Artificial Intelligence (AI) has rapidly become a dominant force in the modern economy. It is significantly driving stock market growth, and its influence is pervasive in daily life. From your phone, Netflix, and smart devices, to call centers, educational apps, transportation, and social platforms, various forms of AI are actively being deployed. Furthermore, conversations with tools like ChatGPT have become a major source for generating ideas and automating tasks.
AI is designed to act like a human and assist with tasks with the goal of minimizing human oversight. It can reason and make decisions based on models and algorithms. It can assist with problem-solving and image recognition, and video analysis.
Its impact on the labor force is already evident and is expected to be adopted across industries. While new, high-paying jobs requiring specialized education and skills will likely grow, the automation of low-skilled, monotonous tasks will put pressure on employment rates for the less educated. This is not the first time we have seen significant job displacement due to technological advancement.
AI’s implication for productivity and profitability is already being, and will continue to be, a force in many industries, creating new jobs and opportunities. Skills in data analysis, machine learning, creative thinking, and AI development will become the most desirable. By automating routine and mundane tasks, AI will enhance existing roles, allowing human attention to shift to more complex issues. Collaborating hand-in-hand with AI has the capability to boost productivity and complement humans, especially in healthcare, education, finance, marketing, customer service, manufacturing, transportation, law, security, and many other industries.
While this is an exciting time, AI comes with significant potential dangers and issues. One risk is the potential for over-reliance: a society too dependent on AI could see an erosion of critical thinking and human interaction skills. Additionally, the lack of transparency inherent in many complex AI conclusions carries the risk of amplifying hidden data bias that could materially influence decision-making. This raises a fundamental question for all users: What is the verifiable source of the information providing these solutions and answers?
AI can easily manipulate social thinking and can be an effective propaganda machine, as we see today. Algorithms are used to collect data that impacts privacy and, consequently, can be used as a social surveillance tool. Scams multiply, and an increase in criminal activity can thrive with AI. Furthermore, a crisis that can be initiated in many industries becomes more plausible, and it may be difficult to determine what is real and what is not.
As with any new technology, there are many positives and negatives, and we need to tread carefully as AI consumes our daily lives. New developments are needed to authenticate identities and to provide guidelines and a framework to minimize its potential dangers and focus on the true benefits of AI. The investment and implementation of Artificial Intelligence is estimated to contribute $13 trillion to the global economy by 2030. While it may take some time to get there and create some disruptions, it’s an area that has the potential to reward investors as companies work to enhance their profitability.
