Artificial intelligence is all the rage in the tech world these days. Elon Musk even says that robots will take over human civilization. But how much will it really change business in the near future?
The answer is that it’s already changed businesses and will only continue to do so in the near future. From Google’s prediction feature to digital assistants to self-driving cars, AI has arrived and it’s here to say. Here are five ways AI will shape the world of business:
The technology has not been not quite perfected yet — as illustrated by this “smart” toaster that was hacked in under an hour. But the reality is that more and more everyday objects, from thermostats to cars, will be equipped with Internet connectivity. They’ll send and receive data, becoming better at anticipating human desires. In other words, The Jetson’s vacuum is finally here!
Users are creating more data than ever before. Think about every time a website asks to link to your Facebook account! But analyzing that data is more than most companies can handle. That’s where AI comes in — extracting relevant data and providing insight about consumers.
Ever since Ford standardized the assembly line, machines have been both a threat to workers and an opportunity for businesses. There’s no question that automation will continue to make certain jobs obsolete. One study found that loan officers are likely to be replaced, but surgeons and elementary school teachers are relatively safe. At the same time, automation will create new jobs, especially in the IT and creative industries.
A Gallup poll found that already 37% of Americans are regularly telecommuting. With a laptop and a phone, most workers have everything they need to do their jobs. Jobs will be less defined by a specific place and time. With employees interested in avoiding long commutes and having greater flexibility, expect that more employers will be offering telecommuting options.
AI is less an industry itself than technology that will transform a variety of industries. One of the industries that AI is bound to change in the near future is health care. According to Inc., it’s expected that health care will invest $3 billion in this technology before 2020, with retail close behind at $1.9 billion. For example, AI can be used to track and resolve equipment maintenance issues.
Although “Robots Annihilating All Human Life” didn’t make the list, you can rest assured that AI and machine learning will be transforming business in the years to come. In fact, experts say that although consumer technology (like the Apple Watch) gets a lot of attention, this technology will have more of an impact on the world of business.