What are your ideas on artificial intelligence and its potential? Do you think it will eventually replace people? While the idea of AI taking jobs from humans is scary, it’s not as frightening as many fear. AI is already incorporated in many everyday functions. It’s not yet a cataclysm, but it’s not far off. But it’s certainly an important topic to consider in the years to come.
Sociologists are also considering AI and the impact it could have on society and the economy. Recent technological developments have enabled robots to learn from humans. Sociologists are predicting how robots may eventually enter many aspects of society, from transportation to service. Even the arts and music may be invaded by AI. The question is: how will we cope? How can we prepare our children and ourselves for a world in which robots take over our jobs?
Marketing is one of the fields with the most to gain from AI. In a recent study, McKinsey & Co. examined 400 AI use cases to identify the areas with the greatest potential. The most promising impact of AI on marketing and sales is in the area of recommending next-best offers to customers. While the impact of AI on marketing will vary by industry, it will be greatest in consumer packaged goods and retail.
Businesses are also using AI in the marketing industry. Companies such as Trendy Butler and Birchbox use AI to predict what customers are looking for. Similarly, businesses such as Stitch Fix use AI to augment the work of human stylists. By analyzing vast amounts of data, AI algorithms can help predict the buying behavior of customers, predict credit fraud, and deploy targeted digital advertising in real time.
Journalism is already harnessing AI. Bloomberg uses Cyborg technology to produce their earnings stories, and the Associated Press uses Automated Insights to produce 3,700 earnings stories a year. And in manufacturing, AI powered robots can help workers keep their equipment running smoothly. And if you can’t wait that long to drive an autonomous car, you can bet it will be a decade or two before this is actually a reality.
While AI is poised to impact the way society does business, it has also raised important ethical issues. Increasingly sophisticated AI will have profound effects on global climate change and sustainability, as well as making cities more livable. Its reliance on big data is already affecting privacy. The Cambridge Analytica scandal in Facebook shows how the technology can go haywire. Critics say AI without regulation will only make things worse.
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Another potential use of AI is in the medical field. For example, AI may replace radiologists in hospitals. Hospitals will be able to analyze vast amounts of data on their customers, and doctors will be able to use this information to tailor their care. AI can also diagnose cancer and identify small lesions. These applications could potentially save lives. You may be surprised to learn that they will save money on radiologists’ services.
