President's Column - May 2024

President's Column,

Artificial Intelligence, commonly known as AI, is a rapidly evolving field of technology that has the potential to revolutionize the way we live, work and interact with the world around us. AI refers to the development of computer systems that can perform tasks that typically require human intelligence, such as speech recognition, decision-making, visual perception and language translation.

AI has already made significant advancements in various industries, including healthcare, finance, transportation and entertainment. In healthcare, AI-powered diagnostic tools can help doctors detect diseases more accurately and efficiently. In finance, AI algorithms can analyze market trends and make investment decisions with speed and precision. In transportation, AI is driving the development of self-driving cars that have the potential to reduce accidents and traffic congestion.

A few ways many of us use AI to enhance or simplify our everyday lives are:

•    Virtual Assistants: Siri, Google Assistant and Alexa really are like having an assistant at your fingertips… for some things! AI-powered virtual assistants can help with setting reminders, sending messages, making calls and answering questions. 

These assistants use natural language processing and machine learning to understand and respond to your commands.

•    Smart Home Automation: AI can enable you to automate and control various devices in your home;  thermostats, lights, security cameras and even appliances.

•    Health Monitoring: Health monitoring devices and apps powered by AI can track your vital signs, activity levels and sleep patterns to provide insights into your health and well-being. 

•    Language Translation: AI-powered language translation tools can help you communicate with people who speak different languages. These tools can provide real-time translation of spoken or written text, making it easier for you to interact with others.

•    Time Management: AI algorithms can analyze your schedule and priorities to help you manage your time more effectively. AI-powered calendar apps can suggest optimal meeting times, remind you of important tasks and even automate routine activities.

•    Personalized Recommendations: AI-powered recommendation systems can analyze your preferences and behavior to suggest personalized content, such as movies, music, books and products. This can help you discover new things that you are likely to enjoy.

•    Shopping Assistance: AI-powered shopping assistants can help you find the best deals, compare prices, and make purchase recommendations based on your preferences. These tools can save you time and money while shopping online.

The number one form of AI being used today is machine learning. Machine learning is the dominant form due to its versatility, scalability and effectiveness in solving complex problems across various domains. Machine learning is a subset of artificial intelligence that involves training computer algorithms to learn from data and make predictions or decisions without being explicitly programmed. Machine learning algorithms can analyze large amounts of data, identify patterns and make intelligent decisions based on the information they have been trained on.
Machine learning is being used in a wide range of applications and industries:

•    Natural Language Processing (NLP): Machine learning algorithms are used in NLP applications to analyze and understand human language. This includes speech recognition, language translation, sentiment analysis and chatbots.

•    Image Recognition: Machine learning models are used in image recognition applications to classify and identify objects in images or videos. This technology is used in facial recognition systems, autonomous vehicles, medical imaging and security surveillance.

•    Recommendation Systems: Machine learning algorithms power recommendation systems that suggest personalized content to users based on their preferences and behavior. This is commonly seen in streaming services, e-commerce platforms and social media. 

•    Predictive Analytics: Machine learning is used in predictive analytics to forecast future trends and outcomes based on historical data. This is applied in areas such as finance, marketing, healthcare and weather forecasting.

•    Autonomous Vehicles: Machine learning plays a crucial role in the development of autonomous vehicles, enabling them to perceive their environment, make decisions and navigate safely without human intervention.

As machine learning algorithms continue to evolve and improve, their impact on society and the economy is expected to grow significantly in the coming years.

While this all sounds great, the rapid advancement of AI raises concerns about the potential impact on the job market as well as the potential for automation to replace certain types of jobs. 

Some jobs are more at risk of being replaced by AI due to their repetitive, routine and predictable nature.  
•    Data Entry Clerks: Jobs that involve manual data entry and processing are at high risk of automation through AI-powered software and algorithms that can streamline data processing tasks. 

•    Telemarketers: AI-powered chatbots and virtual assistants are increasingly being used to handle customer inquiries and sales calls.

•    Customer Service Representatives: AI-powered chatbots and automated customer service systems are being used to handle customer queries, complaints and support requests, potentially reducing the need for human customer service representatives. 

•    Retail Cashiers: Self-checkout systems and automated payment technologies are replacing traditional retail cashiers in many stores, reducing the need for human-operated checkout counters.

•    Assembly Line Workers: AI-powered robots and automated systems are increasingly being used in manufacturing and production facilities to perform repetitive assembly line tasks, reducing the need for human workers in these roles.

•    Bookkeeping and Accounting Clerks: AI-powered software and algorithms can automate repetitive accounting tasks, such as data entry, reconciliations and financial analysis, potentially reducing the need for human bookkeepers and accountants.

•    Drivers: The development of autonomous vehicles and delivery drones has the potential to replace human drivers in transportation and logistics roles, such as truck drivers, taxi drivers and delivery drivers.

While AI has the potential to automate certain tasks and roles, it also creates new opportunities for job creation and skill development in emerging fields such as AI development, data science, cybersecurity and digital marketing. 
Job displacement isn’t the only concern. AI also raises ethical and societal concerns. Issues such as data privacy, bias in algorithms, and the potential for AI to be used for malicious purposes are all areas of concern that need to be addressed as AI continues to advance.

I would love to hear about how you incorporate AI into your life!  Do you use it more for personal or more for your job?  
I use a good mix, personally!  Most of the time, I feel like Alexa, Siri and I make a pretty decent team! Not to mention AI helped me pull the info in this month’s column together!

jennifer@steelrule.com

Jennifer Thoroe is Director of Customer Service & Business Development for National Steel Rule, a steel rule manufacturer based in Linden, NJ, USA. She joined forces with National on November 1, 2018 after working in the industry and volunteering with the IADD for over 15 years. She moved up to NJ from GA in the summer of 2019. One pandemic and three moves later, Jennifer is finally settling into her home near the Jersey Shores with her awesome super-fantastic brother Tom and his even cooler dog, Kelowna.

She has consistently used her time and talents to bring greater value to IADD members, whether through chapter activities, managing volunteers, Board service or overseeing myriad membership recruitment and retention activities. For this, Jennifer received the 2017 IADD Cutting Edge Award, one of the Association’s highest honors. She is the first woman to serve as IADD president.

The President's Column appears in The Cutting Edge, the IADD's monthly magazine.