Editor's note : Author Wang Yingxi is currently the head of business development for DataVisor, an artificial intelligence anti-fraud company in Silicon Valley. He previously worked for Pebble and Misfit in the smart hardware sector, where they were responsible for the data team and the Asian market. During his Ph.D. at New York University's Stern School of Business, he helped a number of startups in New York conduct data modeling.
Artificial intelligence is a hot topic in the whole society today. All walks of life are concerned because it has great potential to transform the entire market and industry. As an entrepreneur in the AI ​​field, I think there are several explosive opportunities that AI entrepreneurs need to grasp.
Targeting huge markets, especially traditional industriesSuccessful startups can effectively optimize existing industries with artificial intelligence. For example, Citrine InformaTIcs helps artificially save at least half the time and expense of industrial production and new material development by using artificial intelligence to predict changes in materials and chemistry. Goldman Sachs has used automated software for currency trading and found that a computer engineer can replace four traders. The McKinsey Global Institute said in a January report that 43% of work in finance and insurance could be replaced by automation. .
Focus on areas of repetitive work and heavy manual participationAn industry with more manual interventions means that there are opportunities to optimize and automate with complex prediction algorithms. For example, legal affairs, accounting, and art work in the company will become the first industries to be changed by artificial intelligence. The Israeli company LawGeex used the artificial intelligence review contract, and JP Morgan also developed intelligent legal software that can process files processed by ordinary lawyers within 360,000 hours in a matter of seconds. Recently, we have also seen the emergence of artificial intelligence tools that can assist in art design and music creation.
New computing platforms such as the Internet of ThingsIn the past few years, the next generation of computing platforms centered on the Internet of Things and VR/AR has developed very rapidly, and new data collection and application scenarios have created a huge opportunity for artificial intelligence applications. For example, KONUX, a smart sensor and data analysis platform company in Munich, Germany, is saving more than one-third of infrastructure maintenance costs for the world's largest German federal railway company.
Compliance and anti-fraud in the financial sectorIn all financial enterprise services, compliance and anti-fraud are often seen as a thankless back office. On the one hand, if there are any loopholes, it will cause huge losses to the company. On the other hand, if the company wants to pass the strict policy review criteria, it must continue to carry out a large number of manual review and rule system updates. For example, anti-money laundering is a very good example. Every year, the world's major banks have about $1 billion in anti-money laundering related expenses. Even so, it can't be foolproof. Since 2008, only JP Morgan Chase has paid more than 36 billion US dollars in fines to the regulatory authorities. Since 2017, there have been Western Union remittances and Deutsche Bank, respectively, because of anti-money laundering He was fined nearly $600 million and over $400 million.
Voice and image applications in the enterpriseSemantic and visual understanding is the two fastest growing areas of artificial intelligence, which is mainly due to the popularity of deep neural networks (DNN) and the rapid development of the generation of confrontation networks (GAN). The vertical application of these two semantic and visual understanding areas in the enterprise, I think it will also be the first vertical application opportunity for artificial intelligence. For example, the Chorus platform uses speech recognition, natural language processing, and artificial intelligence to transcribe and analyze the content of sales calls to enhance the company's sales capabilities. HyperScience automates document management based on computer vision technology, helping large enterprises and government organizations accelerate the process of background processing.
Medical, financial and educationThe opportunity for artificial intelligence is self-evident, but I want to say that in addition to algorithms, we must pay attention to the barriers to competition established by the network effect of data. More and more algorithms will be open source in the future, which makes the network effect of data accumulation become the core of the company's success or failure. The startup company needs to improve the accuracy of the model and create a moat through input and feedback to the system.
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