Keir Starmer this week unveiled a 50-point plan to make Britain a world leader in artificial intelligence and boost the economy by up to £47bn a year over 10 years. This multi-billion pound investment aims to increase AI computing power under public control by 20 times by 2030 and is thought to be a game-changer for businesses and public organizations. Reactions to this announcement have been mixed, as it is by no means clear whether the much-touted potential of AI will translate into the level of economic benefits predicted. While many fear the technology will lead to widespread layoffs, proposals to make it easy for AI companies to data mine artwork for free will boost the value and growth of the creative industries. Some are concerned about destruction.
Despite these concerns, for many in the business world, the AI revolution has already arrived and is transforming industries. So how are you deploying technology to improve productivity, and where do you hope to see further benefits in the future?
Airlines are increasingly leveraging AI for the complex logistics of managing large aircraft and thousands of crew members in unpredictable skies. AI is used across Ryanair’s operations to optimize revenue, schedules, and ‘tail allocation’, selecting the best aircraft for each flight. BA also uses this feature at Heathrow to select gates depending on the number of connecting passengers on arriving flights.
EasyJet said it has embedded AI throughout its new Luton control room and that its predictive technology is now improving aircraft inventory levels and redesigning maintenance regimes to proactively avoid breakdowns. Meanwhile, the low-cost carrier’s Jetstream tools help with the brain-tugging task of quickly repositioning crews and aircraft with minimal disruption and maximum efficiency when problems occur. Gwyn Topham
One of the concerns raised about Starmer’s AI expansion plans is that the energy-intensive data centers required to run the program could exceed the UK’s electricity grid capacity. But some argue that the technology could actually accelerate the clean power revolution by solving the problem of how future energy systems will operate.
Power grids must increasingly adapt to real-time fluctuations in thousands of renewable energy sources and consider new technologies such as electric vehicle batteries that can not only draw power from the grid but also re-release it as needed.
Google was one of the early adopters of the digital energy approach. The company’s AI subsidiary, DeepMind, developed neural networks in 2019 to improve the accuracy of power generation predictions for renewable energy power plants. By more accurately forecasting generation and demand, they were able to balance consumption and even sell some of their power back to the grid. Google says this increases the financial value of wind power by 20%.
Meanwhile, in the UK, energy provider Octopus Energy is leveraging the advanced data and machine learning capabilities of the Kraken operating system to help customers access electricity at cheaper and greener times through time-of-use pricing. I’m doing it. Using electricity during off-peak hours often lowers electricity bills by 40%, reducing the need to invest in new fossil fuels and expensive grid expansion projects. Gillian Ambrose
AI can help design smarter clinical trials by selecting patients most likely to respond to treatment. According to a recent analysis by Boston Consulting Group, 75 AI-generated drugs have entered clinical trials since 2015, and 67 of them were still in clinical trials last year.
The treatment for a deadly lung disease called idiopathic pulmonary fibrosis is attracting attention as the world’s first fully AI-generating drug, and is currently in late-stage trials. developed By Massachusetts-based Insilico Medicine, Inc. used AI to generate 30,000 novel small molecules and narrowed them down to the six most promising drugs and leading candidates. Meanwhile, AstraZeneca, the UK’s largest pharmaceutical company, said more than 85% of its small molecule drug pipeline is “AI-assisted”.
Ministers are considering opening up NHS databases to private companies so that anonymized patient data can be used to develop new drugs and diagnostic tools. But privacy activists oppose such a move because even anonymized data can be manipulated to identify patients. Julia Cole
(retail)
There has been a lot of talk over the past six months about the rise of AI in operations, as retailers look for ways to increase efficiency amid rising labor costs. For example, Sainsbury’s is using AI-enabled predictive tools to ensure the right amount of product is on the shelves in different stores as part of a £1 billion cost-cutting plan. Marks & Spencer uses AI to help create online product descriptions and advise shoppers on clothing choices based on body shape and style preferences as part of efforts to increase online sales.
Tesco CEO Ken Murphy said AI was already widely used in purchasing decisions, adding that the technology meant that customer interactions would be “truly powered by AI in almost every aspect of the business.” “This is a level that will be strengthened and promoted,” he added. He uses this to analyze data from shoppers’ loyalty cards to provide insights into “shopper interactions”, such as how to save money or take care of your health by buying (or not buying too much) certain products. It suggested it could provide “inspiration and ideas relevant to the family.” Sarah Butler
AI-enhanced efficiencies that automate the simplest tasks for call handlers have the potential to transform productivity and service levels in the public sector. Adolfo Hernandez insists CEO of outsourcing group Capita.
For example, by drawing on past interactions with customers, you no longer have to go beyond old conventions. Behind the scenes, the program can connect council services together, allowing planning applications departments and building services to work together. Or listen in the background to transcribe and summarize your calls to save time taking notes.
Capita has deployed its ‘Agent Suite’ product to two of its clients. early signs, it saysshows a 20% reduction in average call handling time, a 25% reduction in post-call management, and a 15-30% increase in calls resolved on the first interaction. Nils Pratley
Source: www.theguardian.com
