BORACAY — Making a bold statement, the top official of local tech distributor VST ECS said that the advent of AI (artificial intelligence) technology is bigger than the PC invention or the Internet revolution.
VST ECS president and CEO Jimmy Go made the audacious declaration during the opening the 7th edition of the company’s annual CXO Tech Summit being held Nov. 15 to 16 at the Shangrila Boracay Resort and Spa.
Noting that the AI revolution is already upending a number of industries but is also opening a lot of opportunities, Go said AI is simulating human intelligence to perform tasks, analyze data, and make decisions.
“Businesses leverage on AI to automate processes, gain insights from large data sets, enhance customer experiences, optimize operations and make more informed strategic decisions,” the executive said.
Go said among the industries that stand to benefit from the AI revolution are healthcare, retail, e-commerce, financial services, logistics, manufacturing, hospitality, customer services, energy, creative economy, and the automotive industry, to name a few.
He said the potential of AI is so vast that anyone can virtually tap it anytime for professional services as a personal advisor, lawyer, low-cost medical advisor, doctor, business strategist, coach 24 hours a day, and a personal companion.
But how will AI help businesses? Go said enterprises can use intelligent agents to reduce unnecessary costs arising from process inefficiencies, human errors, and manual processes.
“Uses of AI range from demand forecasting, product placements, supply chain, quality control, personalized marketing, and customer service. Automation of tasks, predictive maintenance, identifying fraudulent activities, analyzing patient data, and identifying personal treatment options in healthcare industry are now possible,”
Quoting a report, Go said that by 2030, 14% of employees globally could need to change careers due to advancements in AI, digitization, and robotics.
“The World Economic Forum estimates that by 2025, AI could replace 85 million jobs, while simultaneously creating 70 million new jobs,” he said.
But Go said while AI will change the nature of work, it will also open up new opportunities for innovation and growth. “The future of work will look vastly different, and we must be ready to embrace these changes,” he said.
So far, Go said some of the key areas where AI is already making an impact are the following:
- In E-Commerce, AI-powered recommendation engines analyze customer behavior and preferences, driving sales, and enhancing customer satisfaction.
- In Education, adaptive learning platforms tailor educational content to individual needs, creating personalized learning experiences.
- In Lifestyle, AI simplifies daily tasks through personal assistants like Siri and Alexa, and smart home devices like Nest.
- In Navigation, AI optimizes routes in real-time, reducing fuel consumption and saving time.
- In Robotics, AI enhances precision and productivity, especially in manufacturing.
- In Healthcare, AI powers diagnostic tools and personalized treatment plans, such as IBM Watson Health.
- In Agriculture, AI drives precision farming, optimizing yields and resource use.
- Natural Language Processing (NLP) revolutionizes communication, with tools like Grammarly improving writing quality.
- Computer vision and face recognition are transforming industries from security to healthcare, while self-driving cars are improving transportation.
