Source: artificial intelligence
Oxford dictionary states the meaning of Intelligence as the ability to apply the knowledge and acquire the skills. The concept of human intelligence is closely related to logical reasoning, conceptual understanding, and, more importantly, the ability of the person to identify conditions under which a particular solution can be applied. In the academic as well as the corporate world, human intelligence plays a significant role in determining the merit and deciding the hierarchical position. No wonder, right from the very beginning of our school days, there is focused emphasis placed on the aspect of intelligence.
Artificial intelligence (AI)
Artificial intelligence (AI) can be simply described as intelligence demonstrated by machines. The concept of AI is deeply rooted in machine learning and can manifest in several forms, including the likes of robots, computer programs, and numerically controlled machines, among others. We are already witnessing a huge transformative impact of AI on a number of businesses and if research is to be believed, the future of the business environment belongs to the new innovations specific to the field of AI. The primary difference between human intelligence and AI is the medium of the demonstration. While one is shown by a living being, another is demonstrated by the non-living thing.
Artificial intelligence (AI): Benefits and Risks
The reasons behind the growing popularity of AI are not difficult to ascertain. The technology can significantly enhance procedural efficiencies while cutting the cost in a substantial manner. The speed at which a robot can do the repetitive work or a computer program can control a machine is simply out of bounds for human capabilities. We list below some of the specific areas where the application of AI is transforming the scenario by delivering more effective and efficient operations.
- Automation: This is specifically relevant for the manufacturing industry as the efficiency of repetitive tasks can be enhanced significantly through the automation. AI can easily make the automation possible as all it needs a set of programs, data, and a computer interface. By taking away the human intervention, the AI can certainly make processes faster and more efficient.
- Creation of New Opportunities Areas: Intersection of AI with existing business models of companies has resulted in a number of new emerging areas. These segments are opening up opportunities for youngsters as the demand for skilled manpower in these emerging areas is quite high and substantial.
- Spur creativity and innovation: AI is playing a crucial role in spurring creativity and innovation. The conception of AI and its subsequent application requires a dramatically different approach from what we are used to practicing. People need to be more creative and need to innovate at a faster rate to stay afloat in the industries. In other words, AI pushes people to be more creative and innovative in their approach to work and life.
Risks and Challenges
The emergence of AI has also resulted in a number of challenges for traditional businesses and unskilled workers.
Unemployment: The problem of unemployment is the major issue faced by many industries owing to the rise of AI, especially the segments which are labor-intensive. By replacing humans with machines, an organization can have high efficiency and rationalized cost structure; however, the socio-economic consequences associated with the decision are quite complicated.
Privacy Issues: The breach of the privacy aspect is also one of the risks associated with AI. As computer programs require a large amount of data for proper working, privacy becomes one of the major concerns for individuals and organizations. In addition, the large corporate houses can wield undue influence as they grow on their capacity to sway decisions in their interests.
AI and its impact on Industries
In terms of influence, AI is having a huge impact on the working of a number of industries. Right from the cybersecurity to the manufacturing and from healthcare to retail, almost each and every industry is getting influenced by the evolution of AI. In addition, AI is also expected to have a considerable influence on the education sector and the working of government agencies and regulatory authorities.
AI and Blockchain
The convergence of AI and blockchain technology is going to be the next big thing in the crypto industry. Both these innovations have the potential to change the proceedings of the business world dramatically and although the real-world applications of this integration are quite a few, the future holds enormous potential for their integrated usage.
AI and Human Intelligence: Complementary Nature
The right perspective towards AI is to explore its complementary facet with Human intelligence. The focus of the research is to develop applications where AI should integrate with human intelligence for enhanced productivity within the broad contours of privacy and sensibilities. If we are able to find ways where AI works in conjunction with human intelligence, then we can easily open a vast number of opportunities in a number of different fields.
In sum, the best way to realize the potential of AI is to develop new ways of complementing technology with human intelligence. Excessive dependence on AI can turn out to be harmful as there are a number of risks associated with this overexploitation. The optimum reliance on AI, on the other hand, can bring immense benefits to the table and lead to a harmonious co-existence of humans and machines.