The Real Impact of AI

Artificial intelligence has become a game changer for our lives in many aspects. AI technologies have gone far and now they are in our pockets. New Technologies have impressed us in areas such as computer vision, machine translation and speech recognition.

 

AI is beginning to generate real economic value through the applications across several industries; just like expected. According to the consulting firm PricewaterhouseCoopers, the widespread adoption of AI will add about $15.7 trillion (£12.8 trillion) to global GDP by 2030. Most of that business value will come not from AI-focused companies, but from the infusion of artificial intelligence into traditional industries.

 

We can list the most common usage areas of AI as follows:

Automation of repetitive tasks

Helps us to automate repetitive tasks thanks to technologies like RPA (robotic process automation). RPA has a wide range of application including account management, back-office processing and various forms of data management. Another area of routine task replacement is the use of speech recognition and natural-language processing applications in telemarketing and customer services operations. Therefore, AI and its applications are freeing up people’s time so as to focus on more complex pursuits.

Personalization

Current developments brought personalization in many areas and every day we face new examples of it. Personalization provides better customer experience and therefore more satisfied customers. What’s important here is data privacy; and the newest solutions in the sector are being improved accordingly. AI will bring personalization to many other areas too, including banking, insurance, loans and investment. We have already seen personal recommendations of news, content and merchandise, and we will see this continue to expand.

Forecasting

For physical and online stores, AI is a game changer. AI-based applications are being used to forecast demand and sales; reshaping logistics and supply chain. Other top beneficiaries maximized outputs and minimized costs by forecasting are manufacturing and agricultural production companies.

Evaluation of performance

When we say “performance evaluation”, the first place we think of is either an office or a classroom. Soon we will see AI being used to give and grade homework and exams or projects, and to guide people through various exercises. This will free up teachers’ or employers’ time to focus on peoples’ qualities that will be critical to the new generations’ ability to thrive and adapt in the age of AI. We will see AI, though still incredibly complex, start to become part and parcel of problem-solving across our lives.

 

When it comes to AI’s impact on economy and society; it’s argued from 2 sides: is it beneficial or is it going to take over our jobs? Many users and professionals see AI as an engine of productivity and economic growth. Its positive impact on efficiency due to the ability of processing Big Data fast and easing the decision-making process is what makes AI so captivating.

 

On the other side, people argue the disruptive effects of AI on economy and society; their explanations are also satisfactory. Some potential harms are;

  • Prejudicial effects of huge AI-applier companies on wider economy,
  • Widening the gap between developed and developing countries,
  • Changing labor needs and increasing inequality as a result of it.

 

 

As the technology develops, we will begin to see it in many other industries including health. What do you think about the current situation and the future of AI? Share your ideas with us! Keep in touch to read more about technology. Follow us on Facebook, Linkedin and Instagram.

 

 

 

 

Sources:
https://www.wired.co.uk/article/artificial-intelligence-repetitive-tasks
http://www.europarl.europa.eu/RegData/etudes/BRIE/2019/637967/EPRS_BRI(2019)637967_EN.pdf
https://www.pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html