From 360000 hours down to 8 seconds thanks to AI

The vast amount of media attention in and around the booming buzzwords of “Analytics”, “Big Data” and particularly “Artificial Intelligence” (AI) mean that it is worth asking ourselves what the future holds, especially related to potential economic developments. A recent interview was held with Dr. Andreas Becks, a specialist in Big Data, Information Management and business analytics who works for SAS as a Field Marketing Manager in the DACH Region. He gives his perception on current important trends as well as his opinion on the future of Big Data Analytics. In his opinion, due to all the hype surrounding AI, it is important to ask questions such as what it really offers and how it helps society, consumers and organisations. There were several breakthroughs in 2017 where machine learning made real contributions, namely to the development of the software alpha zero, Siri voice recognition and Google assistance with mass distribution. However, a study shows that artificial intelligence will also have a significant influence on the job market where 50% of job positions in Germany will be compromised or replaced by machine learning in the next 20 years. Although traditional jobs will change, new specific job requirements will emerge from the constant progress in technology. This reconfirms something we already know that everyone will be affected by the constant innovation that artificial intelligence brings to society. Dr. Becks suggests that there might be further development in automation for faster reading processes such as data text analytics. An example that occurred in 2017 was where JP Morgan software parsed financial deals (interpreting commercial loan agreements) in a matter of seconds, compared to what used to take their lawyers roughly 360,000 hours each year. In terms of his views on future trends, he explains that we are increasingly living in an analytical economy where biggest tech firms in USA and China already base their business models on data analytics. He also points out how politics plays and will play a key role as Russia, China and USA invest a lot into the Data Science industry. One current example is that Google has recently opened a Chinese research centre in AI, as well as the Chinese government investing billions into an AI industrial park. Overall, Dr. Becks is curious to examines Germany’s political progression in AI especially in the fields of start-ups, fundamental research and infrastructure.

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