Artificial Intelligence has already become an influential part in many top companies all over the world. With the access to modern technologies such as the natural language processing software, computer vision applications, robotic process automation, and virtual assistants, businesses can increase efficiency while cost-cutting, making AI the perfect tool for optimizing benefits.
Even though AI is undoubtedly a game changing technology and caters to numerous requirements, especially of the top companies, it still has a flip side to it. It can be described as too modern and efficient, because of which millions of jobs that used to be manually done earlier, have been eliminated. The economical effects will be felt to the whole world, as we would see a larger gap between the developed and developing countries.
Economic Impact of AI
Industries including manufacturing and transportation will be transformed as AI-enabled automation is perfected. As robots and automated vehicles provide more accuracy and efficiency as compared to humans, routine work and repetitive tasks would be assigned to AI tech. The ultimate goal then would be to transform the manufacturing facilities into self-operating systems with 100 percent perfect results.
Now let us talk about the website and development sector. AI is extremely helpful in improving user engagement and developing cross-selling strategies. Through functions such as chatbots, client-centric applications, and much more, AI has asserted itself as the perfect assistant to developers.
Once again, even with so many benefits that AI has to offer, it still has its demerits. As it isn’t an affordable tool which all can access, AI will create an unbridgeable gap between the industry giants and small companies, soon making the dominant companies as the only option left for consumers. This is where it becomes dangerous and it's why we need some policies to keep equality in the market.
Employment Impact of AI
With the hunger to create efficient means of getting work done in workplaces, humans began working on AI. Now, deep into the research and deployment, AI will become the perfect solution for redundancy and optimization. Yet, by becoming the perfect solution, AI has also become a problematic question in itself.
Be it in the manufacturing, transportation, development, or healthcare industries, AI is having an impact on employment. Most of the jobs that require a repetitive and easy-to-do task are being done by machines, leaving people with unemployed status. Right now, all we can do is create awareness and hope for a better future, where AI can be an addition to our technologies and nothing more.