globalEDGE Blog - By Tag: artificial-intelligence

Artificial Intelligence (AI) is a rapidly growing field revolutionizing businesses’ operations. From automating repetitive tasks to predicting customer behavior, AI transforms how companies do business.

Since being introduced to the public on November 30th of 2022, ChatGPT has taken over the world by storm. It is an AI chatbot designed and created by OpenAI, an AI research and deployment company. ChatGPT is a natural language processing tool driven by AI technology that allows for users to have human-like conversations, conduct research, answer questions, and assist with tasks. But, the question being asked is what are the applications of the newfound AI technology?

ChatGPT: Have you heard of it? If not, you may be in the minority of readers, as this new technology is sweeping headlines and business meetings. And now, it may have disrupted the tech industry entirely, with some companies feeling a little more nervous than others.

A mega-city featuring flying cars, high-speed rail instead of roads, robot maids, a giant artificial moon, and a resort with multimillion-dollar palaces is the vision of the Saudi Arabian crown prince and prime minister, Muhammed Bin Salman (MBS). The project, called Neom, hopes to gain $500 billion in investment with the ambitious goal of constructing a 106-mile-long carbon-neutral city with walls over 1,600 feet stretching from the Red Sea into the desert. Neom was announced back in 2017 and was originally planned to be completed by 2025, but due to the pandemic, only the first phase of the project is projected to be completed by this time. If this sounds unrealistic, MBS himself has admitted that he would be satisfied if only half of his ambitious Neom plan is completed. Half of all planned construction is an optimistic estimate as Neom has stalled due to numerous challenges. The kingdom’s sovereign-wealth fund and finance ministry have already spent $1 billion on initial infrastructure, planning, and consulting.  The country has contracted U.S.-based consulting firms from Boston Consulting Group, McKinsey & Co., and Oliver Wyman to aid with planning the project.

Facial recognition is becoming more and more common throughout several different industries. Whether it is companies using it for marketing, law enforcement using it to identify suspects, or tech companies to unlock devices easily, facial recognition is seen almost everywhere in our lives. Companies like Apple, Lowe’s, Albertsons, Macy’s, and Ace Hardware already use the technology, while places like Walgreens, McDonald’s, 7-Eleven, Best Buy, Kohl’s, Starbucks, and Ross are just a few among the ones that might use it in the future. It is not only seen in a variety of companies, but The Interpol Face Recognition System (IFRS) also has a database that spans more than 179 countries. The big question remains: should facial recognition be implemented in a war zone?

Last week, the European Union released a draft of strict regulations regarding the creation and use of artificial intelligence (AI). This 108-page document of rules and regulations aims to ban or restrict multiple “unacceptable” uses of AI, which the European Commission deems as any AI system that is considered a clear threat to the safety, livelihoods, and rights of people. This includes the use of AI in a range of activities like hiring decisions, bank lending, school enrollment selections, court decisions, and facial recognition in public places. Although the EU’s proposal faces a long road before it becomes law, as it must be approved by both the European Council and European Parliament, it has profound implications for big tech and national governments around the world.

In the continuously growing global market, two key factors have led to new competition in the technology industry: trade war, and artificial intelligence (AI). The Hanguang 800, Alibaba's first AI chip, has the potential to affect the global market as it continues expanding the possibilities of what the world may become through AI. This extremely advanced AI processor was not expected to be produced in China for at least another year; however, the trade war between the U.S. and China forged new competition in the technology industry, leading to increased innovation.

Whether you’re opening a new business, investing in stocks, or trying to keep up with the increasingly advanced and interconnected sectors; we have gathered information on five of the fastest growing industries.

This is the fifth post in a five-part blog series focused on future trends in business.

Advertising has evolved from traditional print, television, and radio ads to today's multi-channel mobile and online media campaigns. With more data being collected and analyzed than ever before, many aspects of advertising have become integrated and therefore more apt at addressing consumer needs. The future of advertising lies in the connectivity of our devices and in the data derived from our activity. This post will explore the effect these advancements have on consumers and highlight opportunities for businesses.

This is the first post in a five-part blog series focused on future trends in business. 

In this weeks blog series, we plan on outlining the future of international business by taking a look at the trends of automation, sustainability, marketing, big data, and blockchain. As the fourth industrial revolution transpires, we are to expect variation with how we interact with technological devices and with how these devices communicate with one another.

Technology is evolving rapidly in many realms of the world. Currently, the light is focused on the use of robots in warehouses. The autonomous mobile robotics (AMR) are emerging worldwide from numerous start-up firms. 

Currently, Amazon is the main company producing and using automatic robots. In 2012, Amazon bought Kiva Systems turning their AMRs into their own product and rebranding them as “Amazon Robots”. These robots are said to be the future of factory work. Also, Amazon has recently discontinued the sale of their robots to other competitors such as Walgreens, Staples and The Gap, leading to a scramble of other companies worldwide attempting to enter the field.