AI, undoubtedly, has generated significant hype and captured the attention of companies and investors worldwide. The Hype Cycle of AI has experienced fluctuations over the years, with periods of high expectations followed by disillusionment. However, it is safe to say that AI has made a big leap this year in terms of attention and excitement thanks to powerful of new computing resources and Big Data. The rise of platforms like ChatGPT has demonstrated the immense potential of AI and its ability to revolutionize various industries. All the big tech companies are investing millions to incorporate AI into their system such as Adobe Firefly, Meta AI, LinkedIn AI and more.
Frankly speaking, I am actually using ChatGPT to assist in composing this blog post and the experience has been awesome. I have incorporated my own ideas and arguments, whilst relying on AI to assist in restructuring the paragraph and correcting any grammar errors.
What is Artificial Intelligence?
Artificial Intelligence refers to the development and implementation of intelligent machines and computer systems that can perform tasks that typically require human intelligence. Ultimately, to produce a machine that can simulate various aspects of human intelligence, such as reasoning, problem-solving, learning, perception, and decision-making.
Undoubtedly, the AI has made a significant progress in 2023 but currently the AI state is still referred to as “Narrow AI”. This is because the AI now is designed to excel at specific tasks or domains but lack of comprehensive and general intelligence to make complex decision, interact with human in natural and meaningful ways. Hence, there are still a tons of research and experiment need to be accomplished before we can achieve “General AI” to surpass human intelligence in all cognitive tasks.
The History of AI dates back to the mid-20th century around 1950s. While browsing online, I came across an informative article that delves into the origins and development of AI in great detail.
The current landscape of AI in Malaysia (2023)
The good news is Malaysia is poised to harness the power of AI positioning itself as a hub for innovation and development. They have taken a few significant steps to embrace AI into the Malaysia IT Industry.
- Malaysia AI Roadmap: Aims to provide a strategic framework in fostering the growth of AI in the country focusing on several key areas, including talent development, research and development, industry adoption, and ethical considerations.
- Malaysia Technology Development Corporation (MTDC): Continuously support AI Startups by providing funds for research and development initiatives.
- Backup from Malaysia Tech Companies: These companies such as Fave, Carsome, and PolicyStreet has been consistently looking for opportunity to leverage AI into their system to provide personalized services, optimize operations, and create unique value propositions.
The future of AI in Malaysia seem to be quite promising at least the government is showing a positive attitude in adapting this new technology into the market.
The future of AI in Malaysia
This cutting-edge technology is poised to bridge the market gap by automating medium-level repetitive tasks, thereby enhancing business performance in the next 5 Years in Malaysia. I would like to propose a bold suggestion regarding the top 3 industries where I believe AI can play a significant role in Malaysia.
Accounting Industry
Indeed, the accounting industry is one of the top sectors that is expected to undergo significant transformation with the advent of AI. Why? This is because 90% accounting tasks can be categorized as low-medium level.
- Automate Repetitive Tasks: The most time-consuming tasks in accounting are, in fact, simple and repetitive. For example, the process of capturing receipts and filling in that information into Excel can definitely be automated.
- Advanced Data Analysis: AI excels in handling vast amounts of data, as it can be trained to analyze it and extract valuable insights or trends to aid in business decision-making.
- Enhance Accuracy and Efficiency: AI system can be trained to perform calculations, detect errors, and ensure accuracy in the Financial Statements.
Time for a quick idea break! This could be great news for small and medium enterprises. Imagine if an accounting app was developed, where business owners only need to capture receipts. Behind the scenes, an AI system would automatically recognize the records and generate a complete financial statement every month. This would be a game-changer, simplifying the accounting process for SMEs and saving them valuable time and effort, yet cost from hiring an accounting firm.
Legal Industry
The legal industry refers to the sector that encompasses various professional services related to law and legal matters. Within this industry, routine legal tasks such as legal research, document review, and contract drafting often involve repetitive processes and standardized procedures. This presents a significant opportunity to leverage the power of AI.
