Artificial Intelligence (AI) refers to developing powerful algorithms and machine learning to form predictions. These days, most major activities, such as formulation, implementation, decision-making, product designing, and operation of machines, are done automatically through AI.
AI has started replacing human intelligence. AI can create technologies that can make a replica of human conduct. They improve the operational efficiency of an organization and are responsible for the timely completion of work.
How Is AI Beneficial In Day-To-Day Life?
AI is beneficial in reducing the time required to complete work or improving the quality of products. AI is used in every field, from agricultural activities to manufacturing and corporate. Most doctors are now dependent on AI technology. Farmers use AI to decide when to sow, which might help in better harvest and observing changes in weather patterns. Many organizations have started using chatbots to solve consumer queries.
Some technology shows an individual’s character traits based on Facebook or social media posts which have proven to be more correct than friends. Hence, there are a lot of benefits to using AI.
For instance, Workruit is a software company that has taken the concept of matchmaking apps like Tinder, where an employer and a job seeker can contact each other by swiping right or left. It is possible only with the employment of recent technology.
However, as we know, everything has a risk. Thus, AI also possesses a certain amount of risk. AI is creating jobs in engineering, analytics, data sourcing, aviation, and many more fields, but it has also replaced jobs in other sectors.
Major Drawbacks of AI: Replacing Humans?
One of the biggest drawbacks is unemployment. Most activities performed today are being replaced by AI, increasing the unemployment rate. This situation leads to stagflation, wherein the prices of goods increase along with unemployment. It leads to falling in the per capita income of individuals.
Unemployment also depends on the degree of automation. There will always be people required to work these machines. For instance, if your job is to cut vegetables, then with more automation, a technology is introduced wherein the vegetables are cut automatically, then the probability of you requiring a new job increases.
Being unemployed for a long period makes individuals lose their skills. They are not working, which makes them lazy and prone to many diseases. They indulge in uneconomical activities, which brings down the economy bringing in the phase of depression.
A human body is meant to function specifically; not working makes them physically and mentally unfit. AI will completely replace jobs of low-skilled labor, who are the poorest and most underprivileged sections of society. These people need to earn to improve their standards of living, but due to AI, they will lose their jobs, making their lives more difficult.
With improvements in technology and everything going digital, individuals feel like they are not required to work anymore. They are completely dependent on machines which is harmful to them in many ways.
Even machines are bound to become obsolete in the future, which causes a huge loss for the entire organization. Unemployment ultimately leads to a loss of skills. Along with that, it makes an individual suicidal or makes them indulge in illegal or fraudulent activities.
Will AI Affect International Trade?
AI will have a revolutionary impact on International Trade. One of the most important tasks will be reducing trade costs. The application of AI in data entry and analytics already gives an edge to modern technology.
AI has the Block Chain feature, meaning that the system stores or blocks the necessary and sufficient data. Such information cannot be hacked or changed, and it protects it.
AI will increase productivity, increase economic benefits, and provide new opportunities for international trade. It is required to record different transactions across other countries’ economies. It blocks the data so that any economy or an outside party does not alter it.
Businesses can use AI for inventory control, maintenance of assets, improving warehousing facilities, and using robots for packaging and transportation. Physical inspection of goods to ensure there is no stealing of goods.
Artificial Intelligence is used for machine learning, wherein it becomes easy to keep track of shipments across the country. It helps determine the traffic at different shipping routes and assists in finding the best way to make the necessary transaction.
3D printing shows a product’s prototype, which helps reduce manufacturing waste. 3D printing has a benefit over extended supply chains by lowering per-unit costs. If 3D printing is accepted globally and it becomes cheap enough to be adopted by all the nations, then a lot less labor is required, and the need for imports also reduces.
Currently, it has become difficult for individuals to operate AI technology. However, automated technology will reduce the time taken to complete a trade. AI already positively impacts global value chains by predicting consumer demand and forecasting its risk. It already has an advantage for small businesses through various commercial websites such as e-bays, where companies can sell their products directly to consumers.
Sectors Completely Replaced with AI In the Future
- Real Estate: Real estate requires a person with sufficient knowledge about a property; however, a mediator is not needed in this age where all the information is available. A tech-savvy seller can gather all the necessary information to purchase any property.
- Couriers And Mails: With automated robots and drones, mail carriers’ jobs will be completely replaced by machines.
- Technology: The job of a coder currently is to develop and check codes; however, with automated technology, this can be performed by machines.
- Research And Data Entry: Presently, these jobs are completely manual and require a lot of skills; however, if the development of technology will perform such tasks will replace human labor, which is bound to make mistakes while completing such tasks.
- Customer Services: Chatbots have already started replacing manual work. Chatbots solve most consumers’ queries, and even though an individual is required on the other end today, AI is expected to return this need shortly.
- Retail Services: Currently, most of the retail work in big shopping complexes is done by a human; however, in foreign countries and some cities in India, automatic robots have started replacing retail workers’ jobs. In the future, this kind of job will be completely automated.
- Toll Takers: Persons responsible for taking tolls on different highways are now replaced by automatic sensors.
- Proofreading: It is the responsibility of an editor wherein they are required to check for grammatical or sentence construction errors; however, such a job is believed to be replaced completely in the future by AI. For instance, Grammarly is one of the online applications professionals use for proofreading.
Fundamentally, everything which can be learned can be replaced by using AI. However, some industries will rely on manual work, such as jobs of teachers, writers, therapists, event planners, lawyers, etc. These are some areas where even if we use AI, a lot of individual work will still be required.
Machines Take After Those Who Develop Them
Machines can learn from us some of our worse traits like deception, fraud, racism, sexism, etc. In the future, with more and more advancements in technology comes the risk of hackers.
Hackers can hack into machines, have all the necessary information, and maliciously use AI.
Most of the systems have facial recognition as security in them. The power given to any authority may make them misuse their powers and commit fraud in the same organization.
While considering the consequences of AI, accountability becomes a concern. Who will be accountable if a goal is not achieved? Who developed the algorithms, the person operating it, or the management?
Some algorithms are designed to favor the rich over the poor or include racism. It becomes difficult to detect such algorithms and correct them. Hence, these faults will still exist in a world where we thought injustice and inequality would be removed.
In the long run, certain jobs will be less relevant in that period, which will require manual work but soon will become completely obsolete. Although Artificial Intelligence has numerous benefits for humanity by reducing their workload and improving the efficiency and effectiveness of work, it will be one of the main causes of unemployment in the future.
AI will completely replace some of the jobs that currently require human intelligence. Hence the biggest task would be to design AI so that it leads to less unemployment and is free from bias. Humans are reluctant to change; therefore, if AI is used unerringly, it will prove to be one of humanity’s greatest inventions.
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