Understanding the Real Potential of AI
Artificial Intelligence (AI) will enter nearly every aspect of lives similar to the way in which microprocessors and connectivity have permeated in the past years. Artificial intelligence offers automation for the digital business world. Vendors make big claims of the benefits and at the other end, some see the existential risks to businesses and society.
Some trends enabled by advances in AI are
• Voice personal digital assistants
• Data led customization
• Increased automation
• improved demand-side management
AI progress will be in tangible applications with relatively low risks. Hence, the next few years continue to layer AI to achieve increasingly sophisticated applications. They should eliminate tedious tasks in the workplace, increase productivity in the medium to long run, and, free people to undertake more creative tasks or simply to reduce the workload.
Super intelligent machines are going to be adopted in every infrastructure, from air traffic, the electric grid or urban planning. The self-driving cars, trucks or passenger planes generates understandable public concern and requires solid safeguards to avoid hacking, unfair decision-making or proper response to unexpected events.
But there are bigger challenges and obstacles related to implementing AI systems, governance and business models. These risks relate include widespread unemployment from the destruction of jobs, allocation of responsibility for autonomous systems, failure of autonomous systems in unexpected situations etc. The shortcomings originated during this transition have to be tackled not only from a technological perspective but also from a socioeconomic or ethical point of view. The design of effective political frameworks and accountability should be a necessary component to extract the full potential of AI technologies.
The government, academia, and businesses have to establish communication channels to adopt measures for an error-free implementation.