By Oyetola Muyiwa Atoyebi, SAN
![image](/2020/10/lawreport.jpg")
INTRODUCTION
![image](/2021/01/payne-alex.jpg")
One of the most exciting and promising frontiers of technology
today is Artificial Intelligence (AI). Any conversation around
technology is incomplete without a reference to AI. While the term
AI has been around for decades, in recent times, its application
across industries, from healthcare, business and education to
banking, among others, is changing the way we live and work both
remotely and in the traditional sense.
The increasing ubiquity of AI can be attributed to greater
processing power and the declining cost of achieving these tasks at
increased speeds. The adoption of AI has been so rapid that
stakeholders and market leaders in technology across industries can
no longer ignore it for long-term and sustained financial
growth.
DEFINITION OF TERMS
Artificial Intelligence (AI) refers to the simulation of human
intelligence in machines that are programmed to think like humans
and mimic their actions. AI is intelligence, demonstrated by
machines, unlike the natural intelligence displayed by humans and
animals, which involves consciousness and emotionality.
Artificial intelligence (AI) is a wide-ranging branch of
computer science concerned with building smart machines capable of
performing tasks that typically require human intelligence. In
simpler terms, it is making computers think like humans. The term
is used to describe machines that mimic cognitive functions such as
learning and problem solving.[1]
Business disruption refers to any
innovation within an industry that radically and lastingly changes
the way all companies in that industry operate.
Disruption in business causes radical shifts in industries by
offering unique, niche, more affordable, or untapped solutions to
old or new problems. Sometimes, disruption upends existing markets;
other times, it creates entirely new ones.
If you have ever thought about a piece of popular new software,
app, or tech-based product that has skyrocketed in use recently,
it’s likely that at some point, “you encountered it being described
as “disruptive”. An example that will readily come to mind is
Netflix, all other streaming services which are in the process of
an ongoing disruption in the entertainment industry which are
largely influenced by the slow extinction of video rental stores
and are now responsible for the ever-growing cancellation of cable
subscriptions worldwide.
CURRENT TRENDS IN ARTIFICIAL INTELLIGENCE
Technology has proven time and time again that it has come to
stay, from the advent of computers, to mobile phones, to
digitalization and now to Artificial Intelligence. The industry has
gone through various degrees of failures and successes and it has
finally picked up to the extent that it has started to affect and
transform our way of doing business.
AI has begun already to reshape our modes of doing business in
every major sector. AI is already being put to use to help with
making data based decisions and synthetization on a scale much
larger and faster than the human brain could accomplish. It has
come to assist and aid with easier and faster ways of running the
business and to increase productivity. Some of the ways AI is
disrupting business and increasing value are:
- Data Access
Data is allowing AI be more adaptable. Data access enabling
universality is one of the recent
Artificial Intelligence revolutions[1]. Reliable and accurate
information helps businesses shift to AI-powered automated decision
making. It has helped to cut cost of operation, labor saving
processes, and improved the research capacity of organizations.
Data management systems and AI work hand in hand. When AI
becomes fixed within and throughout the system, it has the
potential to improve database query accuracy and performance, and
to make maximum use of system resources, it is not limited. By
executing queries in a more efficient manner, enterprises can lower
the time taken to generate insight and improve business
decisions.
For example, developers of the autonomous car software can
access a lot of driving data without driving the vehicles. Soon, we
will witness a drastic increase in the application of Artificial
Intelligence in real-world situations. As AI becomes more
sophisticated, it will cause cost-effective and widespread
availability of crucial data.[2]
AI also helps in metadata repositories, that is the repository
that provides a consistent and reliable means of access to data. AI
powered programs can actively learn from expert user input and
suggest terms based on previous human actions. The system can
recognize the similarity between items in the data catalog and make
suggestions on business terms to be assigned.
- Market Prediction
Artificial Intelligence is going to assist businesses in the use
of information to prepare for outcomes and behaviors thus being
more proactive. The biggest AI trend in marketing in 2020, is
increasing focus on providing personalized services.
One of the most common ways that AI can do so, is through
analysis of the activity of individuals online by the use of
keywords. A business owner, for instance, may need insight on those
in a certain area who search for the services they provide.
