AI Blog Series
What are the potential implications of AI for businesses and society?
Introduction
Artificial intelligence (AI) is a technology that's changing the
way we live, work and play. It can be used to quickly analyze
real-time data and automate business processes, for example. AI
can also help people make smarter decisions by providing
insights into vast quantities of information in an
instant.However, AI is not just about creating new technologies:
it's also changing how we do business and even how we live our
lives. With so much happening so quickly, it's hard to predict
how long this transformation will take or what impact it will
have on individuals and societies around the globe.
Tim Davies
5 min read
What is Artificial Intelligence
Artificial Intelligence, or AI, is a field of computer
science that studies how to make computers do things that
require human intelligence. It's a broad term that
encompasses many different kinds of technology with the
shared goal of simulating human behaviour in machines.
Artificial intelligence (AI) is the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to biologically observable methods.
Artificial intelligence (AI) is the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to biologically observable methods.
AI can be used to quickly analyze real-time data and automate
business processes
AI is most commonly associated with computers or robots that
can think and act like humans. However, in reality, AI can
refer to any system that mimics the way we learn or make
decisions.
According to the Oxford English Dictionary, AI is defined as “the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making and translation between languages.
”While artificial intelligence has been a concept for decades – dating back even before its formal definition was established in 1956 – many businesses are just now starting to realize how effective it can be for their operations.
According to the Oxford English Dictionary, AI is defined as “the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making and translation between languages.
”While artificial intelligence has been a concept for decades – dating back even before its formal definition was established in 1956 – many businesses are just now starting to realize how effective it can be for their operations.
AI can help people make smarter decisions, but to do this it
needs both structured and unstructured data.
AI systems need data to learn. They also use both structured
and unstructured data.
Structured data is information that can be stored as numbers, text, or graphics in a computer database or spreadsheet. Unstructured data is information that must be stored in different formats, like videos and pictures (for example).
When you ask an AI system for advice about something, it will look at all the relevant pieces of information related to your question and then provide its conclusion based on what it has learned from past experience with similar questions.
Structured data is information that can be stored as numbers, text, or graphics in a computer database or spreadsheet. Unstructured data is information that must be stored in different formats, like videos and pictures (for example).
When you ask an AI system for advice about something, it will look at all the relevant pieces of information related to your question and then provide its conclusion based on what it has learned from past experience with similar questions.
AI may democratize access to intelligence
In the same way that AI will make it easier for businesses
to get access to data, it can also make it easier for people
to get access to information.
AI will allow people who would normally not be able to afford information or services the ability to do so. For example, AI-enabled search engines are significantly cheaper than their human-operated counterparts. In addition, they are available 24/7 and can understand a very wide variety of languages (including one you might not speak).
In addition, if someone needs something that isn’t available in their native language or written form (for example an oral version of a book), they may be able to find this through an AI system capable of translating any text into another language or spoken word.
AI will allow people who would normally not be able to afford information or services the ability to do so. For example, AI-enabled search engines are significantly cheaper than their human-operated counterparts. In addition, they are available 24/7 and can understand a very wide variety of languages (including one you might not speak).
In addition, if someone needs something that isn’t available in their native language or written form (for example an oral version of a book), they may be able to find this through an AI system capable of translating any text into another language or spoken word.
AI is creating new professional roles in organizations and
society.
AI is creating new professional roles in organizations and
society.
● AI will create new jobs, but not replace existing jobs. AI will create new jobs, but not replace existing jobs. This doesn't mean that people won't be displaced, however. For example, if you're working as an accountant and there's an algorithm that can crunch numbers faster than you, then your job may be at risk of being replaced by the algorithm—but it'll leave room for other types of work within your organization (e.g., analyzing data).
● AI will change the nature of work. As AI becomes more integrated into our daily lives, we'll see a shift away from traditional nine-to-five office hours toward more flexible schedules based on productivity levels and project milestones rather than time spent at the office each day (i.e., remote workers or individuals operating as freelancers). This means that many workers could end up spending less time sitting behind desks and more time interacting with customers/clients through phone calls or video calls while they commute home from work each day!
