The result of the collaboration is the Siemens Industrial Copilot, a powerful AI assistant designed to enhance collaboration between humans and machines in the manufacturing sector. The tool enables rapid generation, optimisation, and debugging of complex automation code, significantly reducing simulation times from weeks to minutes.

At the core of this collaboration is the integration of Siemens Industrial Copilot with Microsoft Teams, connecting design engineers, frontline workers, and various teams across business functions. This integration simplifies virtual collaboration, empowering professionals with new AI-powered tools and simplifying tasks that previously required extensive time and effort.

Empowering industries with Generative AI

Satya Nadella, Chairman and CEO of Microsoft, expressed the immense potential of this collaboration, stating: “With this next generation of AI, we have a unique opportunity to accelerate innovation across the entire industrial sector.”

Siemens CEO Roland Busch echoed this sentiment; emphasising the revolutionary impact on design, development, manufacturing, and operations.

The companies envision AI copilots becoming integral in industries such as manufacturing, infrastructure, transportation, and healthcare.

Schaeffler AG – a leading automotive supplier – is already embracing generative AI, enabling engineers to generate reliable code for industrial automation systems. Siemens Industrial Copilot will work to reduce downtimes.

Facilitating virtual collaboration

To facilitate virtual collaboration, Siemens and Microsoft are launching Teamcenter for Microsoft Teams; an application that utilises generative AI to connect functions across the product design and manufacturing lifecycle.

This integration will allow millions of workers who previously lacked access to Product Lifecycle Management (PLM) tools to contribute seamlessly to the design and manufacturing processes.

The collaboration between Microsoft and Siemens looks set to be an excellent case study of how AI empowers industries and professionals, revolutionising traditional workflows and fostering global innovation.

(Photo by Sezer Arslan on Unsplash)

See also: Bob Briski, DEPT®:  A dive into the future of AI-powered experiences

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with IoT Tech Expo and Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

The post Microsoft and Siemens revolutionise industry with AI-powered Copilot appeared first on AI News.

At the core of DEPT®’s approach is the strategic utilisation of large language models. Briski articulated the delicate balance between the ‘pioneering’ and ’boutique’ ethos encapsulated in their tagline, “pioneering work on a global scale with a boutique culture.”

While ‘pioneering’ and ’boutique’ evokes innovation and personalised attention, ‘global scale’ signifies the broad outreach. DEPT® harnesses large language models to disseminate highly targeted, personalised messages to expansive audiences. These models, Briski pointed out, enable DEPT® to comprehend individuals at a massive scale and foster meaningful and individualised interactions.

“The way that we have been using a lot of these large language models is really to deliver really small and targeted messages to a large audience,” says Briski.

However, the integration of AI into various domains – such as retail, sports, education, and healthcare – poses both opportunities and challenges. DEPT® navigates this complexity by leveraging generative AI and large language models trained on diverse datasets, including vast repositories like Wikipedia and the Library of Congress.

Briski emphasised the importance of marrying pre-trained data with DEPT®’s domain expertise to ensure precise contextual responses. This approach guarantees that clients receive accurate and relevant information tailored to their specific sectors.

“The pre-training of these models allows them to really expound upon a bunch of different domains,” explains Briski. “We can be pretty sure that the answer is correct and that we want to either send it back to the client or the consumer or some other system that is sitting in front of the consumer.”

One of DEPT®’s standout achievements lies in its foray into the web3 space and the metaverse. Briski shared the company’s collaboration with Roblox, a platform synonymous with interactive user experiences. DEPT®’s collaboration with Roblox revolves around empowering users to create and enjoy user-generated content at an unprecedented scale. 

DEPT®’s internal project, Prepare to Pioneer, epitomises its commitment to innovation by nurturing embryonic ideas within its ‘Greenhouse’. DEPT® hones concepts to withstand the rigours of the external world, ensuring only the most robust ideas reach their clients.

“We have this internal project called The Greenhouse where we take these seeds of ideas and try to grow them into something that’s tough enough to handle the external world,” says Briski. “The ones that do survive are much more ready to use with our clients.”

While the allure of AI-driven solutions is undeniable, Briski underscored the need for caution. He warns that AI is not inherently transparent and trustworthy and emphasises the imperative of constructing robust foundations for quality assurance.

