SHENZHEN, China, Feb. 10, 2021 /PRNewswire/ — Rather than focusing on artificial part of AI technology, we should also make the technology “accessible, affordable and actionable”, in order to create real business value and benefit all humankind, said Dr. Wanli Min, Founder and CEO of North Summit Capital, on February 9th, during a keynote at the Global M&A Conversation 2021 held by Mergermarket.
Joined by acquirers, investors, advisors and lenders around the world, the Mergermarket forum aims to help industry players to gain expert perspectives in terms of key drivers of future growth across all sectors – innovation, globalisation, sustainability and private capital, amid growing impact of the COVID-19 pandemic.
Served as former chief machine intelligence scientist at Alibaba Cloud, Dr. Min is one of the world’s leading experts on AI technology, with profound experience in smart city construction and other AI applications.
“Nowadays, with all those physical devices (traffic cameras etc.) in place in our cities, we’ve got all data streaming,” he said. “How would we turn that data collection into real action in a certain way that looks as if the city can think, can speak, and can take action?”
“That requires a city brain, to digest all the real-time input signals and turn them into actionable insights,” Dr. Min said, adding that this is his interpretation of AI.
From his perspective, in an era of “data inflation”, the deep value of enormous data resources hasn’t been utilized properly and people need to “monetize data before it’s too late”.
He went on by sharing an application of combined big data and cloud computing in Hangzhou, where Alibaba’s headquarter is located in China. In 2017, one of the city brain projects led by his team reduced the vehicle travel time by 30% and the average travel speed during the rush hour was increased by 50%.
At the end of 2018, the central business district area in the city, which is around 420 square kilometres, is covered with 1300 crossing signalized intersections which are automatically optimized by the AI technology. As a result, the total congestion index in the rush hour is reduced by 3.5%, according to Dr. Min’s presentation.
“All these achievements were done without any investment in hardware. It’s purely based on existing hardware with data streaming, with AI and big data,” said Dr. Min. “And this is what I meant by actionable insights.”
Similar practice have been deployed in Kuala Lumpur, Malaysia as well, where Dr. Min and his team designed a smart traffic light system for emergency vehicles, to help reduce the traffic time by as much as 50%.
“All these examples basically follow the same idea – once you have physical devices in place, the devices are supposed to collect dynamic data of the city,” he said. “And with dynamic data streaming in place, somebody has to deploy the smart algorithms, with computation power, in order to see what’s going on and to detect something going wrong.”
“By putting the computation power, the data acquisition and the use case together, we can see all the value creations, through which the city can transform from a sensor network to an intelligent place,” he added.
“And finally, the winner is everyone – all citizens in the city, and also the governor authorities, who will have more resources to offer better services to citizens. Collectively, that’s the value creation driven by data, and it’ll give us the best place to live, as well as the best value in common.”
About North Summit Capital
North Summit Capital is a tech-intrinsic investment firm, offering resourceful capital and domain-specific AI solutions for the digital transformation of the traditional industries. The mission of North Summit Capital is “to advance inclusive technology for social good”. It is a solution + capital model to make AI as actionable, accessible, and affordable intelligence. www.northsummitcapital.com
SOURCE North Summit Capital