Regardless of however bad share markets are, how gloomy the global economic outlook is or how high geopolitical tensions rise, the world will continue to innovate. With all that’s going on in the world it is important to remember just how exciting the future is. New technology of all kinds is being developed by the best minds in the world faster than ever before. Machine learning is one such technology.
In a recent podcast, I interviewed Jalal Shaik the co-founder of artificial intelligence and machine learning company GAMEFACE.AI. His business, which recently sold for $33 million, is a real time sports analytics company that leverages artificial intelligence and machine learning to provide key insights and analytics from a sporting match. From match video their software is able to provide deep analytical information that will improve performance at a team or individual level. For example, analysis that will help coaches adjust game plans in near real time based on video of player movements and passing patterns.
As our discussion progressed and I asked Jalal where he sees this going in the future, it became even more interesting. Imagine software that can analyse a tennis match and from the way a player’s left leg moves on a particular shot is able to prescribe specific preventative physiotherapy treatment and recommend modifications to the strength program. It will even be able to go further to make modifications to diet and footwear. It opens up better ways to treat injuries in sport (which is where the big money is) but it also filters down over time to every aspect of life including military, work and accident and injury victims, impacting the insurance industry as much as the health industry. We are still at the earliest stages of this type of technology but there are endless use cases that will be found across all aspects of life and work.
One of the most interesting advancements I have seen recently is an artificial intelligence program called DALL-E. The program was developed by OpenAI and revealed in 2021. It creates digital images from text descriptions. Seems simple – you type a description, and it instantly creates a picture. For example, an Astronaut riding a horse as a pencil drawing. But that is just the start. In the future, this will develop further into short videos which will have implications for content creation of all types especially in the advertising industry. Imagine having an advertising brief, but rather than give it to an agency and spend millions of dollars on a campaign, you’ll type it into a system that will produce the ad instantly. Go a few more years out and as the technology advances we are talking about customisable programming through Netflix, Disney, Apple, and Amazon, from movies to tv series. Create your own viewing, tv shows and movies, on demand.
Another great example is Tesla. Each car is a connected computer gathering all types of data from its surroundings. Millions of variables being collected and analysed. Imagine a time where the car detects the patterns that predict when a driver is beginning to grow tired. Or adjust steering or cornering speed of an inexperienced driver on the basis of weather and road conditions. Eventually, it leads to driverless cars and automation. It’s far more than that though. There will be reductions in insurance claims and accidents, lives saved, lower insurance premiums, less stress on trauma wards in hospitals. These are significant advancements.
There are implications for a whole range of industries across the board from health to cybersecurity. Predictive and preventative medicine has implications for hospitals, health providers and insurers. I personally look forward to the day where machine learning algorithms eventually make better real time decisions than central banks. Imagine interest rates being adjusted in real time based on machines understanding exactly what needs to be done in a timely manner to ensure the optimal outcome for the economy.
But we must also be mindful not to assume these technologies will only be used for good or noble purposes. It’s the type of technology that in the wrong hands, could have devastating consequences. As exciting as this area is, there is a desperate need for government regulation at a global level, not unlike that relating to nuclear technology. Even if regulation slows down the advancement and innovation that could be made this is one of those times where we cannot afford to get it wrong.
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