DEPT® employs automated testing to ensure responses align with expectations. Briski also stressed the importance of setting stringent parameters to guide AI conversations, ensuring alignment with the company’s ethos and desired consumer interactions.

“It’s important to really keep focused on the exact conversation you want to have with your consumer or your customer and put really strict guardrails around how you would like the model to answer those questions,” explains Briski.

In December, DEPT® is sponsoring AI & Big Data Expo Global and will be in attendance to share its unique insights. Briski is a speaker at the event and will be providing a deep dive into business intelligence (BI), illuminating strategies to enhance responsiveness through large language models.

“I’ll be diving into how we can transform BI to be much more responsive to the business, especially with the help of large language models,” says Briski.

As DEPT® continues to redefine digital paradigms, we look forward to observing how the company’s innovations deliver a new era in AI-powered experiences.

DEPT® is a key sponsor of this year’s AI & Big Data Expo Global on 30 Nov – 1 Dec 2023. Swing by DEPT®’s booth to hear more about AI and LLMs from the company’s experts and watch Briski’s day one presentation.

The post Bob Briski, DEPT®:  A dive into the future of AI-powered experiences appeared first on AI News.

This momentous agreement – signed in a ceremony at SK Seorin Building, Seoul – marks the culmination of discussions initiated by the Global Telco AI Alliance, a consortium launched in July 2023 by SK Telecom, Deutsche Telekom, E&, and Singtel.

This innovative partnership aims to create a telco-specific LLM that empowers global telcos to effortlessly and rapidly construct generative AI models. With a focus on multilingual capabilities (including German, English, and Korean), this LLM is designed to enhance customer services—particularly in areas like AI-powered contact centres.

Claudia Nemat, Member of the Board of Management for Technology and Innovation at Deutsche Telekom, said:

“AI shows impressive potential to significantly enhance human problem-solving capabilities.

To maximise its use, especially in customer service, we need to adapt existing large language models and train them with our unique data. This will elevate our generative AI tools.”

The collaboration also involves key AI industry players, such as Anthropic (Claude 2) and Meta (Llama2), enabling the co-development of a sophisticated LLM.

Anticipated to debut in the first quarter of 2024, the new telco-focused LLM will offer a deeper understanding of telecommunication service-related areas and customer intentions that surpass the capabilities of general LLMs.

One of the primary objectives of this collaboration is to assist telcos worldwide in developing flexible generative AI services, including AI agents. By streamlining the process of building AI-driven solutions like contact centres, telcos can save time and costs and open new avenues for business growth and innovation.

Ryu Young-sang, CEO of SK Telecom, commented:

“Through our partnership with Deutsche Telekom, we have secured a strong opportunity and momentum to gain global AI leadership and drive new growth.

By combining the strengths and capabilities of the two companies in AI technology, platform, and infrastructure, we expect to empower enterprises in many different industries to deliver new and higher value to their customers.”

This collaboration signifies a proactive response to the escalating demand for AI solutions within the telco industry, promising a paradigm shift in the traditional telecommunications landscape. The announcement follows SK Telecom’s $100 million investment in Anthropic in August.

See also: UMG files landmark lawsuit against AI developer Anthropic

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

The post Deutsche Telekom and SK Telecom partner on telco-focused LLM appeared first on AI News.

According to a study conducted by BSI, 54 percent of UK respondents expressed excitement about AI’s potential to revolutionise medical diagnoses and 43 percent welcomed AI’s role in reducing food waste. However, there is a prevailing lack of trust.

This scepticism could hinder the integration of AI technologies in the NHS, which is currently grappling with challenges like the COVID-19 backlog and an ageing population. Almost half of Britons (49%) support the use of AI to alleviate pressure on the healthcare system and reduce waiting times. However, only 20 percent have more confidence in AI than humans in detecting food contamination issues.

The study also highlighted a pressing need for education, as 65 percent of respondents felt patients should be informed about the use of AI tools in diagnosis or treatment. 37 percent of respondents expect to use AI regularly in medical settings by 2030.

