Artificial Intelligence and the Economy in the 21st Century

By ridhigrg |Email | Nov 27, 2019 | 1071 Views

Artificial intelligence is a driving business force in this fast-changing 21st century. AI is no longer an implausible futuristic vision, but a stark reality that is disrupting businesses worldwide. In the 21st century, companies are forced to rethink traditional market approaches and become more service-centric in order to remain relevant. Organizations such as Uber and air are perfect examples of 21st-century enterprises. The application on the demand, always-on technology that propels agility, simplicity, flexibility, and lean operators with customer experience at the core of their actions enabled new dawn of large or small organizations to leverage on the benefits of Artificial intelligence (A1) to succeed in the 21st century. Companies are gradually embracing A1 and its increasing influence every aspect of a business, especially consumer technology.

According to IDC, the worldwide market for cognitive systems, content analytics, and discovery software is expected to accelerate through 2020. As a result, there are speculations regarding AI growing role and whether that might adversely affect the job market. However, the purpose of automation is not to replace humans or dehumanization, but to enhance and augment human functions for improved productivity and efficiency.

The main key benefits of artificial intelligence are stated as follows:
1.Agility from orchestration: by harnessing the power of service integration and Develops, an agile and experience-oriented business, with programmable infrastructure, application releases, and catalog-based services, can be created.

2. Simplicity from autonomics: artificial and predictive analytics will self-healing, self-service, and proactive support, while minimizing waste and establishing elasticity. This will simplify the enterprise system workings and enable the up-place workforce to handle higher-level tasks.

3. Being lean through automation: Automating repetitive tasks will result in waste reduction, workforce optimization, and efficiency point and improvements.

Despite the above disadvantages of AI, it will take several decades before AI will actually be replacing human intelligence. The horror scenarios of AI entities taking over the planet and killing off the human race is still part of science fiction. Although several futurologists predict the possibility of transferring the human mind into the body of a robot to seek immortality in 2050.

The combination of AI and nanotechnology will also make technological breakthroughs in the fields of medicine, energy, and production systems. The combination of AI and nanotechnology applied in solar panels will cause the price of renewable sources of energy to drop dramatically starting in 2025.

The question haunting many is related to the horror scenarios in which killer AI robots start hunting down humans to be killed. These scenarios have been made popular by Hollywood blockbuster movies like the Terminator. Although AI will be beneficial for the human race, it needs to be controlled. Without proper control mechanisms and protocols, AI robots might become hostile although it a highly unlikely scenario. According to Michio Kaku, AI robots will be truly beneficial for the human race. However, in the long term, AI robots must be controlled with various inbuilt mechanisms to prevent them from becoming too independent and autonomous with becoming hostile towards humans like a real possible future scenario.

Source: HOB