Artificial Intelligence Changing Dimension and the Future
People have a limited understanding of what artificial intelligence entails (AI). For instance, in 2017, only 17% of 1,500 top-level American corporate executives who were polled were able to say they had any prior experience with artificial intelligence. Many people didn’t understand what it was or how it would influence their businesses. Although they recognized AI’s potential to revolutionize corporate operations , they lacked insight into the technology’s practical use within their own companies.
Despite the general public’s unfamiliarity with AI, it is a technology that is having far-reaching effects. It’s a versatile resource for rethinking information integration, data analysis, and the application of insights to decision making. To policymakers, opinion leaders, and interested observers, we hope this thorough overview will explain AI and show how it is already transforming the world and raising crucial questions about society, the economy, and governance.
Issues including data access, algorithmic bias, AI ethics and transparency, and legal accountability for AI judgments are discussed along with novel applications in the fields of finance, national security, healthcare, criminal justice, transportation, and smart cities. Let’s compare and contrast the regulatory methods taken by the United States and the European Union, and we conclude with a series of suggestions for making the most of AI while safeguarding essential human values.
The present nine recommendations for moving forward with AI to maximize its benefits:
1. Promote researchers’ access to more data without compromising users’ privacy,
2. Increase public financing for unclassified artificial intelligence research,
3. Encourage innovative approaches to digital education and AI workforce development to equip workers with the skills necessary for the global economy of the twenty-first century,
4. Establish a government-wide AI advisory panel to advise on AI policy
5. Interact with local and state leaders to promote policy change
6. Govern general AI principles instead of individual algorithms.
7. Listen to and act on bias complaints so that AI does not perpetuate prejudice, bias, or injustice in its data or algorithms based on the past
8. Keep in place human monitoring and command systems, and
9. Inflict penalties on AIs that engage in bad behavior and encourage safe online practices
In what ways will artificial intelligence affect specific sectors of the economy?
Artificial intelligence (AI) has had a profound impact on nearly every major industry, especially “narrow AI,” which carries out objective functions using data-trained models and frequently belongs to the categories of deep learning or machine learning. Especially in the last several years, as data gathering and analysis have accelerated greatly due to the widespread availability of the Internet of Things (IoT) , the rise in the number of linked devices, and the improvement in processing speed.
Some industries are only getting started with AI, while others are seasoned pros. There is a long way to go for each of them. It’s impossible to deny the influence AI is having on modern society.
The future of transportation may lie with self-driving automobiles, which may take some time to develop.
In the manufacturing industry, artificial intelligence-powered robots execute limited jobs, such as assembling and stacking, while people undertake more routine chores.
Diseases are diagnosed more rapidly and precisely, medication discovery is accelerated and streamlined, virtual nursing assistants monitor patients, and big data analysis helps provide a more personalized patient experience in the relatively new field of healthcare where AI is being used.
AI is being used to digitize textbooks, early-stage virtual tutors are assisting human instructors, and face analysis is being used to measure student moods in order to better cater to the needs of those who are struggling or bored in class.
The media are also reaping the benefits of AI in journalism. Cyborg technology is used by Bloomberg to quickly analyze complex financial reports. The Associated Press now generates 3,700 earnings reports stories annually using Automated Insights’ natural language capabilities, which is an increase of roughly four times over the past few years.
Last but not least, Google is developing an AI assistant that can arrange appointments at human-like call centers, such as local hair salons. The system’s intelligence extends far beyond the ability to decipher individual words, since it can also grasp complex relationships between those words and their surroundings.
In conclusion, several industries are on the edge of being revolutionized by AI and data analytics. Changes in decision-making, business models, risk mitigation, and system performance have resulted from already large deployments in the financial sector, the military, the healthcare industry, the criminal justice system, the transportation sector, and smart cities. The economic and societal benefits of these innovations are growing rapidly.