Smart technologies are not only prevalent in homes but also in workplaces. Artificial intelligence (AI) can boost an organizations productivity, efficiency, and accuracy. However, few organizations are skeptical regarding the use of AI as they fear that the rise of machines and robots can replace human workers and consider it a threat. Many organizations are beginning to see the capabilities of AI making it the latest buzzword in the market. They are using AI to enhance the human intelligence and gain the actual value from their data.
Top management in companies is gaining a better understanding of the offerings of AI. Implementing AI at the enterprise level is increasing operational efficiency, making faster, and more informed decisions. The companies that employ AI systems first are gaining a competitive edge over their competition, reduce operations overheads, and remove head counts. This is a topic of worry for those working in roles at risk of displacement. AI will have a conflict with unions and job security because of operational changes.
Many organizations believe that AI will generate more jobs than it is perceived to take away. AI will have a positive impact on an economy creating jobs with new skill sets. It is likely to replace jobs involving repetitive tasks. AI systems will make critical decisions instead of humans. Automated decision making will be prevalent in functions such as approving loans, identifying corruption and financial crime. Automation will result in higher productivity and revenue generation.
Organizations need to overcome the biases surrounding AI by forming a practical implementation strategy that benefits everyone. Additionally, governments must spread the benefits of AI. To leverage the benefits of AI completely, the issues need to be addressed both on business and educational level. Schools and institutes must focus on training students in roles directly associated with AI. To achieve this, schools must focus on subjects such as science, technology, engineering, and mathematics. Additionally, subjects such as building creativity, social, and emotional skills must be encouraged.