Craig Civil, Director of Data Science and AI at BSI, said:

“The magnitude of ways AI can shape the UK’s future means we are seeing some degree of hesitation of the unknown. This can be addressed by developing greater understanding and recognition that human involvement will always be needed if we are to make the best use of this technology, and by ensuring we have frameworks that are in place to govern its use and build trust.

Now is the moment for the UK to collaborate to balance the great power of this tool with the realities of actually using it in a credible, authentic, well-executed, and well-governed way.

Closing the confidence gap and building the appropriate checks and balances can enable us to make not just good but great use of AI in every area of life and society.”

60 percent believed consumers needed protections regarding AI technologies. The study also revealed that 61 percent of Britons are calling for international guidelines to ensure the safe use of AI. This demand reflects a global sentiment, with 50 percent of respondents highlighting the need for ethical safeguards on patient data use.

Harold Pradal, Chief Commercial Officer at BSI, commented:

“AI is a transformational technology. For it to be a powerful force for good, trust needs to be the critical factor. There is a clear opportunity to harness AI to drive societal impact, change lives, and accelerate progress towards a better future and a sustainable world.

Closing the AI confidence gap is the first necessary step, it has to be delivered through education to help realise AI’s benefits and shape Society 5.0 in a positive way.”

The study’s findings are a call to action for the UK, urging collaboration and the establishment of frameworks to govern AI’s use.

The UK Government, recognising the importance of safe AI implementation, is set to host a global AI Safety Summit at the historic Bletchley Park on 1-2 November 2023. BSI is an official partner for the much-anticipated event.

(Photo by Suad Kamardeen on Unsplash)

See also: UK reveals AI Safety Summit opening day agenda

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

The post BSI: Closing ‘AI confidence gap’ key to unlocking benefits appeared first on AI News.

Dimon expressed his belief that AI has the potential to revolutionise every aspect of JPMorgan’s operations, from trading and hedging to research and error detection. He described AI as a “living, breathing thing,” capable of transforming traditional processes and augmenting human capabilities.

Dimon’s enthusiasm for AI is grounded in its current applications within JPMorgan. He revealed that AI is already extensively used in equity hedging, idea generation, and large language models.

Despite the ongoing debate about the impact of AI on employment, Dimon remains pragmatic. He acknowledged that AI will replace certain jobs, but he emphasised that technology has historically led to job displacement and this evolution is a natural part of progress.

One of Dimon’s main concerns about AI technology revolves around its potential misuse by malicious actors, especially in cyberspace. He stressed the importance of establishing legal safeguards to prevent the misuse of AI.

Despite these concerns, Dimon remains optimistic about the positive impact of AI on the workforce and society. He highlighted the benefits of other technological breakthroughs, many of which can be further enhanced using AI.

“Your children will live to 100 and not have cancer because of technology, and they’ll probably be working three days a week. So technology’s done unbelievable things for mankind,” said Dimon.

Dimon outlined JPMorgan’s proactive approach to potential job displacement caused by AI implementation. He expressed the firm’s commitment to supporting employees who might be affected, stating that they plan to redeploy displaced workers in local branches or different functions within the company.

Dimon’s forward-thinking approach highlights the transformative power of AI in shaping the future of finance and other industries. However, it also reiterates the need for consideration of how to minimise negative impacts such as job displacement.

(Image Credit: Stuart Isett/Fortune Global Forum under CC BY-NC-ND 2.0 DEED license)

See also: Cyber Security & Cloud Expo: The alarming potential of AI-powered cybercrime

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

The post JPMorgan CEO: AI will be used for ‘every single process’ appeared first on AI News.

The operationalisation of data projects has been a key factor in helping organisations turn a data deluge into a workable digital transformation strategy, and DataOps carries on from where DevOps started. But there is a further Gartner warning: organisations who lack a sustainable data and analytics operationalisation framework by 2024 will see their initiatives set back by up to two years.

Operationalisation needs good orchestration to make it work, as Basil Faruqui, director of solutions marketing at BMC, explains. “If you think about building a data pipeline, whether you’re doing a simple BI project or a complex AI or machine learning project, you’ve got data ingestion, data storage and processing, and data insight – and underneath all of those four stages, there’s a variety of different technologies being used,” explains Faruqui. “And everybody agrees that in production, this should be automated.”

