Artificial intelligence and its impact

Intelligence is central to what it means to be human. Everything that civilisation has to offer is a product of human intelligence. (Hawking, 2018)

Artificial intelligence (AI) is the ability of machines to replicate or augment human intelligence, such as thinking and learning from experience. Artificial intelligence has been used in computer programs for many years and is now being applied to many other products and services. For example, some digital cameras can use artificial intelligence software to determine what objects are in the image. In addition, experts predict many other innovative applications of artificial intelligence in the future, including smart grids.

With AI, you can focus on the tasks that matter most and make better decisions based on the data you receive in relation to your use case. It can be used for complex tasks such as predicting maintenance needs, detecting credit card fraud, and finding the best routes for delivery trucks. In other words, AI automates many business processes so you can focus on your core business.

The early 21st century was a time of great advances in artificial intelligence. The first major achievement was the development of self-learning neural networks. In 2001, it already surpassed humans in many specific areas, such as object classification and machine translation. In the years that followed, researchers improved their performance on a variety of tasks through improvements in the underlying technology.

A second important achievement during this period was the development of learning algorithms based on generative models. Generative models can generate new samples from a given class and are useful for learning complex behaviours from very small amounts of data. For example, with these, you can learn to drive in just 20 minutes. An impression of the pros and cons of AI is discussed for a better understanding of the subject in the subsequent paragraphs.

Artificial intelligence has been ubiquitous in various industries for some time. It's a complex technology used in almost every industry.

Fully self-driving cars have become a reality. Tesla was the first company to build a car with all the sensors, cameras, and software a computer needs to drive itself from start to finish. Trucks could be the next big target for autonomous driving. Self-driving trucks will significantly impact road safety and infrastructure, saving companies money by reducing labour costs. It may also help alleviate corruption at some levels where deliberate hold-ups involve unscrupulous law enforcement officers trying to earn extra cash from the trucking crew. In healthcare, AI is helping doctors diagnose diseases by gathering data from medical records, scan reports, and medical images. This allows doctors to make diagnoses more quickly and refer patients for further tests and medications. Additionally, AI can be used in the treatment process to track patients and alert doctors if something goes wrong. According to Forbes, AI will save more than 7 million lives by 2035.

In retail, AI handles everything from inventory management to customer service chatbots. As a result, many companies are using AI to improve productivity, efficiency, and accuracy. Additionally, businesses are finding new ways to use AI to make life easier for their customers and employees, from product design to customer service.

A major problem with AI is the loss of jobs due to process automation. The introduction of artificial intelligence into people's occupational activities has caused much controversy over its potential impact on people's employment. This could significantly reduce the number of jobs available to individuals. But it is early days to make such an observation. There was a similar thought process doing the rounds when computers started to appear in the workspace some four decades back.

It's important to note that AI can also create new jobs. The introduction of AI can also lead to the creation of new markets, new business opportunities, and new jobs. However, to harness the full potential of AI and minimise its negative impacts, we must act cautiously and develop appropriate strategies to combat structural unemployment.

The use of artificial intelligence carries the risk of invasion of privacy. AI can learn and improve performance by processing large amounts of data. However, this data may contain personal and confidential information.

Misuse or access of this information by unauthorised persons may violate confidentiality and adversely affect third parties. To mitigate this risk, companies using AI should take precautions. The use of artificial intelligence can also increase social and economic inequalities if not properly managed.

Leveraging AI to improve operational efficiency can reduce costs and increase profits. However, it is not always necessary to raise workers' wages. Therefore, it is important to take steps to ensure the fair use of AI. So that the benefits of using AI will be distributed fairly.

This could include adopting policies to encourage continuous learning and reskilling of workers, creating AI jobs, and promoting efforts to improve access to education and employment.

It would therefore fair to say that Artificial intelligence is a mainstream technology today and will continue to be an important factor in various industries. As AI systems become more sophisticated, they will not only revolutionise multiple industries but also raise serious concerns about how to deal with this phenomenal force that can have both positive and negative consequences.

The author is a Semester III MBA Student of the Batch 2022 - 24.

Article edited by Prof. Cdr Himanshu Joshi .