Artificial intelligence has always been a thought of the future, until now. Inventors have brought this idea to life recently in the 21st century. With the creation of AI, there’s no telling what the world will look like even 50 years from now. But at the rate AI is going, even your day-to-day life will be altered.
Impact on Businesses
Did you know that you are already dealing with artificial intelligence? When you call a business and the automated voice comes on to take your information, that’s AI. While some may find it convenient to have AI, many find it troublesome. Though explainable AI is still in development, currently it is not flawless, as people hoped it’d be. That’s not to say it won’t ever be close to flawless over the next several years, but as it stands with the automated services, there are many people who will go as far as hanging up and not calling a place back due to a poor automated system. This can lead to loss of business.
Not to mention the loss of jobs. Once artificial intelligence is officially brought in to businesses, such as restaurants and retail, there will be a loss of jobs. If you’re working in a popular public establishment, don’t be surprised if years from now, once AI is established, they start replacing people with technology.
On the other hand, businesses are benefiting by saving money from not having to hire as many people which means less wages they would have to take out of their budget. Once AI is perfected, the government especially, could be saving billions of dollars according to Deloitte. This process could also minimize disruption and enable innovation. Though the initial investment is a little steep, you’ll see it saves a lot of money in the long run.
The technological change’s tendency is to hollow out the middle of the labor market. Since there are enough people performing these tasks, the technological replacement makes the most sense and is justified by the high wages currently being paid. Businesses are benefiting from the following:
- Eliminating wages which in return gives cost effectiveness while simultaneously adding more to the budget.
- Technological reliability compared to human reliability is substantially better.
- More production in shorter time frame increases the productivity which means more services and products getting out in a shorter time frame.
As mentioned, you are already dealing with AI in your daily life as it is. Whether it’s when you call to set up a doctor’s appointment or call your credit card company, the first voice you are most likely to hear is from AI. Huffington Post reported that there will be a bit of a lag as the world tries to catch up with the advancements of AI. Believe it or not, the world has been interacting with AI for years in the following ways.
- Apple’s Siri, though a recent study showed that only 15% of iPhone users actually use Siri.
- In Las Vegas, the Cosmopolitan Hotel has an AI concierge named Rose who assists guests while giving them a unique experience throughout their stay.
- Phone automated services, whether to pay a bill or check some kind of account information.
Reports state that many people are living in fear for the fact that AI is starting to take over certain aspects of everyday life. Though the world has been trying to slowly introduce artificial intelligence for years now through automated services, the thought of full on robots taking over jobs and making decisions flat out scares people. A poll was taken where 69% of people preferred to handle health decisions on their own rather than have the influence of automation.
What you may not realize is that in theory if artificial intelligence replaces humans in certain businesses, that may give businesses the option to lower prices on their products due to the fact they no longer have to pay wages; which could definitely benefit consumers. Although AI will be ever evolving, once it is fully established, you may notice that life will get a bit easier. With the way technology is advancing, it’s only a matter of time before the speech and communication of AI is perfected.