This is where Control-M from BMC, and in particular BMC Helix Control-M comes in. Control-M has been an integral part of many organisations for upwards of three decades, enabling businesses to run hundreds of thousands of batch jobs daily and help optimise complex operations such as supply chain management. But an increasingly complex technological landscape, across on-premises to cloud, as well as a greater usage of SaaS-based orchestration alongside consumption, made it a no-brainer to launch BMC Helix Control-M in 2020.

“CRMs and ERPs had been going the SaaS route for a while, but we started seeing more demands from the operations world for SaaS consumption models,” explains Faruqui.

The upshot of being a mature company – BMC was founded in 1980 – is that many customers have simply extended Control-M into more modern use cases. One example of a large organisation – and long-standing BMC customer – running an extremely complex supply chain is food manufacturer Hershey’s.

Apart from the time-sensitive necessity of running a business with perishable, delicate goods, the company has significantly adopted Azure, moving some existing ETL applications to the cloud, while Hershey’s operations are built on a complex SAP environment. Amid this infrastructure Control-M, in the words of Hershey’s analyst Todd Lightner, ‘literally runs our business.’

Faruqui returns to the stages of data ingestion, storage, processing, and insight to explain how Hershey’s would tackle a significant holiday campaign, or decide where to ship product. “It’s all data driven,” Faruqui explains. “They’re ingesting data from lots of systems of record, that are ingesting data from outside of the company; they’re pulling all that into massive data lakes where they’re running AI and ML algorithms to figure out a lot of these outcomes, and feeding into the analytics layer where business executives can look at dashboards and reports to make important decisions.

“They’re a really good example of somebody who has used orchestration and automation with Control-M as a strategic option for them,” adds Faruqui.

Yet this leads into another important point. DataOps is an important part of BMC’s strategy, but it is not the only part. “Data pipelines are dependent on a layer of applications both above and below them,” says Faruqui. “If you think about Hershey’s, trying to figure out what kind of promotion they should run, a lot of that data may be coming from SAP. And SAP is not a static system; it’s a system that is constantly being updated with workflows.

“So how does the data pipeline know that SAP is actually done and the data is ready for the data pipeline to start? And when they figure out the strategy, all that information needs to go back to SAP because the ordering of raw materials and everything is not going to happen in the data pipeline, it’s going to happen in ERPs,” adds Faruqui.

“So Control-M is able to connect across this layer, which is different from many of the tools that exist in the DataOps space.”

Faruqui is speaking at the AI & Big Data Expo Europe in Amsterdam in September around how orchestration and operationalisation is the next step in organisations’ DataOps journeys. So expect not only stories and best practices on what a successful journey looks like, and how to create data pipeline orchestration across hybrid environments combining multiple clouds with on-prem, but also a look at the future – and according to Faruqui, the complexity is only going one way.

“I think one of the things that will continue to be challenging is there’s just lots of different tools and capabilities that are coming up in the AI and ML space,” he explains. “If you look at AWS, Azure, Google, and you go to their website, and you click on their AI/ML offerings, it is quite extensive, and every event they do, they announce new capabilities and services. So that’s on the vendor side.

“On the customer side, what we’re seeing is they want to rapidly test and figure out which [tools] are going to be of use to them,” Faruqui adds. “So as an orchestration vendor, and orchestration in general within DataOps, this is both the challenge and the opportunity.

“The challenge is you’re going to have to keep up with this because orchestration doesn’t work if you can’t integrate into something new – but the opportunity here is that our customers are asking for this.

“They don’t want to have to reinvent the orchestration wheel every time they go and adopt new technology.”

Photo by Larisa Birta on Unsplash

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

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Dowden highlighted AI’s dual role, emphasising its capacity to augment productivity and streamline mundane tasks. However, he also put the spotlight on the looming threats it poses to democracies worldwide.

in an interview with The Times, Mr Dowden said: “This is a total revolution that is coming. It’s going to totally transform almost all elements of life over the coming years, and indeed, even months, in some cases.

“It is much faster than other revolutions that we’ve seen and much more extensive, whether that’s the invention of the internal combustion engine or the industrial revolution.”

