Artificial Intelligence has changed the way we do business. As we know Artificial Intelligence (AI) is the field of computer science which deals with the development of machines and programs that can think, work and behave like humans beings. Some applications of AI so far have been in the field of medical diagnosis, remote sensing etc. but AI is set to disrupt a lot of industries in the near future. Let us have a look at those.
How would AI disrupt business?
The use of AI would lead to a completely new way of doing business. It is going to impact the way industries function and behave. There could be major changes in the form of organizations, the hierarchy, the operations sector because of the advent of AI and its increasing integration into production and services industry.
Why would AI cause disruption to business?
This would happen because, with increased research and improvement in the AI technology, it would match human intelligence and would soon surpass it. When that happens it would result in unmatched efficiency and productivity that a human being cannot compete with. This would cause major disruption in the way businesses have been run for centuries.
What would happen if AI disrupts businesses?
Many traditional businesses would lose their spirit, many would be left redundant. It is similar to the case of the inks used for photographs, when digital photography became the norm, not only was traditional photography pushed into the zones of failure but the allied businesses were also affected. Thus when AI would perform the functions of human beings then it would cause the humans that do the exact work of an AI to be redundant and this would affect the kind of skill set that is required of many workers now because very soon it would be changed tremendously.
An example could be the code-crunchers of the programming world, their work could be easily done by AI in the future and this would cause their skills to be redundant. It is said that any work which is repeatable, will be done by machines.
What businesses will be affected the most by AI?
AI is going to affect all the major businesses and industries just like the industrial revolution caused mechanization of labor and soon enough there were machines doing a lot of the tasks which were earlier performed by humans and just like computers invaded every professional and personal space and caused a major change in how we live.
But there are a few businesses which are more susceptible to disruption because of the growth of AI:
- Personal assistant: The job of a personal assistant could now be done by virtual assistants. Siri, Alexa are examples of this. Very soon a human performing the job of a personal assistant would be a rare thing. These programs answer questions, remind you of tasks, understand and reply in the natural languages. Thus AI would completely transform the personal assistant industry.
- Healthcare: Medical diagnosis is already being performed by AI. Although machines aren’t sophisticated enough to deal with serious medical issues or perform precise surgeries as of now, it would certainly give doctors enough free time, by taking care of menial tasks. It would also save thousands of lives which are endangered due to wrong medication.
- Finance: This is yet another sector which is bound to change a lot because of AI. Already the use of AI has rendered the services of a financial advisor as unnecessary for common people. People have the option of tracking their finances, calculating risks and rewards etc. on computer programs. There is also the matter of digital currency and cryptocurrency, which would change the way we deal with finances.
- Transport: Driverless car, delivery by drones, smart vehicles… these are just a few examples of how AI is altering the transport industry. Very soon the jobs of drivers, delivery persons etc. would be redundant as most would be performed by machines. The Self-driving cars will be incredibly safe, so much so that, one day driving manually would become illegal.
- Law: The services provided by lawyers would also be easily accessed using AI. At times availing law services could be very expensive. To answer that problem an AI program is under development that will create legal letters for clients. It will be much more affordable and quicker than traditional lawyers. It will cause major upheavals in the field of law.
- Manufacturing: Manufacturers have been using robots for decades to assemble and package products in their industrial plants. Now AI would be integrated into it and it is slated to alter the industry. It is being said that eventually, artificially intelligent robots would replace electronic engineers and construction workers which would, in turn, cause major disruption in these industries also.
- Education: This is yet another field which would face multitudes of changes because of AI in the near future. Assessments would be done by AI, but they would be assisting the teachers and not replacing them. Very soon machines would analyze students class performance by assessing their emotions and expressions. It could be said that because of AI education would get more personalized, as it would become easier to tailor the lessons according to individuals when AI is used for the teaching mediums.
These are some of the major industries that are set to be disrupted in the near future because of AI and this would cause the formation of completely new structure in these businesses and industries. A major concern would be the apparent redundancy of human skills that are currently required in these industries but that would be more or less offset by the creation of new jobs and skill sets. These industries would become more user-friendly, faster and efficient. There would be an increase in productivity and humans can concentrate on tasks more suited for their intellect, imagination, creativity, and capability.