The trend of Artificial intelligence (AI) is rapidly increasing and is expected to continue to do so in the near future. According to a report by MarketsandMarkets (2021), the AI market is expected to reach $190.61 billion by 2025, with a compound annual growth rate (CAGR) of 36.62% from 2018 to 2025. So, what is Artificial intelligence? How they affect our life especially business?
Artificial intelligence is a field that combines computer science and robust datasets to enable problem-solving. It also encompasses sub-fields of machine learning and deep learning, which are frequently mentioned in conjunction with artificial intelligence (IBM, n.d.). One prevalent example of AI is ChatGPT.
Forbes (2022) highlighted three main AI trends that businesses should anticipate in 2023. Firstly, the use of AI automation will speed up and change work procedures, leading to increased effectiveness and output. For instance, the trendy ChatGPT can shorten the communication between customers and companies. Companies can adopt ChatGPT into their chatbots and virtual assistant, which can handle a large volume of customer inquiries. Using AI in business reduces repetitive procedures by humans. Customers just need to type a word in chatbots, and AI will provide the best and personalized information. Companies can collect those data to streamline their customer service processes in the long-term. The University of Pennsylvania also illustrated that Chatbot technology can help route customers to a real-life representative who is best equipped to address their questions. However, the effectiveness of AI may imply a negative impact on the company. While AI-powered chatbots and virtual assistants can provide quick and efficient responses, they may lack the empathy and personal touch that human customer service representatives can provide. Depending on how companies use AI, it creates a lot of potential for their customers.
Moreover, the integration of AI with IoT devices and edge computing will enable instantaneous decision-making and processing. Businesses can receive real-time insights into their operations, enabling them to quickly identify and address issues, improve efficiencies, and optimize their workflows. According to a report by Deloitte (2019), the use of AI in banking is expected to increase significantly in the coming years, driven by its ability to improve decision-making and reduce costs. Real-time data insights are critical for banks to respond quickly to changing market conditions, customer needs, and regulatory requirements. By integrating AI with IoT devices and edge computing, banks can gain access to real-time data on customer behavior, market trends, and operational performance. This can enable banks to quickly identify and address issues, optimize their workflows, and improve efficiencies. In the long term, businesses can gain a competitive advantage in their industries.
On the other hand, there will be a growing emphasis on AI ethics and accountability, with an increased concern for the transparency and fairness of AI systems. Although AI-assisted businesses can analyze and provide the most customized and personalized services and products, as a business, ensuring the transparency and fairness of AI systems is crucial to maintaining their business in the long term. This is because AI systems can sometimes produce unexpected or unexplainable results, which can be difficult to interpret or challenge. In some cases, this can lead to unintended consequences, such as bias or discrimination. Therefore, there is a need for greater transparency in AI systems, including clear explanations of how they work, how they make decisions, and how they can be audited.
We have no doubt that AI is ushering in a new generation that is replacing various job procedures. Some people argue that these AIs will be harmful to education as students rely on them for their studies. From an educator’s (i.e. content creator’s) perspective, we should clarify the responsibilities of AI and students. Instead of blindly banning students from using AI, we should nurture their usage of AI. Forbes has mentioned that utilizing generative AI will better enable educators to create engaging and interactive learning experiences that help foster growth in their students. AI can be the best partner for educators depending on how we utilize it.
In conclusion, the impact of AI on society is complex and multifaceted. We can conclude that AI is a double-edged sword. From the business and education (i.e. content creator) perspectives, AI can bring us more effective job processes by offering more customized and personalized products and services. Additionally, AI can be maximized by cooperating with IoT devices. The key to maximizing the benefits of AI while minimizing its drawbacks lies in managing and maintaining the relationship between humans and AI, ensuring that it is ethical, transparent, and fair.
ResearchAndMarkets. (2022, November 29). $405 Billion Artificial Intelligence Markets: Hardware, Software, Services, Machine Learning, Natural Language Processing, Big Data – Global forecast to 2027 – ResearchAndMarkets.com. Business Wire. https://www.businesswire.com/news/home/20221129005577/en/405-Billion-Artificial-Intelligence-Markets-Hardware-Software-Services-Machine-Learning-Natural-Language-Processing-Big-Data—Global-forecast-to-2027—ResearchAndMarkets.com
Wharton School of the University of Pennsylvania. (n.d.). How do businesses use artificial intelligence? Online Learning. Retrieved from https://online.wharton.upenn.edu/blog/how-do-businesses-use-artificial-intelligence/
Deloitte. (2019). Banking Industry Outlook: Banking reimagined. Retrieved from https://www2.deloitte.com/us/en/pages/financial-services/articles/banking-industry-outlook.html
IBM. (n.d.). Artificial intelligence. Retrieved from https://www.ibm.com/topics/artificial-intelligence