Trending technologies like Artificial intelligence, machine learning, and deep learning have entered the mainstream. Enterprises have adopted these technologies as they vastly improve the quality of operations in the corporate sector.
What’s been noticed lately is that these technologies have been disrupting many existing markets. Indian bureaucrat Amitabh Kant, who was the second chief executive officer of NITI Aayog, stated in a keynote address at the Gartner IT Symposium/Xpo 2023 in Cochin, “AI will disrupt the world in the manner the world has ever seen… So you become the first disruptors before disruption overtakes you”.
Latest Revelations Regarding The Use of AI
It can be said that AI will disrupt numerous industries. The enterprise adoption of machine learning and deep learning algorithms is disrupting essential industries, including Healthcare. As per the Statista reports, the global healthcare AI market will be worth 188 billion U.S. dollars by 2030.
It’s understandable that AI is a good fit for the data-rich world of healthcare. The rise of IoT-enabled embedded devices is also making it easy for doctors to remotely monitor the health of patients. However, it is worth noting that AI-based systems raise concerns regarding data security and privacy. Hackers target essential data during data breaches. AI is causing trouble with maintaining the confidentiality of medical records.
AI Has Benefited The Customer Service and Experience Industry
The Customer Service and Experience industry has been negatively impacted as well. Natural language processing (NLP) algorithms utilize chatbots to collect information about a customer’s issues. However, it is worth noting that machines are incapable of modifying their response to changing environments. The reason behind the same is that they are built on the basis of a repetitive nature where the input doesn’t change.
AI needs to be upgraded to address new needs. Also, another aspect worth considering is that sufficiently advanced NLP algorithms may replace customer support executives. Chatbot can dynamically adapt itself to any issue. Then, the customer does not need to wait to get assisted by a support executive, which can, in the future, lead to unemployment.
AI For The Financial Sectors
The latest reports by S&P Global reveal that Machine learning has been finding wide use in banking, financial services, and insurance which accounted for about 18% of the total market, as measured by end-users, at the end-2022.
BFSI companies have been collecting, collating, and organizing data, making AI a natural addition. In addition, it finds wide use in detecting the chance of an individual conducting a fraudulent transaction. However, what we shouldn’t forget is that the use of AI raises ethical concerns, including bias in decision-making and job displacement.
Sometimes, these financial institutions even fail to ensure that AI systems are transparent, fair, and unbiased. AI automates processes that were previously done manually, including paperwork and documentation, which will be a major reason for the rise of unemployment.
Automation of Repetitive Tasks in the Logistics Sector
In the Logistics sector, too, the automation of many repetitive tasks has resulted in a decline in human jobs in the logistics industry. ZipDo reports reveal that AI in the logistics and supply chain industry is projected to reach $10.07 billion by 2027. Autonomous drones, vehicles, and robots have replaced delivery drivers and have also taken over warehouse tasks.
Artificial Intelligence Benefits The Retail Sector
The Retail sector has been witnessing a disadvantage of AI with the potential lack of human touch and creativity. It’s understandable that AI can automate various marketing tasks and generate data-driven insights. Still, it increases the struggle to replicate the unique human elements of marketing, including emotional connection, intuition, and creative thinking. Amazon Go has opened several stores all over the United States that utilize machine learning, image recognition, deep learning, and smart automation.
Artificial Intelligence and Cybersecurity
Statista reports reveal that AI in cyber security was worth over 10 billion U.S. dollars in 2020. It is predicted to increase to 46.3 billion U.S. dollars by 2027. Cybersecurity has been largely dependent on AI, yet AI systems are responsible for incorrect monitoring results and false positives. This can lead to real consequences for organizations. However, another concerning aspect is that the algorithms used to make decisions about security threats are not transparent. Thus, the organizations are vulnerable to potential bias or manipulation.
Key Takeaways
- The latest Zippia report regarding job loss research summary reveals that AI could take the jobs of as many as one billion people globally. It is going to make 375 million jobs obsolete over the next decade. Forbes records reveal that the investment bank estimates that around 300 million may lose jobs due to this fast-growing technology. The Biggest Risks of Artificial Intelligence include lack of Transparency, Privacy Concerns; Bias and Discrimination as well as Ethical Dilemmas.
- The power of AI is immense in our lives today, but at the same time, it is disruptive to the tech industry. Companies including Alphabet is struggling with deciding how to compete with smaller startups like OpenAI. AI Tools like ChatGPT are already impacting Businesses. Recently, ChatGPT and other AI tools have caught the attention of governments.
- However, The White House has already started tackling AI-related issues. The Potential of AI in the military world and hostile cyber spheres is considerable. The scenario around the globe is that governments want to properly regulate AI. Also, they are also reaching the conclusion that exploring AI’s technical capabilities is not enough and a team needs to investigate it as well.
- Regarding the future, it can be said as of now disruption might not feel immediate. But predictions state that unaided machines will be able to accomplish every task better than human workers. Again, AI will feel a boon to those industries that have been experiencing labor shortages.
Final Say
Artificial Intelligence has been serving as a key enabler for disruptive innovation, leading to game-changing products and services that migrate to the mainstream market. Also, AI technology has acquired a role as a driving force behind the disruptive innovation that humankind is currently witnessing.
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