For most of you, when you hear the word Artificial Intelligence, the name of sci-fi movies would start to pop up in your mind. While the entertainment industry has already moved on from this powerful concept, the phenomenon is quickly evolving in the real world. Today, the term AI is on the tip of everyone’s tongue. Every day we hear of some new advancement in the field.
Not only is AI taking over our lives but it has also become the most sought-after area of expertise for job seekers. Studies indicate that the use of AI has increased by over 270% during the past four years in most sectors. This demands a skilled workforce well-versed with the dynamics of this quickly changing technology, Although nothing can be said for certain about the future of Artificial Intelligence, one thing is for sure- it is soon going to change the way we work as well as our day-to-day lives.
What is AI?
Before we can start to discuss the impact of Artificial Intelligence on our day-to-day lives, you must first understand what exactly Artificial Intelligence means. You may already know that Artificial Intelligence is all about empowering machines with human intelligence. It enables digital machines to perform tasks that are usually performed by intelligent beings, such as AI based identity verification through a Fully-Verified system.
AI operates by empowering machines with compelling analytical and learning capabilities. Learning is a very important element of AI. You might have seen Facebook algorithms cleverly substituting sponsored content in place of your friends’. But there is a very important distinction here. While an algorithm is nothing more than a set of instructions, AI is not restricted to these instructions. AI constitutes a set of instructions that have the ability to modify, replicate and rewrite themselves with regard to the data it receives. This ability to adapt as per the circumstances is what displays “intelligence.”
How is AI Impacting Industries?
The AI’s sphere of influence is growing rapidly. Currently, most businesses are making a shift towards AI-powered tools and applications. Studies have shown that 44% of business executives believe artificial intelligence presents important data analytics that helps in making crucial business decisions. Here, we are discussing a few important industries that are getting transformed by the adoption of Artificial Intelligence.
Artificial intelligence is revolutionizing the manufacturing sector. Whether it is automating the processes, maintenance of operations, or minimizing the scope of error, AI is elevating the efficiency of the overall functioning of industries. With new advancements by tech giants like Microsoft and the 9 Series, the manufacturing world will turn upside down.
Even though the healthcare sector is comparatively new to adopting Artificial Intelligence yet it has found many applications for various AI-powered tools. For instance, computer vision helps in bringing precision to X-Rays, and Natural processing languages ensure the safety of drugs. As we walk towards true information interoperability to ensure a secure exchange of health-related data, the healthcare industry is gearing up for a new breakthrough.
Reports indicate that 66% of marketers say that Artificial Intelligence is an important facet of their marketing strategy. There are many AI-based marketing tools available that help in analyzing consumer data and highlighting important information about buyers’ trajectories. They thus help marketers in making faster and more informed decisions that help in increasing sales and maximizing profits.
AI tools are helping companies to automate the processes of data overview, identification, and analysis. This leads to better streamlining the decision-making. The automation of data analysis helps the human workforce to focus on what’s important. It enhances the performance, productivity, and efficiency of work.
Will AI Make Human Workers Obsolete?
As technology continues to advance, many tasks that previously required human supervision are getting automated. Therefore, it is only natural the fear that machines will replace humans very soon. Some people are even speculating that this leap in technology is in reality the beginning of the end of the demand for the human workforce.
However, If you are worried that AI will completely negate the need for a human workforce, then relax. It is not going to happen for a long time. According to a study conducted by the MIT Task Force on the future of work, AI will not make human labor obsolete. Instead, they speculate that AI will drive massive innovation, boosting the growth of many existing industries. This will increase production and will ultimately lead to the creation of new jobs. This is said to be the dawn of a new era of work
Besides, there are many limitations to the functioning of AI. AI machines at present are only programmed with specialized intelligence, This indicates that these machines are rigid in their decision-making and can not think beyond the sphere of their prescribed programming.
On the other hand, humans possess generalized intelligence. This equips them with various capabilities such as problem-solving, abstract thinking, and critical judgment. All these abilities are vital for making important business decisions. Therefore, human intelligence and in turn, the human workforce will continue to stay relevant for many years to come.