Technology is one of the few fields experiencing exponential growth. As technology develops, the cost of creating it decreases while its performance generally increases. Artificial intelligence (AI) is part of the group of technologies that have this rapid growth rate. As AI depends on computing power, its capabilities increase with the development of computing power. Today AI is increasingly being used in various sectors, including the eCommerce sector represented by eCommerce ChatGPT.
Another important characteristic of technology like AI is its disruptive nature. The technology of the present is rapidly being replaced and overtaken by rapid cycles of technological development. Examples of such disruptions include the Kodak company, which failed to take advantage of the exponential growth in camera development, and ultimately had to declare bankruptcy while companies like Instagram took advantage of this “new technology”.
AI is no different in the sense that it is constantly developing. There is an AI that plays chess, illustrating the ability of programs to achieve a goal based on a strict set of rules. Programs such as IBM’s Deep Blue defeated former world champion Garry Kasparov in 1997 in a six-game match, hinting at the power and knowledge such a program possesses.
Since this historic defeat, chess AI has only gotten stronger and faster at analyzing scenarios, with programs such as AlphaZero AI beating IBM’s Deep Blue and other chess AIs convincingly. The simplicity of chess demonstrates the rapid improvement of machine learning technology to process data and make an informed decisions. IBM also developed Watson, an AI capable of understanding and providing answers to “natural language questions”. Although Watson was able to win in a game of Jeopardy against two of the greatest human players, this type of AI is applied in much of everyday life.
The Controversy Surrounding AI Technology
All of today’s virtual assistants, such as Siri, Alexa, Cortana, Google, and more, use AI to understand questions people may ask and provide an appropriate response. The same goes for the Amazon Echo or Google Home, which are assistants that can search a vast database to provide users with answers to basic questions. These technologies can be synchronized with lamps, thermostats, and other electronic devices, allowing AI to perform simple tasks upon verbal request from the user. However, if AI programs are as common as virtual assistants in modern cell phones, what are the implications of misusing such powerful technology?
While controversy continues to surround this technology, it is clear that the integration of AI into daily life is inevitable. Knowing that the technology will only develop more quickly, it will be essential to ensure the impact of AI to maximize the economic and societal growth associated with this technology. The AI market growth is expected to reach USD 18.4 billion by 2026 in the United States alone; much larger compared to the value of 6.8 billion in 2021. For businesses, adopting AI into their businesses is essential for future economic growth. Those who implement AI will experience great economic growth, while non-adopters will be left behind, widening economic gaps between companies. The McKinsey Global Institute predicts that by 2030, companies that rapidly adopt AI could see a 122% increase in cash flow, while companies that don’t adopt AI could see a drop in turnover reaching -23%.
Potential Controversies Surrounding Employment
New jobs will emerge for people who have skills in using and developing AI. While it is still questionable whether the implementation of AI will result in a net gain or loss of jobs, one conclusion stands out: those who do not have the appropriate skills to work with autonomous devices will have to likely adapt to survive in a rapidly changing environment.
Repetitive daily tasks will most likely become completely self-sustaining, pushing people to develop digital skills to find work. We can see this effect even in today’s world. According to an article from the Massachusetts Institute of Technology (MIT), in the auto manufacturing industry, a single automated robot replaces approximately 3.3 jobs in the United States, and in robot-dense cities like Detroit, 6. 6 jobs per robot. It is important to also consider the cost of implementing AI into a business or corporation, as integrating AI can present some initial challenges. While AI can bring significant benefits to businesses, the cost of AI programs can be quite high, depending on the services required.
For example, we’ll look at a basic data analysis program. Custom data analysis systems start at around US$35,000, but prices can increase significantly depending on the caliber of system required. Therefore, the initial investment can be costly, especially for small businesses looking to implement AI into their data systems. There is certainly the possibility of purchasing already-made third-party programs for chatbots and data analysis systems, which helps reduce costs.