Why I Believe AI Will Be The Next Economic Super Force ?

Artificial Intelligence (AI) is nothing but several interesting technologies clubbed together to better the human efficiency. The term AI might seem a little daunting to accept but in reality, it is just a way of work. Today, AI is bringing about innovations across all the sectors globally. It is bringing in a considerable change in how systems will perform in future. However, implying that computers will be replacing the human brain is an unnecessary worry.

Let me give you a simple example. When years ago, machines came into existence, people worried about how it will affect their employment. Yet, have we been able to do away with it? Later, technological advancements also happened which did change the production styles but can we afford to ignore those? Can we stop relying on gadgets such as smartphones simply because they have lessened the workload of some professionals? Just as the Industrial Revolution began a new phase for countries to prosper, so will AI. Instead of wondering how the job market will be affected we should think about the novel opportunities which will be created thanks to the innovations brought about by AI.

How AI Will Change Our Work Life ?

AI has been typically termed as “capital-labor hybrid” to mean that it not only makes the employees more efficient but also performs automated tasks and few higher-level responsibilities.

AI has a tremendous potential to improve production lines. With better utilisation of resources, it will also give the labor force more energy to focus on honing their other skill sets or spend time in learning different processes. In fact, AI will give us all a chance to use our creativity at its best. It will boost innovation, something which every country is keen on, including India. It also then demands digitisation of all practices, again, which is the need of the hour. Primarily because, AI can be included in every walk of life, especially at a workplace, from production to sales to research and development, it will only change our personal and professional life for the better.

An example of this could be Google Translate which is helping a given country’s population to reach out to the wider world effortlessly.

How AI Impacts Businesses ?

Every business from any sector can make use of AI for improving on its deliveries. For example, if we talk about the healthcare sector, Sophia Genetics is a data-driven medical company which has developed SOPHiA for genomics testing. This AI is now in use at over 260 institutions in 46 countries. Especially in a country like Africa, it has given hospitals an opportunity to conduct genomic testing at the same level as any other hospital in a developed country.

The banking industry is another good example too. It has already started leveraging AI for processing requests, detecting frauds, and so on.

The only hitch is that businesses need to carefully include AI in their business model so that the existing mechanism is gradually handled to include more applications and machine intelligence. But apart from that, AI is going provide valuable insights into customer behavior, marketing strategies, etc. Hence, as you can see, AI has created newer avenues to explore for businesses. It is sure to be a game changer for entrepreneurs willing to take chances.

All’s Well That Ends Well

I would recommend reading a very interesting study done by Accenture and Frontier research on the future of AI – Why Artificial Intelligence is the Future of Growth. The study claims that if AI has been made a part of the global economies by the year 2035, countries would enjoy tremendous growth rates. For instance, the US would witness almost a double rise from 2.6% to 4.6% of growth rate. That amounts to approximately $8.3 trillion! For the UK it could increase from 2.5% to 3.9%, adding an extra $814 billion. Even the labor productivity is projected to grow by 35% for the US while in the UK it will be more than 25%. All in all, GDPs for every nation which allow AI in its economic structure are bound to increase.

AI will mean people get to work on unique systems which require a different kind of creative, high-value levels, for effective and efficient outputs. Worries aside, AI will allow businesses to employ more superior quality systems which will only drive economies for the better.