- AI Chatbot: An AI-powered legal chatbot is a valuable tool for providing basic legal advice and directing individuals to appropriate legal resources. It filters out inquiries that can be answered with existing legal information, saving time for legal professionals to focus on complex cases. The chatbot helps people quickly find answers to common legal questions without requiring a one-on-one lawyer consultation and making legal guidance more readily available.
- AI Legal Assistant : AI-powered systems can automate the creation of “common” legal documents and templates which immensely reduce the work for lawyers. By leveraging Natural Language Processing (NLP) algorithms, the AI can even analyze the contract, extract key information and identify any potential risks.
- Legal E-Search: To enhance the accuracy and efficiency of legal information searches, machine learning can be introduced. AI technologies have the capability to analyze large volumes of legal data, such as case law, statutes, and legal precedents, in a relatively short amount of time.
Healthcare Industry
The healthcare industry encompasses a wide range of sectors involved in the provision of medical services, such as hospital, clinics, insurance companies and more. This industry involves a lot of data to deliver health services such as medical consultation or insurance plan. Therefore, AI is the best fit here to enhance patient care, improve healthcare access, and ultimately contribute to better health outcomes of population.
- Personalized Medication: An AI-powered system can analyze a large amount of patient data, including lifestyle factors and genetic information, to create a personalized treatment plan tailored to individual needs. This approach aims to optimize treatment outcomes and reduce the cost of healthcare by adjusting interventions based on the patient’s current health condition.
* Strive Health, a US-based company, is at the forefront of utilizing AI in providing value-based treatment for patient with kidney problems. - Diagnosis and Medical Imaging: AI-powered systems have the capability to analyze medical images, including X-rays, MRIs, and CT scans, assisting doctors in accurately identifying abnormalities and diseases. This advanced technology enhances the accuracy of diagnoses by enabling early detection of diseases. By leveraging AI’s capabilities, healthcare professionals can make more informed decisions, leading to effective treatment interventions for patients.
- Real-Time Health Monitoring: AI can indeed be integrated with wearable devices, such as the Apple Watch, to monitor and analyze patient health in real-time. By leveraging machine learning capabilities, AI algorithms can continuously analyze data from wearables, detecting anomalies or changes in vital signs. This allows for timely interventions, such as triggering alerts for medication reminders or notifying healthcare providers in case of emergencies, such as calling an ambulance when necessary.
AI Sounds Great! Can we immediately adopt it now?
There are several underlying challenges and obstacles that must be addressed before we can confidently introduce AI to the world in its full capacity in the next few years.
- Operation/Development Cost: Integrating AI into systems can be expensive, with high costs associated with development and maintenance. Currently, only larger companies have the resources to invest in AI technologies. However, as with the introduction of previous technologies like computers and mobile phones, over time the costs are expected to decrease, making AI more accessible to a broader range of individuals and organizations.
- Technical Limitation and Complexity: AI systems require significant computational power and advanced infrastructure for optimal performance. The lack of AI professionals and programming libraries can make it challenging to integrate AI into existing systems. Overcoming technical limitations and complexities, such as scalability and interoperability, is a key area that needs to be addressed for successful AI implementation.
- Data Quality & Language Barrier: Dealing with vast amounts of data presents challenges in ensuring its quality and accuracy. Additionally, AI algorithms rely on high-quality data, which becomes more complex when dealing with data in different languages or fragmented sources. Overcoming data quality issues and language barriers is crucial to ensure the effectiveness and reliability of AI algorithms and models.
Time to boost your knowledge.
– AI is expensive. A search on Google’s chatbot Bard costs the company 10 times more than a regular one, which could amount to several billion dollars
– ChatGPT and generative AI are booming, but the costs can be extraordinary
AI has come a long way, but it still has a long way to go.
The future of AI is indeed bright and promising, and Malaysia has the opportunity to leverage this technology for its benefit. To unlock the full potential of AI, it is crucial for the Malaysian government to take proactive measures. This includes investing in and establishing robust IT infrastructure to support AI development and implementation.
Additionally, nurturing a skilled workforce of AI professionals is essential such as Data Scientist or Programmer specializing in AI.
As AI continues to evolve, the aspiration of seamlessly communicating with robots, akin to interacting with human friends, remains a fascinating possibility.