One of the primary benefits AI offers in these scenarios is the
capability to provide real-time updates about your audience,
allowing you to better personalize the way you target them.
- Customization and Marketing
The use of AI is helping companies and business to be able to
personalize their services to their customers and to understand
clients and their preferences more, due to the use of data. One of
the primary benefits of AI, is that it is capable of providing real
time information about your clientele which would allow you as a
business owner to have more effective ways of targeting
them.[3]
One of the most common ways that AI can do so, is through
analyzing the online activity of individuals who search for certain
keywords. A restaurant, for instance, may need insight on the
demographic information associated with local customers who search
for foods they provide.
One of the primary benefits AI offers in these scenario is the
capability to provide real-time updates about your audience,
allowing you to better personalize the way you target them. Citing
Netflix again as an example, the streaming outlet uses AI
to keep their customer base interested by making movie
recommendations for their customers using their watching history or
search history.
- Boost Cybersecurity
AI could soon be integrated with Cybersecurity, enabling better
defense of data and networks from attacks and security solutions
for end-users. The ability of AI to analyze a lot of information
over a short period of time means threats can be detected a whole
lot faster and more accurately. From tracking and preventing
phishing, AI technology will boost the security abilities of all
systems. In the future, AI will be able to predict if a transaction
is fraudulent or not, thus preventing all types of cybercrimes, and
increasing the system’s vigilance.[4]
The ability to analyze massive amounts of data using AI can pave
a way for the development of systems capable of reducing cyber-
attacks. Some AI programs can be used to identify unwanted data and
noise which aid security experts to understand the cyber
environment in order to detect and correct abnormal activity.
Similarly, the implementation of AI for cyber security solutions
will help to protect organizations from existing cyber threats and
identify new types of malware.
This has become even more important given the fact that,
majority of our transactions are done over the internet, and it has
become essential that adequate tools are employed to prevent data
breach and protect our information.
CONCLUSION
These are some of the ways AI is causing disruptive innovation.
It is clear that, there is a disruption of what the market used to
be and creation of whole new market. Given a few years and not only
with the value given by AI have improved, it would also drastically
have changed the mode of operating businesses, delivering services
and customer relationship. It is important that as business owners
and professionals we begin to adapt and adopt the changes.
If left unchecked, these disruptions caused by AI may have
enormous consequences for societies. This is enough reason for
policymakers to look closely at technological progress; what it
means for their countries and how best to intervene. Policies are
needed to help workers adapt to the new reality and to ensure their
participation in the benefits arising from technology.
However, despite continuing advances in computer processing
speed and memory capacity, there are yet no programs that can match
human flexibility over wider domains or in tasks requiring much
everyday knowledge.
Mr. Oyetola Muyiwa Atoyebi, SAN is an
exceptional Technology lawyer and thought leader with over a
decade’s worth of experience in legal Practice and technology. He
has facilitated numerous transactions and given countless legal
opinions as regards tech in Nigeria, his outstanding performance
has attracted international recognitions and awards. He is the
youngest lawyer in Nigeria’s history to be conferred with the
highly coveted rank of a Senior Advocate of Nigeria (SAN).
He is the Managing Partner of OMAPLEX Law Firm,
an established law firm driven by Technology innovation. As an
expert in emerging areas of law practice, he has core competence in
information technology, cyber security, Fintech, Robotics and
Artificial intelligence. He is described to be the go-to person
when it comes to issues around tech.
The learned silk is best characterized as a diligent,
resourceful and yet humble individual who is revered for his highly
analytical and pragmatic approach to solving legal problems as well
as an unwavering commitment to achieving client goals. Indeed, his
hard work and dedication to his clientele sets him apart.
Beyond his interests in law, the learned silk is an avid golfer
and a tech enthusiast.