Already making inroads into governmental processes, AI has been adopted for processing asylum claim applications within the UK’s Home Office. The potential for AI-driven automation also extends to reducing paperwork burdens in ministerial decision-making, ultimately enabling swifter and more efficient governance.

Sridhar Iyengar, Managing Director for Zoho Europe, commented:

“As AI continues to develop at a rapid pace, collaboration between government, business, and industry experts is needed to increase education and introduce regulations or guidelines which can guide its ethical use.

Only then can businesses confidently use AI in the right way and understand how to avoid any negative impact.”

While AI can expedite information analysis and facilitate decision-making, Dowden emphasised that the crucial task of making policy choices remains squarely within the human domain. He stressed that the objective is to utilise AI for tasks that it excels at – such as data collation – to facilitate informed decision-making by human leaders.

Discussing the broader economic implications of the AI revolution, Dowden likened the impending shift to the advent of the automobile. He recognised the potential for significant workforce upheaval and asserted that the government’s responsibility lies in aiding citizens’ transition as AI reshapes industries.

Sheila Flavell CBE, COO of FDM Group, explained:

“In order to truly maximise the potential of AI, the UK must prioritise a workforce of technically skilled staff capable of leading the development and deployment of AI to work alongside staff and make their day-to-day roles easier.

People such as graduates, ex-forces and returners are well-placed to play a central role in this workforce through education courses and training in AI, supporting businesses with this rapidly-evolving technology.”

Dowden acknowledged the inherent risks posed by AI’s exponential growth. He warned of the potential for AI to be exploited by malicious actors—ranging from terrorists using it to gain knowledge of dangerous materials, to conducting large-scale hacking operations. 

Referring to a recent breach that exposed the personal details of thousands of officers and staff from the Police Service of Northern Ireland, Dowden said the incident was an “industrial scale breach of data” that was made possible by AI.

Andy Ward, VP of International for Absolute Software, said:

“We are in the midst of an AI revolution and for all the business benefits that AI brings, however, we must also be wary of the potential cybersecurity concerns that come with any new technology.

AI can be used to positive effect when bolstering cyber defences, playing a role in threat detection through data and pattern analysis to identify certain attacks, but we have to acknowledge that malicious actors also have access to AI to increase the sophistication of their threats.“

While urging a measured response to potential AI-driven threats, Dowden emphasised the importance of addressing risks and vulnerabilities proactively. He stressed the need to strike a balance between harnessing AI’s immense potential for societal progress and ensuring that safeguards are in place to counter its misuse.

Earlier this year, the UK announced that it will host a global summit to address AI risks.

(Image Credit: UK Government under CC BY 2.0 license)

See also: Google report highlights AI’s impact on the UK economy

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with Cyber Security & Cloud Expo and Digital Transformation Week.

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The post UK Deputy PM: AI is the most ‘extensive’ industrial revolution yet appeared first on AI News.

The announcement, made by Technology Secretary Michelle Donelan, marks a major step forward in harnessing the potential of AI in revolutionising healthcare. The investment will empower 22 winning projects across universities and NHS trusts, from Edinburgh to Surrey, to drive innovation and transform patient care.

Dr Antonio Espingardeiro, IEEE member and software and robotics expert, comments:

“As it becomes more sophisticated, AI can efficiently conduct tasks traditionally undertaken by humans. The potential for the technology within the medical field is huge—it can analyse vast quantities of information and, when coupled with machine learning, search through records and infer patterns or anomalies in data, that would otherwise take decades for humans to analyse.

We are just starting to see the beginning of a new era where machine learning could bring substantial value and transform the traditional role of the doctor. The true capabilities of this technology as an aide to the healthcare sector are yet to be fully realised. In the future, we may even be able to solve of some of the biggest challenges and issues of our time.

One of the standout projects receiving funding is the University College London’s Centre for Interventional and Surgical Sciences. With a grant exceeding £500,000, researchers aim to develop a semi-autonomous surgical robotics platform designed to enhance the removal of brain tumours. This pioneering technology promises to elevate surgical outcomes, minimise complications, and expedite patient recovery times.

“With the increased adoption of AI and robotics, we will soon be able to deliver the scalability that the healthcare sector needs and establish more proactive care delivery,” added Espingardeiro.

