AI and Automation together are transforming businesses. They have the potential to contribute to economic growth by boosting productivity. New technologies have transformed the nature of doing work big time. Blockchain, 3D printers, Big Data tools, chatbots, etc. are just a few to name. They have made our lives easier just like Frontier Internet Service has solved the slow internet problem in most households.
The Accelerated Expansion of Artificial Intelligence
AI is not a single technology. It is a constellation of multiple technologies like language processing, computer vision, and inference engines. These technologies allow smart devices to mimic human capabilities and help us achieve more.
It is believed that AI has more potential than IoT or Big Data. It is adaptive and it can evolve. It has the ability to change how businesses operate and how we live our lives. According to Accenture research, AI can increase economic value by $14 trillion across 16 different industries.
No doubt economies are reaching at the point where Artificial Intelligence would be the core of economic growth. Some financial tech experts believe that it has the potential to double growth by 2035. This means that business leaders and policymakers need to work towards Artificial Intelligence.
Here are some reasons that explain why and how Artificial Intelligence is the future of growth:
- It’s a Driving Force for Economic Growth
AI can fuel economies because it’s a combination of different technologies. These technologies can make machines sense, understand, act and learn things to facilitate human activities. AI is considered a factor of production because it can introduce new sources of growth. As the relationship between humans and technology improves, AI will promote more economic growth.
- Workforce Automation
AI can help in creating a virtual workforce. Along with human workers, people will soon be using warehouse robots. This has the potential to enhance productivity. It can also help in creating a new virtual workforce. For example, by the use of AI platforms, businesses will be able to handle customer queries in a better way.
- Helping Hand for the Existing Workforce
AI can improve the ability of a workforce by offering it a helping hand. Businesses can then make better decisions about labor and capital augmentation.
- Diffusion of Innovation
When one sector is driven by automation, it extends innovation in other sectors automatically causing a ripple effect. That’s another way AI is driving growth.
Ever since driverless cars are introduced, big names in the automotive industry such a BMW and Ford have partnered with MIT and Google for developing AI driving cars. The effect of automation has not just empowered the automotive industry. As electric cars are self-driven, they don’t require much concentration. Hence the user will have more time on his hands to browse the Internet or even shop online. This opens up advertising opportunities for retailers.
Similarly, insurance agencies will have to develop new policies to cover the driving as well as mobility of self-driven cars. The road and traffic data that will be generated as a result of the use of self-driven cars can be used for generating more streams of revenue. That means multiple sectors will experience profitability.
- Large Scale Operations
Artificial Intelligence allows us to replicate software at almost zero cost hence deploying automation expertise at a large scale. The tasks that were formally done on small scales by humans are being completed at larger scales. Examples are discovering vulnerabilities in software, finding bugs, or advertising to a certain group of people.
It’s Time We Prepare for More of AI
There are some entrepreneurs such as Elon Musk who are warning people against the crises that increase dependence on AI can create. There are other experts who are of the opinion that AI can bring solutions to some of the greatest challenges of the world. The only way we can integrate AI successfully into our lives is by understanding its positive and negative implications. This will help us prepare for the challenges that we might have to face in the near future.
Currently, technology education is working in one way i.e. humans are learning how to use technology. Now that AI is here, humans and machines are codependent on each other. This means that we need to impart knowledge and skill-sets to our future generations. They will need not just technical skills but creativity and interpersonal skills to understand and use AI.
Final Words
Most brands have started embracing AI technology already. Frontier Customer Support is using it in the form of chatbots. It is high time small businesses start using it in their business daily operations, too.
Also Read – How Can Artificial Intelligence Boost Safety And Progress In Logistic Industry?
