Artificial intelligence has morphed from a cinematic fantasy to an integral part of society today. As AI becomes more immersed in every aspect of human existence, the implications and potential uses of the technology continues to grow.
In the not too distant future, AI will become a mainstream function similar to the internet, electricity, and other technological innovations.
The impact of AI on businesses will cause a dramatic shift in corporate strategy and career choices. 83% of corporations claim that AI is a strategic priority for business, and 75% believe AI will allow for new business ventures and opportunities.
The question is whether AI will lead to a Utopian society or if the potential ramifications of technological immersion will lead to social uprising and backlash. As we peek into the near future, AI has the potential to have a profound societal impact in several ways.
AI and Automation in Business
AI was initially a conceptual vision only seen in movies. As we further move into the twenty-first century, more businesses are implementing the technology into various aspects of their corporate structure.
Data analytics, automation, and natural language processing are just a few of the applications being used to streamline business operations and eliminate inefficiencies. Since the dawn of time, mundane, repetitive duties have plagued businesses causing valuable resources to be eaten up by menial tasks. AI can help manage simple functions freeing up human capital and increasing workplace efficiency.
Machine learning algorithms are being increasingly used in the financial services sector to track logs of thousands of transactions. Retailers use data analytics as a means of tracking personal consumer data helping to drive sales.
AI will even become involved in decision-making functions such as hiring, firing, and the handling of legal issues. As more companies compile large databases of information, they will use data to enhance operational efficiencies.
AI Job Creation
Technological skeptics wonder if AI immersion could lead to unemployment and social deficiencies. The opposite seems to be true, as AI has the potential to create a massive influx of data-driven professions.
According to a recent report by the World Economic Forum (WEF), artificial intelligence is set to create 58 million jobs by 2022.
Although select professions may experience job loss due to automated technology, other careers look to be on the rise. Skill-driven occupations such as data analysts, software developers, and data scientists will experience a steep increase in job demand due to new technologies. Businesses must take a proactive approach to this shift in skillset to help facilitate workplace transformations. Existing employees must be retrained as necessary while new ones will be hired to address the skills gap in emerging tech opportunities.
Increased Use of AI Assistants
It’s no secret that AI consumer technologies such as Siri, Alexa, and Google Assistant have had a dramatic impact on daily life. More people than ever are using these AI tools to order dinner, plan events, or change their music selection.
AI smart speaker ownership has risen dramatically in recent years as over 26% of the US adult population now owns at least one device. As the use of these technologies expands, AI will become increasingly aware of consumer behavior, lifestyle, and personal habits.
AI assistants are becoming more adept at understanding human language and digesting data like humans. Their ability to grow and learn at an intellectual level means they will become even more immersed in our daily lives.
How AI Will Affect the Future
AI continues to impact nearly every segment of human existence. As AI technology learns to coexist with humans, it will become further ingrained into our lives on a personal, social, and emotional level.
As AI continues to develop, humans must take the initiative to grow along with it. Enhancing workplace skills and embracing new technologies is a good starting point to stay ahead of the AI curve.
The implications of AI technology have far-reaching capabilities beyond what is currently imaginable. Using AI techniques can help individuals and businesses accomplish objectives at a strategic level.
Bitvore can be the tool to guide you there. As a research platform that uses unstructured data sources and advanced AI-techniques, Bitvore uses predictive analytics to help inform and drive business decisions.
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