The world's facing a data crisis right now, but with new technologies and processing resources, there have been some remarkable changes in the field of data science. Since data mining and machine learning models have become the usual channel of performing repetitive tasks and getting new insights from every piece of information, we have come to a few steps closer to designing near-perfect artificial intelligence systems. Companies are making use of these systems more and more every day, and each year, we get to see a few excellent and future- ready implementations. This has changed how we think about various aspects of our life, such as politics, economy, education, industries, and even the environment. In this article, we will discuss some of these new changes and the consequences we face because of them.
ARTIFICIAL INTELLIGENCE AND INDUSTRIES
Various start-ups have built their business model with artificial intelligence. These smaller companies have utilized machine learning models to provide business solutions to other companies that they were in dire need of. Companies such as Uber started out in a market that was completely unheard of and took advantage of the knowledge asymmetry to design products that helped a large customer base.
Likewise, other companies are making developments in different fields and making smarter solutions to aid medicine, education, social welfare, and even robotics. This has led to the growth of the artificial intelligence industry and other companies slowly adopting it as a welcome change.
HOW AI AFFECTS THE ECONOMY?
With industries making smarter ways to solve their constraint issues, we are producing more output from minimal resources like never before. Artificial intelligence takes care of automation and machine learning at the same time. It has taken care of all accounting, processing, and auditing procedures of various business models. AI has revamped the manner in which we conduct cost analysis and plan our profit-maximizing behaviour. It affects the way we use our capital and labor resources, changes how income is distributed, and improves the efficiency and velocity of transactions in the economy.
NATURE OF POLITICS
World leaders have taken into account how artificial intelligence has changed social behavior and how we interact as humans. Politicians have shifted their campaigns to online forums and social media. This has resulted in different algorithms to decide how people form their opinions about leaders and who they vote. Governments have also approached AI with different objectives in mind, such as ensuring national security, improving the living standards of the people, saving the economy through fiscal measures, and using it as an effective tool against foreign and military policy.
CHALLENGES FACED BY THE AI INDUSTRY
Since AI is a new development, it is obvious that it will be met with severe skepticism. The industry itself recognizes the cons that come with it. However, the results achieved through AI are far more beneficial, and companies do not want to drop the idea before designing proper solutions to the problems. Some of the challenges faced by artificial intelligence are as follows:
- It has to create faith among the people. Technology companies like Google, Facebook, and Apple do not have a great track record with maintaining the privacy of public data. These companies have to take the initiative and make bigger applications that benefit the people and can create confidence in their AI projects. These projects can also work together with the governments to meet various welfare needs of the unprivileged masses.
- More research needs to be conducted in this field since AI, as it is today, is not able to handle critical thinking tasks like a human does. This is because abstract thinking is not comprehensible by machine learning models. AI that is responsible for specific industrial problems is called Applied AI. While we have encountered success in that field, we are yet to make any success in the concept of generalized AI, which works very much like humans.
- One of the huge issues artificial intelligence faces is algorithm bias. It is an unintentional flaw that occurs as machines operate on huge data sets and form a racial, ethnic, and social bias because of the nature of the information provided. This is a huge problem if we want to create solutions that do not result in communal and unethical disasters. Organizations such as IBM and Google are working hard to eliminate this problem.
Artificial Intelligence is definitely new to the general public, and its applicability is slowly branching out to different realms. It does not have acceptance from a lot of people, and governments treat it with criticism. But it is definitely the most viable solution to a lot of our problems, both physical and natural. As people realize the benefits, this system is sure to be our future.