on experiences, you’ll gain the confidence to tackle any data challenge that comes your way with ease. Secure your spot and register now for the DataHack Summit 2023 to embark on an unforgettable journey!Frequently Asked Questions Q1. What are the future trends of Al? Q2. What is the future of data science in the next 10 years?
A. In the next 10 years, data science will likely continue to be an important field, with increasing demand for data scientists and analytics professionals. Advancements in technology will likely lead to new opportunities for data scientists to work with larger and more complex data sets, as well as new tools and techniques for analyzing and interpreting data.Q3. Which is best among Al and data science?
A. It is difficult to make this choice as they are closely related but serve different purposes. AI is the broader field of creating intelligent machines, while data science is a specific application of AI that involves using data to make predictions and informed decision-making.Q4. Will data science be in demand in the next 5 years?
A. Data science is expected to be in high demand in the next 5 years, driven by the growing volume and complexity of data, as well as the increasing need for organizations to use data for informed decision-making.Q5. What will replace data science?
A. It is difficult to predict what will replace data science, but it is likely that data science in healthcare will continue to evolve and be integrated into other fields, such as business and healthcare.Q6. Will Al replace the data scientists?
A. It is unlikely that data scientists will be replaced by AI, as the field of data science requires a combination of technical skills and domain expertise. AI can be used to automate certain tasks and make data scientists more efficient, but it is not likely to replace the need for human experts in data analysis and interpretation.
The jobs that can be mostly automated include
predictable physical labor
white-collar back-office work: data collection and processing
Machines can now perform the activities involved in these jobs better/cheaper than humans. These activities include tasks that involve manipulating tools, extracting data from documents and other semi-structured data sources, making tacit judgments, and even sensing emotions. In the next decade, driving is likely to become automated as well, enabling one of the most common professions to be automated.What share of jobs can be automated?
Based on McKinsey and PwC’s analysis, ~20% of business activities can be automated using today’s technology. PwC estimates this automation wave to take place until the late 2023s and that automation could reach 30% of all existing jobs by mid-2030s.
Example occupations and automation potential according to McKinsey:
PwC estimates 20% of jobs to be automated by the late 2023s and 30% of jobs to be automated by the mid-2030s. PwC divides this transformation of automation into three main phases: algorithm wave (to early 2023s), augmentation wave (to late 2023s), and autonomy wave (to mid-2030s). Simple computational tasks are automated, and analysis of structured data is conducted in the algorithm wave which we are currently in.
The next phase is the augmentation wave. Automation of repeatable tasks and dynamic interaction with AI will be common in this period. Also, semi-automated robotic tasks like moving objects in warehouses are a part of this phase.
Lastly, the full automation of physical labor will become prominent in the autonomy wave. Using AI for problem-solving in dynamic real-world situations that require responsive actions like transportation and manufacturing is the main focus. While the technology is expected to reach full maturity on an economy-wide scale in the mid-2030s, PwC estimates ~30% of the jobs in all sectors will be automated by that period. Below, you can see a figure that shows the automation potential in different sectors:
Automation can raise productivity growth by 0.8 to 1.4% annually with the current AI-powered automation tools by reducing errors and improving quality and speed, and in some cases achieving outcomes that go beyond human capabilities. Thus, companies are inclined to automate their tasks to improve their productivity.
As we group these occupations into categories, we see that the top three categories have a large potential for automation. These activities are:
Predictable physical labor
This article will investigate each category to understand the automation potential and how businesses can automate their tasks under these categories.What are the jobs most prone to automation? Jobs requiring predictable physical labor
McKinsey states that performing physical activities in predictable environments has the highest potential for automation. It predicts that 81% of such activities are prone to automation with current AI technologies including robotics.
Physical labor activities are divided into predictable and unpredictable activities. Machines are better than humans at performing predictable activities as they don’t get bored and can tirelessly perform repetitive and predictable activities. However, unpredictable activities require the human level of flexibility in adapting tasks that are still not available to machines.
The highest probability of automation jobs requires lower education levels and includes repetitive tasks. This is quite expected while repetitive tasks provide a predictable environment for the machines and they can successfully perform low-skill tasks without any breaks. Deloitte has occupations with the highest probability of automation in the following table.
A PwC report on automation indicates that machine operators and assemblers become a prominent occupation with high automation potential. While their task can be automated by 64% according to the report, PwC estimates that businesses can achieve this potential by 2035.
While self-driving cars are trending, jobs in the transportation industry are at the potential risk of automation according to the same study by PwC. By the mid-2030s, 50% of existing jobs in the transportation industry could potentially be automated.
Manufacturing is another industry that is prone to the automation of predictable labor. As Bain predicts that automation in manufacturing will grow by 55% from 2024 to 2030, companies are working on smart, fully automated factories that will have accelerated and continuous production. Ericsson will run its first one in early 2023, however, the plant will initially have a staff of ~100 before it becomes fully autonomously operating.Data processing
Data processing is the second work activity that has the highest potential for automation. Businesses can automate 69% of their time at data processing, according to McKinsey. This process includes storing, manipulating, preparing, and distributing data. Automated data processing will enable increased business effectiveness and lower costs.
Numerous customer-facing processes such as loan applications, customer service queries, account upgrades of telecom customers, etc. are dependent on data processing. Automation will enable the processing of large amounts of information with minimal human interaction and sharing it with the right audiences leading to faster, less error-prone data processing. This will improve the customer experience.
Even investor-facing processes can be prone to errors that harm companies’ both reputation and finances. There are numerous cases, including one that made a famous trader more famous, of trading typos that result in millions of losses.
Beyond stakeholder-facing processes, business decisions rely on data analysis and reporting. Historically, executives relied on manually produced reports for decision-making. Today, an increasing share of reports are produced automatically. Faster, less error-prone data analysis will improve the quality of business decisions.
HR’s tasks, such as:
Assessing and creating newcomer data,
Payroll processing, etc. With automation, HR can remove process delays and reduce costs by 65% compared to an offshore-based FTE in the Shared Service Center.
Can be automated. This lowers process delays and reduces costsData collection
A common example is accounts payable. Most companies currently manually capture data from invoices even in developed markets like the EU since these documents are not fully standardized and digitized:
Share of e-invoicing in EU as of 2023:
Current automation technologies are capable of introducing ~80% automation to accounts payable while most companies rely on legacy, template-based Optical character recognition (OCR) systems that enable only 10-15% automation. OCR is a software technology that enables us to convert scanned hardcopy documents and images into editable digital texts which can now be stored, searched, transferred, and sorted. However, OCR does not create key-value pairs that are ready to be inserted into databases. Deep learning-based solutions address this gap and identify key-value pairs and tables in papers, receipts, contracts, or books so they can be inserted into databases. Feel free to read more on this from our article on automated invoice capture.
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Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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