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Disruptive Technologies: Rise of Artificial Intelligence

Disruptive Technologies: Rise of Artificial Intelligence

-Shashwat Joshi

Despite Artificial Intelligence being around for a long time, it has only attracted attention recently. According to John McCarthy, father of AI, “Artificial intelligence is the science and engineering of making intelligent machines”. Artificial Intelligence is growing and automating almost every industry including insurance, architecture, journalism, finance, education, medical and HR management (10 Jobs). A 2017 Accenture research report suggests “Artificial intelligence alone has the potential to double the annual economic growth rates and boost labor productivity by up to 40% by 2035 for developed countries” (Ketter p2). AI is creating disruptions by creating automated, efficient systems which saves man power and are more efficient. Like all disruptive technologies, AI has negative effects too. As AI systems accomplish better tasks at a fractional cost, they will be the popular choice for employers. This may lead to massive job loss and lead to social imbalance by concentration of power in hands of few.

AI algorithms can prepare accounts, analyze data, and predict the market thus in the near future, they’ll replace the role of bankers. They are also able to diagnose diseases, prescribe medicine and even administer anesthesia to the patient thereby it could replace nurses and technicians. Customer support centers which used to provide employment to thousands of people are now being replaced by AI powered Chatbots, which are algorithms that comprehend questions to provide customer support. Unlike the Industrial Revolution, the A.I. revolution is not taking away specific jobs and replacing them with new ones. Instead, it will decimate these jobs, and wealth will accumulate in the hands of very few companies leading to social imbalance. According to recent statistics, About 20% of all jobs in the United States face a high risk of becoming completely automated in the subsequent two decades (Ketter p2)

Sources:

“10 Jobs Under That Are Increasingly Threatened by Technology.” The Finance Genie, Thefinancegenie.com, 30 Oct. 2017, thefinancegenie.com/smartliving/jobs-increasingly-threatened-technology.

Ketter, Paula. “Artificial Intelligence Creeps into Talent Development.” TD: Talent Development, vol. 71, no. 4, Apr. 2017, pp. 22-25. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=122234370&site=ehost-live

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