It’s swallowed billions of dollars, but has AI lived up to the hype?

livemint.com:

AI will likely be replacing low-wage jobs with expensive technologies and lack of reliability, as of now. “Unless there is RoI, companies will not invest. But we believe every business will be an AI business in future.

Voice assistants are improving, and can also analyze conversations at scale. We do see adoption going up," said Ganesh Gopalan, chief executive and co-founder, Gnani.ai. Set up by a group of former Texas Instruments engineers, Gnani.ai is a conversational AI platform backed by Samsung Ventures.

To be fair, technology disruptions are not easy and geeks tend to oversell ideas saying they will change the world. “A lot of people will lose money before they start making money," Nishit Garg, partner, RTP Global Asia, an early-stage venture capital firm, toldMint. “This happens with every disruption we have seen, in cloud, internet and e-commerce.

AI is going to raise the intelligence level of every organization. But before that happens it has to be affordable to use and error free." RTP Global has invested in a few AI-led ventures, in areas such as market automation and drug development. The internet, cloud, smartphones went through that hype cycle of lofty promises but eventually did improve and changed the way we work.

Proponents argue that it takes a lot of money to set up infrastructure. For instance, it took billions of dollars to set up mobile networks before calls could be made. Back in 1905, Spanish-American philosopher George Santayana wrote: “Those who cannot remember the past are condemned to repeat it".