[1] https://www.webopedia.com/definitions/ai/
[2]
https://www.analyticsinsight.net/artificial-intelligence-trends-in-2020/
[3]
https://www.analyticsinsight.net/artificial-intelligence-trends-in-2020/
[4] https://www.ibm.com/downloads/cas/MGJ2DLQV
By Oyetola Muyiwa Atoyebi, SAN
INTRODUCTION
One of the most exciting and promising frontiers of technology
today is Artificial Intelligence (AI). Any conversation around
technology is incomplete without a reference to AI. While the term
AI has been around for decades, in recent times, its application
across industries, from healthcare, business and education to
banking, among others, is changing the way we live and work both
remotely and in the traditional sense.
The increasing ubiquity of AI can be attributed to greater
processing power and the declining cost of achieving these tasks at
increased speeds. The adoption of AI has been so rapid that
stakeholders and market leaders in technology across industries can
no longer ignore it for long-term and sustained financial
growth.
DEFINITION OF TERMS
Artificial Intelligence (AI) refers to the simulation of human
intelligence in machines that are programmed to think like humans
and mimic their actions. AI is intelligence, demonstrated by
machines, unlike the natural intelligence displayed by humans and
animals, which involves consciousness and emotionality.
Artificial intelligence (AI) is a wide-ranging branch of
computer science concerned with building smart machines capable of
performing tasks that typically require human intelligence. In
simpler terms, it is making computers think like humans. The term
is used to describe machines that mimic cognitive functions such as
learning and problem solving.[1]
Business disruption refers to any
innovation within an industry that radically and lastingly changes
the way all companies in that industry operate.
Disruption in business causes radical shifts in industries by
offering unique, niche, more affordable, or untapped solutions to
old or new problems. Sometimes, disruption upends existing markets;
other times, it creates entirely new ones.
If you have ever thought about a piece of popular new software,
app, or tech-based product that has skyrocketed in use recently,
it’s likely that at some point, “you encountered it being described
as “disruptive”. An example that will readily come to mind is
Netflix, all other streaming services which are in the process of
an ongoing disruption in the entertainment industry which are
largely influenced by the slow extinction of video rental stores
and are now responsible for the ever-growing cancellation of cable
subscriptions worldwide.
CURRENT TRENDS IN ARTIFICIAL INTELLIGENCE
Technology has proven time and time again that it has come to
stay, from the advent of computers, to mobile phones, to
digitalization and now to Artificial Intelligence. The industry has
gone through various degrees of failures and successes and it has
finally picked up to the extent that it has started to affect and
transform our way of doing business.
AI has begun already to reshape our modes of doing business in
every major sector. AI is already being put to use to help with
making data based decisions and synthetization on a scale much
larger and faster than the human brain could accomplish. It has
come to assist and aid with easier and faster ways of running the
business and to increase productivity. Some of the ways AI is
disrupting business and increasing value are:
- Data Access
Data is allowing AI be more adaptable. Data access enabling
universality is one of the recent
Artificial Intelligence revolutions[1]. Reliable and accurate
information helps businesses shift to AI-powered automated decision
making. It has helped to cut cost of operation, labor saving
processes, and improved the research capacity of organizations.
Data management systems and AI work hand in hand. When AI
becomes fixed within and throughout the system, it has the
potential to improve database query accuracy and performance, and
to make maximum use of system resources, it is not limited. By
executing queries in a more efficient manner, enterprises can lower
the time taken to generate insight and improve business
decisions.
For example, developers of the autonomous car software can
access a lot of driving data without driving the vehicles. Soon, we
will witness a drastic increase in the application of Artificial
Intelligence in real-world situations. As AI becomes more
sophisticated, it will cause cost-effective and widespread
availability of crucial data.[2]
AI also helps in metadata repositories, that is the repository
that provides a consistent and reliable means of access to data. AI
powered programs can actively learn from expert user input and
suggest terms based on previous human actions. The system can
recognize the similarity between items in the data catalog and make
suggestions on business terms to be assigned.
- Market Prediction
Artificial Intelligence is going to assist businesses in the use
of information to prepare for outcomes and behaviors thus being
more proactive. The biggest AI trend in marketing in 2020, is
increasing focus on providing personalized services.
One of the most common ways that AI can do so, is through
analysis of the activity of individuals online by the use of
keywords. A business owner, for instance, may need insight on those
in a certain area who search for the services they provide.
