Chesham, London
Firstly, unemployment would be a massive issue, this is because jobs such as estate agents, travel agents, customer service executives, etc would be replaced by AI(artificial intelligence). Meaning many people who work in the sectors involved would lose their jobs causing poverty for the people that can not move to another profession affecting the economy greatly. However, this does mean that the efficiencies of our workplaces would be drastically improved and this could possibly mean that lots more people are going to be moving into other jobs (especially entrepreneurship jobs) making the job market a little more saturated but this is not something to typically worry about.
A huge concern in artificial intelligence would be data protection. Currently, almost everyday there is a news story containing information regarding a cyber attack causing millions of dollars to a company. These cyber losses are very difficult to estimate but the international monetary fund places them in the range of us $100-$200 billion a year for the global financial sector (2012). Moreover, since the growing popularity and dependency with computers, mobile devices, servers and smart devices, threat exposure is growing every passing
day. While the business and policy communities are still struggling to wrap their heads around the cyber realm’s newfound importance, the application of AI to cyber security is heralding even greater changes. However artificial intelligence can also prevent data breaches by call automation to block out data that should not be transferred over call when artificial intelligence detects it.
Ai, as mentioned earlier, will diminish human error making our workplaces more efficient. Along with this, it will make faster and possibly better weighted decisions and offers continuous 24/7 availability. AI can take on risky tasks which, for humans, would be extremely hazardous. AI is also good at recognizing patterns which can overall help in marketing decisions. AI can help humans find ways to work more productively and it can also do really well with working with huge sets of data without the risk of human error. However, companies would have to pay a lot for AI and AI offers higher overall costs. The initial set-up alone requires a high investment and companies will also need to invest in the framework for AI, including the latest hardware and software with regular updating to meet AI requirements. Add on specialty training costs for staff, and you can see why AI requires higher overall costs. AI also lacks creativity, ethics, human emotion and empathy and increases potential for human laziness.
It is predicted that AI might be a part of every sector in the foreseeable future, this is why it is important to know the pros and the cons, which it has a lot of both. Overall AI can have some benefits but it is considered disruptive innovation because of how much it will affect the world.
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Thank you for reading,
Vidushi Valli Surendran