Davos: Various sectors worldwide are increasingly leveraging artificial intelligence (AI) as a tool to effectively reduce costs and promote growth, according to Andrew Ng, founder of DeepLearning.AI. Ng shared his insights during the 55th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, emphasizing the transition from AI hype to practical applications.

According to Anadolu Agency, Ng highlighted that organizations are increasingly focusing on identifying valuable AI applications and implementing them. He shared examples from his own firm, where AI is used to improve fuel efficiency in ships, resulting in significant cost savings, and to assist healthcare professionals in India with diagnostics. He emphasized the widespread impact of AI across various sectors and the critical role of ethical considerations in AI deployment.

Ng pointed out that ethical standards for AI vary by sector, with different requirements in healthcare compared to banking. This necessitates careful planning to ensure safe and ethical outcomes, including risk assessments and mitigations to prevent potential issues.

He also addressed the financial demands of developing large AI models, noting that the US and China currently lead in this area. However, many companies provide free access to these models, allowing other countries to innovate by building applications on existing AI frameworks. Ng cited examples of AI applications in legal document analysis and cross-border trade facilitation.

Ng concluded by noting that numerous opportunities exist for companies to innovate and invest in new ventures, driving growth through AI applications. He stressed the importance of refining internal innovation processes to capitalize on these opportunities.