● AI will create new jobs, but not replace existing jobs. AI will create new jobs, but not replace existing jobs. This doesn't mean that people won't be displaced, however. For example, if you're working as an accountant and there's an algorithm that can crunch numbers faster than you, then your job may be at risk of being replaced by the algorithm—but it'll leave room for other types of work within your organization (e.g., analyzing data).
● AI will change the nature of work. As AI becomes more integrated into our daily lives, we'll see a shift away from traditional nine-to-five office hours toward more flexible schedules based on productivity levels and project milestones rather than time spent at the office each day (i.e., remote workers or individuals operating as freelancers). This means that many workers could end up spending less time sitting behind desks and more time interacting with customers/clients through phone calls or video calls while they commute home from work each day!
Automation through AI could lead to job displacement and the
need for reskilling.
AI is a threat to jobs that involve routine tasks. That’s
because AI can do these jobs faster and cheaper than humans,
and organisations will be able to perform more work with
fewer employees. In many situations, this means that the
cost of labour becomes less expensive than it was before –
which may make businesses consider shifting their operations
overseas or automating low-skill tasks in their supply
chain.
It is true that AI will create new jobs, but it will also eliminate some existing ones because it makes the cost of labour less expensive than it was before (for example, by automating low-skill tasks). The need for reskilling is real and greater in countries with lower education levels - countries like China or India have a lot of opportunities when it comes to developing skills needed for employment opportunities created by automation through Artificial Intelligence (AI) technologies such as machine learning algorithms, deep neural networks etc…
It is true that AI will create new jobs, but it will also eliminate some existing ones because it makes the cost of labour less expensive than it was before (for example, by automating low-skill tasks). The need for reskilling is real and greater in countries with lower education levels - countries like China or India have a lot of opportunities when it comes to developing skills needed for employment opportunities created by automation through Artificial Intelligence (AI) technologies such as machine learning algorithms, deep neural networks etc…
We should consider if and when human oversight of AI systems
should be required.
When it comes to making decisions, we should consider if and
when human oversight of AI systems should be required.
AI is a tool that can accelerate the delivery of value for businesses and society. But it will not replace human judgment, creativity or compassion. Even the best-designed machine learning system will have limitations and constraints on what it can do; we still need humans to determine when an action is appropriate in particular situations. For example, let’s say you have an employee who needs extra training to do their job better—it would be inappropriate for a machine learning algorithm without any understanding of context (for example, knowing which employee it is) or culture (knowing how they behave with others) to recommend termination instead of additional training.
AI is a tool that can accelerate the delivery of value for businesses and society. But it will not replace human judgment, creativity or compassion. Even the best-designed machine learning system will have limitations and constraints on what it can do; we still need humans to determine when an action is appropriate in particular situations. For example, let’s say you have an employee who needs extra training to do their job better—it would be inappropriate for a machine learning algorithm without any understanding of context (for example, knowing which employee it is) or culture (knowing how they behave with others) to recommend termination instead of additional training.
We cannot predict how quickly or how dramatically AI will
disrupt different sectors or economies.
Recent advances in AI show that we cannot predict how quickly
or how dramatically AI will disrupt different sectors or
economies. We need to be prepared for the changes that AI will
bring, and start thinking about how businesses can prepare for
the future.
The world is undergoing a massive transformation as a result
of the emergence of artificial intelligence, but we are just
beginning to understand the implications of this technology.
Artificial intelligence is a technology that's changing the
world as we know it. The pace of change is accelerating, and
we're only just beginning to understand what this means for
society and businesses. But there are many unknowns out
there to be aware of.
It's important to stay vigilant and proactive when it comes to AI, because we don't know where this technology will take us next. We need to be prepared for the unexpected!
It's important to stay vigilant and proactive when it comes to AI, because we don't know where this technology will take us next. We need to be prepared for the unexpected!
Conclusion
AI has the potential to revolutionize how we interact with
computers, but it also raises a number of important ethical
and legal questions. These issues will need to be addressed by
policymakers and business leaders as AI becomes more
widespread.
Tim Davies