IDC: Worldwide spending on AI to double over next four years

  • “Worldwide spending on artificial intelligence will double over the next four years to reach $110 billion in 2024, according to new spending figures released by IDC.
  • ‘AI is the technology that will help businesses to be agile, innovate, and scale. The companies that become ‘AI powered’ will have the ability to synthesise information (using AI to convert data into information and then into knowledge), the capacity to learn (using AI to understand relationships between knowledge and apply the learning to business problems), and the capability to deliver insights at scale (using AI to support decisions and automation),’ he explains.”

Will automation eliminate data science positions?

  • “The most important question in data science is not which machine learning algorithm to choose or even how to clean your data. It is the questions you need to ask before even one line of code is written: What data do you choose and what questions do you choose to ask of that data?
  • So while parts of core machine learning are automated (in fact, we even teach some of the ways to automate those workflows), the data munging, data cleaning and feature engineering (which comprises 90% of the real work in data science) cannot be safely automated away.”

Will automation eliminate data science positions?

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Breaking the Barriers – From Digitization to use of AI & RPA in Banks

  • “Keeping the Digital strategy in mind, apart from the digital products and services which bank has to offer, one of the key differentiators would be the increased use of Chat Bots and Analytics in Banking.
  • A right blend of RPA, Analytics and machine learning can achieve wonders in terms of mitigating operational challenges of the Bank. Banks are adapting to this use of AI/RPA in their banking journey and increasing the overall customer experience.”—from-digitization-to-use-of-ai-amp-rpa-in-banks

LinkedIn open-sources toolkit to measure AI model fairness

  • “LinkedIn today released the LinkedIn Fairness Toolkit (LiFT), an open source software library designed to enable the measurement of fairness in AI and machine learning workflows.
  • ‘News headlines and academic research have emphasized that widespread societal injustice based on human biases can be reflected both in the data that is used to train AI models and the models themselves. Research has also shown that models affected by these societal biases can ultimately serve to reinforce those biases and perpetuate discrimination against certain groups,’”

Facebook Stock Hits High As Social Media Giant Unveils E-Commerce Features

  • “New features include Facebook Shop, a dedicated space on its mobile app where users can browse and shop for products from various businesses. Businesses can set up a single online store that customers can access on both Facebook and Instagram.
  • ‘These new features give businesses more control over how their digital storefront looks and make creating new collections easier,’ Facebook said in the announcement.
  • The company also said it is waiving selling fees for businesses through the end of the year to reduce the cost of doing business online.”