The use of artificial intelligence is becoming increasingly significant in both our lives and our economy, and it is already having an impact on human life in a variety of different ways. Many people believe that AI will be a major driver of increased economic growth and output. Through the analysis of extremely large volumes of data, it is possible to dramatically improve the effectiveness with which decisions are made and the rate at which tasks are completed. It is also capable of seeding the production of innovative products, markets, and industries, which can boost consumer demand and bring new sources of income.
Nevertheless, artificial intelligence may potentially have a potentially devastating influence on both business and society. Some people are concerned that it could result in the formation of supercorporations, which are centers of capital and innovation, and that this could hurt the economy as a whole. This latter trend could have far-reaching repercussions for the labor market, as it may widen the gap between developed and developing countries and increase the demand for workers with certain skills while making others unnecessary.
The Perspective Of An Expert
I had the opportunity to have a conversation with Sid Nasnodkar, a well-known product expert in the technology business world who is responsible for bringing several large-scale products to market that are utilized by billions of users to get his perspective on the influence that AI will have on the economy of the entire world. He has vast experience leading in a variety of disciplines, including voice assistants, telecommunications, internet technologies, educational technology, e-commerce, and more; across companies such as Facebook, Amazon, Hughes, and Cisco. He has applied AI to work in each of those fields.
Because of his contributions to several different economic verticals that are critically vital on a worldwide scale, he has received a substantial amount of recognition. He says that AI can make a big difference in the economy in several key areas that define our needs such as healthcare, governments, public safety, and education, and, in turn, affect the economy as a whole. Here is his detailed perspective on artificial intelligence’s impact on global economic conditions.
Artificial Intelligence’s Impact On Global Economic Conditions
From medical research to diagnostics, AI has a wide range of uses in healthcare. Some examples are finding new and old uses for drugs and running clinical trials. AI was used recently to look at pictures of cells to figure out which drugs were best for people with neurodegenerative diseases. AI can also be used to help stop medical scams.
Fraud, on the other hand, may give the most immediate return, since it can happen on many different levels and be done by many different people. In some of the worst cases of fraud, insurers may be billed for services that were never done, or surgeons may do unnecessary surgeries to get more money from insurance. Insurance companies may also have to pay for broken devices or test kits. AI can help stop fraud from happening in the first place. Health insurers can use algorithms in the same way that banks do to find strange transactions.
One AI system used in Diagnostics to find breast cancer can find both current problems and the likelihood that a patient will get the disease in the next few years. Some uses of AI in health care can also find mental illnesses. Researchers have trained algorithms to spot people who are depressed by, for example, listening to their voices or looking at what they post on social media.
Governments and Public Safety
Within Governments and Public Safety, Artificial intelligence can be used to predict crimes and determine the appropriate number of police officers to dispatch. Artificial intelligence can be used to recognize trends in policing heat maps, which can then be used to make predictions about when and where the next crimes are likely to occur.
AI-based suggestions can be used to determine the ideal amount of police patrol presence, although the fairness of AI algorithms in predictive policing is still up for debate, and it does not favor members of minority groups. Machine learning and deep learning algorithms track the dryness of woods to improve their ability to predict wildfires, which can critically impact the preparedness of emergency response teams.
AI surveillance can be used for the analysis of photos, videos, and data acquired from CCTV cameras using machine learning and deep learning-based algorithms. This process is used for public surveillance. The ethical implications of AI-driven surveillance are still a contentious topic, even though technologies such as face recognition make it possible for governments to identify individuals from video records. The level of importance of a call for emergency assistance can be determined with the help of AI. Voice recognition technologies and machine learning algorithms can assist governments in automating their emergency phone lines by better comprehending and organizing incoming questions.
When combined with high-quality instructional content and study materials, artificial intelligence can help students learn more effectively and quickly. AI technologies can also assist pupils in getting back on track more quickly by alerting teachers to issues that cannot be seen by the human eye. In certain instances, such as when an automated system rates students’ and teachers’ essays, the benefits of the tools are not immediately experienced by either group. Instead, the state provides a quicker and more accurate grading system for the examinations.
The use of artificial intelligence (AI) in education is expanding beyond the realm of student assessments and into additional tools to promote student learning. These technologies frequently use built-in stealth assessments, in which students do not even realize they are taking a test. In the field of education, the application of AI powered by machines is already pretty common nowadays. For instance, the Education Testing Service and Pearson are only two of the testing firms that make use of natural language processing to grade students’ essays. Companies like Coursera and Udacity, which offer massive online open courses (MOOCs) that permit limitless participation through the web, have also included AI scoring to examine essays as part of their courses. The MOOCs offered by these companies call for a large-scale evaluation. The essay element of the annual evaluation is currently being scored by natural language processing in the majority of states’ education systems. This type of technology can also be utilized to reduce the costs associated with assessment. Even though natural language processing does not “understand” language in any technical sense, it is possible to utilize it to evaluate the quality of essays in ways that make formative evaluation significantly more effective. For example, the vast majority of word processing and email programs make use of natural language processing to make suggestions regarding greetings or certain terms.
In conclusion, there is no question that the widespread deployment of AI might result in some chaos and the perception that it takes away the jobs and livelihoods of people, although the potential benefits of this technology are substantial. There is a good chance that the productivity dividend that AI promises may not materialize right away, should it not be deployed responsibly across a wide variety of applications. As a result of the likelihood that its effects may compound at a quicker rate over time, the benefits of initial investments may not be readily apparent shortly. Patience and the ability to think strategically over the long term will be necessary. It will be necessary for policymakers to demonstrate courageous leadership to overcome the reasonable unease that exists among citizens regarding the perceived threat that automation poses to their jobs – and make AI a tool that enhances job efficiency versus a technology that replaces humans.
Disclaimer: The thoughts expressed are those of the subject and not of their employer.