University of Sheffield’s project, backed by £463,000, is focused on a crucial aspect of healthcare – chronic nerve pain. Their innovative approach aims to widen and improve treatments for this condition, which affects one in ten adults over 30.

The University of Oxford’s project, bolstered by £640,000, seeks to expedite research into a foundational AI model for clinical risk prediction. By analysing an individual’s existing health conditions, this AI model could accurately forecast the likelihood of future health problems and revolutionise early intervention strategies.

Meanwhile, Heriot-Watt University in Edinburgh has secured £644,000 to develop a groundbreaking system that offers real-time feedback to trainee surgeons practising laparoscopy procedures, also known as keyhole surgeries. This technology promises to enhance the proficiency of aspiring surgeons and elevate the overall quality of healthcare.

Finally, the University of Surrey’s project – backed by £456,000 – will collaborate closely with radiologists to develop AI capable of enhancing mammogram analysis. By streamlining and improving this critical diagnostic process, AI could contribute to earlier cancer detection.

Ayesha Iqbal, IEEE senior member and engineering trainer at the Advanced Manufacturing Training Centre, said:

“The emergence of AI in healthcare has completely reshaped the way we diagnose, treat, and monitor patients.

Applications of AI in healthcare include finding new links between genetic codes, performing robot-assisted surgeries, improving medical imaging methods, automating administrative tasks, personalising treatment options, producing more accurate diagnoses and treatment plans, enhancing preventive care and quality of life, predicting and tracking the spread of infectious diseases, and helping combat epidemics and pandemics.”

With the UK healthcare sector already witnessing AI applications in improving stroke diagnosis, heart attack risk assessment, and more, the £13 million investment is poised to further accelerate transformative healthcare breakthroughs.

Health and Social Care Secretary Steve Barclay commented:

“AI can help the NHS improve outcomes for patients, with breakthroughs leading to earlier diagnosis, more effective treatments, and faster recovery. It’s already being used in the NHS in a number of areas, from improving diagnosis and treatment for stroke patients to identifying those most at risk of a heart attack.

This funding is yet another boost to help the UK lead the way in healthcare research. It comes on top of the £21 million we recently announced for trusts to roll out the latest AI diagnostic tools and £123 million invested in 86 promising tech through our AI in Health and Care Awards.”

However, the announcement was made the same week as NHS waiting lists hit a record high. Prime Minister Rishi Sunak made reducing waiting lists one of his five key priorities for 2023 on which to hold him “to account directly for whether it is delivered.” Hope is being pinned on technologies like AI to help tackle waiting lists.

This pivotal move is accompanied by the nation’s preparations to host the world’s first major international summit on AI safety, underscoring its commitment to responsible AI development.

Scheduled for later this year, the AI safety summit will provide a platform for international stakeholders to collaboratively address AI’s risks and opportunities.

As Europe’s AI leader, and the third-ranking globally behind the USA and China, the UK is well-positioned to lead these discussions and champion the responsible advancement of AI technology.

(Photo by National Cancer Institute on Unsplash)

See also: BSI publishes guidance to boost trust in AI for healthcare

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The event is co-located with Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

The post UK commits £13M to cutting-edge AI healthcare research appeared first on AI News.

Gensler, who has been vocal about the risks and challenges posed by the cryptocurrency industry, now believes that AI is the technology that “warrants the hype” and deserves greater attention from regulators.

Gensler’s interest in AI dates back to 1997 when he became intrigued by the technology after witnessing Russian chess grandmaster Garry Kasparov’s infamous loss to IBM’s supercomputer, Deep Blue.

As an MIT professor, Gensler delved deeper into the study of AI, co-authoring a significant paper in 2020 that highlighted the risks posed by deep learning in the financial system.

His concern over the potential implications of mass automation using AI in the finance sector has led him to reevaluate regulatory approaches. Gensler believes that while AI can bring immense benefits to financial firms and their clients through enhanced predictive capabilities, it also carries significant risks that need to be addressed.

“Mass automation can have cascading implications for trillions of dollars in assets that trade on markets overseen by the SEC,” warns Gensler.

One of Gensler’s key concerns is the potential use of AI to obscure responsibility and accountability when things go wrong. Coordinating AI models among major trading houses could lead to increased market volatility and instability, a phenomenon that current regulatory regimes might not be equipped to manage.

