AI-AI-Oh My!

By Rosemarie Szostak, Ph.D., Nerac Analyst

Originally Published July 7, 2023

Share this article!
Artificial Intelligence

AI (Artificial Intelligence) …is it for you?

Artificial Intelligence (AI) is touted as an enormous opportunity for all industry segments, from consumers to businesses to healthcare and beyond. A recent introduction of “ChatGPT,” a free artificial intelligence chatbot developed by OpenAI, released in November 2022, has captured the public imagination in a big way.

Artificial Intelligence (AI) is machine-based intelligence where a system or a program learns from intensive iterative training and feedback after each experience. We deal with AI-embedded computer programs every time we purchase a product from an online store when the webpage provides the shopper with additional suggestions based on the purchases by other customers or the shopper’s purchase history. Sometimes it can be convenient, but sometimes it can be annoying. SIRI and ALEXA are based on an AI platform. They ‘know’ your preferences and remember them. Have you noticed that your “Outlook” email system has been upgraded to include automatically finishing your sentences and your Word app? Finishing another’s sentence has gone beyond the long-time married husband-wife sentence ending.

Everyone in the C-suite has AI on their mind and lips in front of investors. But how can it be of use in your industry? Here are some basic suggestions:

  • Predictive Maintenance
  • Quality Assurance & Inspection
  • Demand Forecasting
  • Logistics
  • New materials/product development

And the list goes on. Every day, new applications are proposed or introduced by AI companies. These can include advances in machine learning, neural networks, deep learning, big data analysis, machine/computer vision systems, robotics, face recognition, gesture recognition, and more.

Depending on the complexity of the problem, developing an AI methodology can require–

  • Millions or billions of training examples
  • Many training cycles
  • Retraining when presented with new information
  • Many weighted functions and lots of multiplication.

Everyone tells us that AI is so good. What could go wrong? Quite a bit. Poor quality input data or erroneous data can significantly skew the results and introduce statistical bias in the system. We take it for granted that when we punch in an address to our GPS unit, it will get us there. If a bridge is out, but the data was not entered into the AI algorithm, we could literally fall off a cliff.

AI companies make it sound like AI is a plug-and-play black box, but there is much groundwork internally you need to lay first.

  • Is your management on board?
  • How realistic are your expectations?
  • Do you have the budget?
  • Do you have the right people on your team to shepherd the project?
  • Have you defined success metrics before jumping in with both feet?
  • Are you willing to pull the plug if that black box is not working for you?

How Can Nerac Help?

Are you considering incorporating AI into some business elements but need help determining where to begin? Let Nerac help you understand the relevant aspects of AI and how AI can influence your business, identify pitfalls in the technology you need to be aware of, and provide case studies and lessons learned from others who have gone down this path, successfully or otherwise. Nerac can help you monitor this fast-paced segment with our instant alerts pushed to your desktop on emerging trends in the field that are relevant to you and your business. It can start as a simple research request for subscription clients if you want to get up to speed on a specific area of AI. Suppose AI is something you want to follow long-term. In that case, Nerac can provide mediated alerts, monthly, quarterly, or semi-annually, to keep you abreast of emerging information that is key to your company’s needs in AI. Each company has its own needs and interests. Nerac provides custom research on a client-by-client basis. Contact us here today!

NOTE: This article was conceived and written by a human Nerac analyst. The only AI used was in grammar-checking of the final copy. Though most of the grammar recommendations were incorporated, at the discretion of the human analyst (Organic Intelligence, OI), some were not. As good as grammar AI is, it has not incorporated the nuances of specific technical topic jargon.

About the Analyst

Rosemarie Szostak, Ph.D.

Rosemarie Szostak, Ph.D., advises companies on technology, patents, innovation and disruptive technology. She has 20 plus years of experience as a thought leader and analyst with broad technical knowledge in chemistry, materials and chemical engineering.

Academic Credentials

  • Post Doctoral Fellow, Chemical Engineering Department, Worcester Polytechnic Institute
  • Ph.D., Chemistry, University of California Los Angeles
  • M.S., Chemistry/Physics, Georgetown University

Get Our Newsletter

Sign up for monthly digest articles to keep up to date with Nerac

Select Your Area(s) of Interest *

Topics of Interest

you might also like

  • As creepy as Hal was in “2001: A Space Odyssey” to the cuteness of Pixar’s “Wall-E”, the science fiction community has both unsettled and entertained generations of readers and movie goers. A machine that can perform tasks that normally require the skills of a human being defines the field of Artificial Intelligence (AI) and it is transforming the medical device industry. Investors are pouring money into start-ups in the AI med devices sector at higher rates than the other industries exploiting AI. Since 2013, this segment has raised $4.3B USD in start-up funding.

    The holy grail of AI in healthcare is in improving patient outcomes and reducing healthcare costs. The key in medical devices is the development of both diagnostic and treatment tools. However, the primary stumbling block for AI in medical devices has been the FDA. But the regulatory dam finally broke this year.

  • Literature and Data Appraisal in Clinical Evaluation Reports for MDR compliance