Inquiry 
Artificial Intelligence: Just a Trend or A Long-Term Growth Factor?
Artificial Intelligence is having an impact on our world in many different ways by playing an increasingly important role in our lives and worldwide economy. The number of companies that have integrated AI in their process is growing rapidly, in sectors like health-care, retail, HR, marketing and cybersecurity industry and the war for talent acquisition and competition for value creation is on the next level between industries and nations.
AI is not new or just a temporary trend, history tells us that humans and the companies are remarkably successful at working together with robotics to the latest technologies such as smart machines, including 3D printing, AR and VR in order to survive in competitive era and also find new opportunities for their companies’ growth. A study by MMC Ventures revealed that 60% of the interrogated cases, which represents 1,580 companies, AI is being used in their solutions and 40% of the self-proclaimed “AI companies” in Europe had discovered that AI was not used in their solutions.
AI is bringing its advantages in sectors like healthcare, transportation, cyber security industry, security industry, prediction of natural disasters, farming, smart-cities, and is helping to reinforce economy. A discussion paper created by McKinsey demonstrated how AI applications are contributing for social good. According to McKinsey’s analysis, AI initiatives are having a positive impact on good health and well-being, peace, justice and strong institutions, provide quality education, protect all life on land and below water, ending poverty, industrial innovation and infrastructure, reducing inequality, climate action, decent work and economic growth, gender equality, sustainable cities and communities and responsible consumption and production, increase work efficiency and output, offers accurate future predictions, detect frauds, avoid human errors with the help of increased automation and many more.
Artificial intelligence is certain ally and dramatically improving the efficiencies of our workplaces and increasing the work humans can do by taking all repetitive or dangerous tasks and the human workforce to do work they are better equipped for, such as, tasks that involve creativity and empathy among others. By doing work that is more engaging to them, job satisfactions, productivity and happiness among employees is also increasing.
AI in its many forms offers users the ability to do tasks on a scale and at a speed that humans cannot achieve on their own. AI can also gain new insights from analytical tasks. It’s not just about collecting large amounts of data (=bigdata) and investigative it with advanced mathematics or developing amazingly complex algorithms. Once the gathered data is well extracted, managed and good algorithms are chosen, our society will gain countless hours of productivity with just the introduction of well automated tasks.
Thus, it seems important to clear the fuss around AI destroying jobs because it’s only fiction rather than a fact. Instead of destroying jobs, AI is bringing a gradual evolution in the job market, people are getting better at their jobs with the help of AI. According to a report from the World Economic Forum (WEF) called “The Future of Jobs 2018, and recent report called “Job creation and elimination worldwide due to AI 2022” AI, Machines and algorithms in the workplace are expected to create 2.3 million jobs. Even who does the work is changing rapidly – human, robot, or co-bot. The division of labour between humans, machine and AI is shifting quickly. By 2025, it is expected to shift to 48% human, 52% machine or algorithm. The combination of human and machine is the new normal in the workforce of the future.
Technology helps move society forward, and the integration of AI is doing the same. The integration of AI into healthcare, smart cities, law and other service-based industries is helping in making processes simpler and giving them enough time to focus on other issues. In this increasingly data-driven world the importance and impact of artificial intelligence is only growing and is becoming more crucial in gaining competitive advantage. Therefore, despite all the positive effects and worldwide boom in artificial intelligence industry, companies shouldn’t forget that AI is only a tool that they need to update/improve continuously instead of one-time investment in order to achieve their goals.
Sources:
- The State of AI 2019: Divergence
- Notes from the AI frontier: Modelling the impact of AI on the world economy
- McKinsey Global Institute: NOTES FROM THE AI FRONTIER APPLYING AI FOR SOCIAL GOOD
- The Future of Jobs 2018
- Job creation and elimination worldwide due to AI 2022
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