As a result, Gensler has taken a proactive step by proposing one of the first regulatory frameworks for AI in the finance industry. His proposal requires trading houses and money managers to carefully evaluate their use of AI and predictive data to identify any conflicts of interest, especially when the interests of clients clash with company profits.

However, this shift in focus does not mean the SEC is easing its crackdown on cryptocurrencies.

Under Gensler’s leadership, the SEC has actively pursued legal action against major crypto firms like Ripple, Binance, and Coinbase. Several lawsuits are currently pending, signalling that the SEC remains committed to enforcing its actions against cryptocurrency companies that engage in scams and fraudulent activities.

Gensler’s emphasis on AI comes at a crucial time when the technology is making rapid strides in automating various financial processes.

While AI holds tremendous promise in revolutionising the industry, its unchecked growth could also lead to unforeseen challenges. By directing the SEC’s attention towards AI, Gensler aims to strike a balance between promoting innovation and safeguarding market integrity and investor interests.

(Photo by Petri Heiskanen on Unsplash)

See also: AI Act: The power of open-source in guiding regulations

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The event is co-located with Blockchain Expo.

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The guidance, titled ’Validation framework for the use of AI within healthcare – Specification (BS 30440),’ aims to bolster confidence among clinicians, healthcare professionals, and providers regarding the safe, effective, and ethical development of AI tools.

As the global debate on the appropriate use of AI continues, this auditable standard targets products primarily designed for healthcare interventions, diagnoses, and health condition management.

Jeanne Greathouse, Global Healthcare Director at BSI, said:

“This standard is highly relevant to organisations in the healthcare sector and those interacting with it. As AI becomes the norm, it has the potential to be transformative for healthcare.

With the onset of more innovative AI tools, and AI algorithms’ ability to digest and accurately analyse copious amounts of data, clinicians and health providers can efficiently make informed diagnostic decisions to intervene, prevent, and treat diseases, ultimately improving patients’ quality of life.”

According to forecasts, the global healthcare AI market is expected to surpass $187.95 billion by 2030. However, healthcare providers and clinicians may face challenges in assessing AI products due to time and budget constraints or a lack of in-house capabilities. 

The BS 30440 specification seeks to aid decision-making processes by providing criteria for evaluating healthcare AI products, including clinical benefit, performance standards, safe integration into clinical environments, ethical considerations, and equitable social outcomes.

The standard covers a wide range of healthcare AI products, including regulated medical devices like software used for medical purposes, imaging software, patient-facing products like AI-powered smartphone chatbots, and home monitoring devices. It applies to products and technologies utilising AI elements – including machine learning – and is relevant to both AI system suppliers and product auditors.

The development of this specification involved collaboration among a panel of experts, including clinicians, software engineers, AI specialists, ethicists, and healthcare leaders. The guidance draws from existing literature and best practices, translating complex functionality assessments into an auditable framework for AI system conformity.

Healthcare organisations will be able to mandate BS 30440 certification in their procurement processes to ensure adherence to these recognized standards.

Scott Steedman, Director General for Standards at BSI, commented:

“The new guidance can help build digital trust in cutting-edge tools that represent enormous potential benefit to patients, and the professionals diagnosing and treating them.

AI has the potential to shape our future in a positive way and we all need confidence in the tools being developed, especially in healthcare.

This specification, which is auditable, can help guide everyone from doctors to healthcare leaders and patients to choose AI products that are safe, effective, and ethically produced.”

The specification addresses the need for an agreed validation framework for AI development and clinical evaluation in healthcare. It builds on a framework initially piloted at Guy’s and St. Thomas Cancer Centre and later revised through discussions with stakeholders involved in AI and machine learning.

With the publication of this guidance, BSI seeks to instil confidence in AI products used in healthcare and empower doctors, healthcare leaders, and patients to make informed and ethical choices for improved patient care and overall societal benefit.

As AI continues to shape the future of healthcare, adherence to recognised standards will play a vital role in ensuring the safe and effective integration of AI technologies in medical practice.

(Photo by Owen Beard on Unsplash)

See also: AI regulation: A pro-innovation approach – EU vs UK

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The event is co-located with Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

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