Shaping the Future: How AI is Revolutionizing Industries and What’s Coming Next

AI Part 4 - The Future of AI and How to Prepare

From autonomous cars to virtual bots on websites, there have been more artificial intelligence applications appearing in our day-to-day lives. However, AI has emerged as an evolving field that has driven significant changes across multiple sectors. As our artificial intelligence series ends, we shift our focus to exploring lesser-known applications in different industries. We also speculate on the future advancements of artificial intelligence and thought it would be fun to use what we call the AI stages of grief to explain how organizations adapt to these changes.

AI Applications Across Different Industries

1. Education

Artificial intelligence is revolutionizing education in numerous ways. This is evident in how the educational sector is transforming traditional teaching and learning methods by integrating AI. Given the global teacher shortage, the integration of AI into education enables automated grading and streamlines administrative tasks, giving teachers more time for valuable student-teacher interaction and engagement. AI-powered tutoring systems tailor the learning to individual students that adapt to each student’s learning style. The benefits of 1:1 tutoring is widely recognized as tutoring can help strengthen subject comprehension and build overall learning skills. Tutoring, a once inaccessible tool to many students, is now available to more people due to AI.

2. Human Resources

One of the most helpful AI tools has been its application in the recruitment and selection aspect in the hiring process. Because reviewing hundreds of candidates’ resumes and applications is a tedious and tremendously time-consuming process, AI tools serve to automatically screen resumes and identify qualified candidates. Another helpful characteristic of AI integration is its use in benefits administration. AI tools streamline benefits package comparison, ensuring optimal coverage and affordability. They autonomously verify employee eligibility, freeing up HR for strategic planning.

3. Healthcare

One of the most anticipated AI advancements can be seen in healthcare and medicine. AI aids in population health by empowering individuals to self-manage chronic conditions like asthma as it connects individuals to relevant screening and therapy. All this while also providing reminders for medication adherence and other necessary care steps. Additionally, a recent Mayo Clinic cardiology study found that AI effectively detected individuals at risk of a left ventricular dysfunction. In other words, identifying those who may be at risk of suffering from a weakened heart pump without displaying noticeable symptoms. This is just one example of the growing synergy between AI and medical research.

4. Agriculture

Artificial intelligence in agriculture is revolutionizing the way we cultivate crops, manage resources, and optimize yields. Multimodal AI integrates diverse data sources to provide farmers with comprehensive guidance on crop selection planting schedules, fertilization timing and harvest timing. With tools like Microsoft’s FarmBeats, farmers can learn about soil and yield maps, weather data analysis and predictive analytics to help them make informed decisions about crop management. These innovations hold promise for addressing challenges such as feeding and growing global population and mitigating the impact that climate change has on agriculture.

5. Finance

AI technologies empower financial institutions to automate tasks, analyze vast data sets, and make informed, data-driven decisions. This enhances operational efficiency and diminishes the risk of overlooking illicit fund flows. AI-powered surveillance further facilitates regulatory compliance by identifying trades that may contravene regulations. Moreover, AI enables intricate financial analysis and risk modeling by detecting correlations in extensive data sets that surpass human capacity. Consequently, it fosters informed decision-making in areas such as investments, lending, and insurance underwriting.

Future Impact and Implications?

Generative AI has notably popularized artificial intelligence, demonstrating its value to businesses. However, throughout this article, we can see that artificial intelligence has an impact in many ways. In the IBM 2023 Survey, about 42% of enterprise-scaled companies report to have actively deployed using AI.??

As such, it comes to no surprise that the demand for roles in artificial intelligence will rise. A few examples of said jobs are machine learning specialists, data scientists, or information security analysts. However, OpenAI supported by Microsoft, is conducting research on artificial general intelligence (AGI).??

Amazon defines AGI as a field of theoretical research that attempts to create software with human-like intelligence and the ability to self-teach. The aim is for the software to be able to perform tasks that it is not necessarily trained or developed for.?Although still in its initial stages, breakthroughs could potentially revolutionize the job market due to automation.?

Another exciting development is the advancement of augmenting humans with implantable brain-computer interfaces (BCIs). These BCIs are designed to connect the human brain directly to computers, opening communication between the brain and external devices.??

The leading pioneer in this is the company Neuralink, a neurotechnology company founded by Elon Musk. A part of researching this is to help those who are paralyzed such as Noland Arbaugh, who the first person to receive it around Jan 2024. Elon Musk real intention, however, is to have symbiosis with humans and AI.??

With recent success, BCI is paving the way towards new developments in enhancing humans by integrating the capabilities of AI. While promising, BCIs also raise concerns about technological inequality due to high costs and access disparities.??

Adapting to AI: Stages of Grief?

With AI becoming an integral part of various industries, business leaders face the challenge of navigating an evolving technological landscape. The development that artificial intelligence is heading down naturally brings a range of emotional and practical responses. This can be because of the effect it could have on the job market to the effect it has on an individual level.?

This section explores the stages of grief as we transition from traditional work settings to a future increasingly defined by AI. By examining the stages of denial, anger, and acceptance, organizations can make strategic decisions for a successful adaptation to AI.??

Denial: Many individuals express apprehension about AI's capabilities. The World Intellectual Property Organization noted that "the undirected use of AI could lead to substantial job losses in the short term." Companies are not investing in AI as much as they should be due to a lack of understanding, fueling fear and skepticism.?

Anger: Fear, mistrust, and resistance towards AI stem from factors such as the loss of human touch and ethical concerns. The Wall Street Journal highlights an incident with Levi Strauss & Co., which faced backlash for testing AI-generated images of diverse models, leading critics to argue it deprived real models of employment opportunities.?

Acceptance: While concerns about AI replacing human workers are common, the reality is quite different. Change is necessary for progress but often brings fear and resistance. Preparing the workplace and addressing concerns can ease this transition. Encouraging a culture of collaboration between AI and human workers is essential for technological advancement.?

Conclusion??

In summary, artificial intelligence is transforming diverse sectors, from agriculture to finance. Its impact extends beyond just enhancing business operations; it also opens exciting future possibilities for AI. By exploring the stages of grief, organizations and individuals can gain valuable insights into the challenges and adjustments involved in adopting AI. With a strategic approach, organizations can navigate this transition smoothly and fully capitalize on the benefits AI offers.?