One of the primary benefits AI offers in these scenarios is the
capability to provide real-time updates about your audience,
allowing you to better personalize the way you target them.
- Customization and Marketing
The use of AI is helping companies and business to be able to
personalize their services to their customers and to understand
clients and their preferences more, due to the use of data. One of
the primary benefits of AI, is that it is capable of providing real
time information about your clientele which would allow you as a
business owner to have more effective ways of targeting
them.[3]
One of the most common ways that AI can do so, is through
analyzing the online activity of individuals who search for certain
keywords. A restaurant, for instance, may need insight on the
demographic information associated with local customers who search
for foods they provide.
One of the primary benefits AI offers in these scenario is the
capability to provide real-time updates about your audience,
allowing you to better personalize the way you target them. Citing
Netflix again as an example, the streaming outlet uses AI
to keep their customer base interested by making movie
recommendations for their customers using their watching history or
search history.
- Boost Cybersecurity
AI could soon be integrated with Cybersecurity, enabling better
defense of data and networks from attacks and security solutions
for end-users. The ability of AI to analyze a lot of information
over a short period of time means threats can be detected a whole
lot faster and more accurately. From tracking and preventing
phishing, AI technology will boost the security abilities of all
systems. In the future, AI will be able to predict if a transaction
is fraudulent or not, thus preventing all types of cybercrimes, and
increasing the system’s vigilance.[4]
The ability to analyze massive amounts of data using AI can pave
a way for the development of systems capable of reducing cyber-
attacks. Some AI programs can be used to identify unwanted data and
noise which aid security experts to understand the cyber
environment in order to detect and correct abnormal activity.
Similarly, the implementation of AI for cyber security solutions
will help to protect organizations from existing cyber threats and
identify new types of malware.
This has become even more important given the fact that,
majority of our transactions are done over the internet, and it has
become essential that adequate tools are employed to prevent data
breach and protect our information.
CONCLUSION
These are some of the ways AI is causing disruptive innovation.
It is clear that, there is a disruption of what the market used to
be and creation of whole new market. Given a few years and not only
with the value given by AI have improved, it would also drastically
have changed the mode of operating businesses, delivering services
and customer relationship. It is important that as business owners
and professionals we begin to adapt and adopt the changes.
If left unchecked, these disruptions caused by AI may have
enormous consequences for societies. This is enough reason for
policymakers to look closely at technological progress; what it
means for their countries and how best to intervene. Policies are
needed to help workers adapt to the new reality and to ensure their
participation in the benefits arising from technology.
However, despite continuing advances in computer processing
speed and memory capacity, there are yet no programs that can match
human flexibility over wider domains or in tasks requiring much
everyday knowledge.
Mr. Oyetola Muyiwa Atoyebi, SAN is an
exceptional Technology lawyer and thought leader with over a
decade’s worth of experience in legal Practice and technology. He
has facilitated numerous transactions and given countless legal
opinions as regards tech in Nigeria, his outstanding performance
has attracted international recognitions and awards. He is the
youngest lawyer in Nigeria’s history to be conferred with the
highly coveted rank of a Senior Advocate of Nigeria (SAN).
He is the Managing Partner of OMAPLEX Law Firm,
an established law firm driven by Technology innovation. As an
expert in emerging areas of law practice, he has core competence in
information technology, cyber security, Fintech, Robotics and
Artificial intelligence. He is described to be the go-to person
when it comes to issues around tech.
The learned silk is best characterized as a diligent,
resourceful and yet humble individual who is revered for his highly
analytical and pragmatic approach to solving legal problems as well
as an unwavering commitment to achieving client goals. Indeed, his
hard work and dedication to his clientele sets him apart.
Beyond his interests in law, the learned silk is an avid golfer
and a tech enthusiast.
[1]
https://www.webopedia.com/definitions/ai/
[2]
https://www.analyticsinsight.net/artificial-intelligence-trends-in-2020/
[3]
https://www.analyticsinsight.net/artificial-intelligence-trends-in-2020/
[4]
https://www.ibm.com/downloads/cas/MGJ2DLQV