Artificial Intelligence (AI) is the biggest technological revolution of 21st centuryhaving the potential to disrupt almost all aspects of human existence. Artificial Intelligence is a branch of computer science that aims to create intelligent . Artificial Intelligence is the simulation of human intelligence processes machines based on computer systems. These processes include learning, which is acquisition of information and rules for using the information, reasoning which is using the rules to reach approximate or definite conclusions and self-correction
Rise of Artificial Intelligence
Al has become an essential part of the technology industry. Thanks to virtually unlimited computing power and the decreasing costs of data storage, the world is on the apex of the exponential age of AI, as it learns to unlock the value trapped in vast amounts of data. AI seeks to build machines that are programmed to thinl like humans and mimic their actions. It involves some traits to be present in the which are knowledge, reasoning, problem solving, perception, learning, planning and the ability to manipulate and move objects.
These human like capabilities are built up with the machine’s ability to learn from experience and keep adapting over time. Every application of Artificial Intelligence begins with large amounts of training data. Vastly increased processing power that comes from using Graphics Processing Units (GPUs) in place of Processing Units (CPUs), decreasing cost of storage and the exponential in data volumes, together with the emergence of open source platforms, forms a potent combination of technologies and capabilities that provides a very foundation to AI.
Impact of Artificial Intelligence
Intelligence has emerged as a new factor of production, supplementing traditional factors of production such as labourcapital and innovation. Al ha potential to overcome the limitations of capital and labour and has the powe open up new sources of value and growth. It has a strong ability to impact th growth and drive growth and development through enabling intelligent automation (ability to automate complex task), labour and capital augmentation enabling humans to focus on their role that adds the most value and human capabilities and improving capital efficiency) and innovation diffusion (driving innovation).
Al innovations in one sector has positive consequences in another, as industrial sectors are interdependent Economic value is expected to be created from the new goods, services and innovations that AI will produce. Beyond the economic impact, AI will also have a transformative impact on the greater goods of the Indian society. It will be improving the quality of life and access of choice to a large section of the country.
Increased access to quality health facilities, inclusive financial growth for large sections of population that have been excluded from formal financial sector, providing real-time advisory to farmers, mitigating the effects of unforeseen factors, building smart and efficient cities and infrastructure to meet the demands of rapidly urbanising population are some of the examples that can be quickly achieved through the use of AI.
Al has a great potential to transform the socio-economic system as its impact on every industrial or service sector is indisputable. It will turn the world over a new leaf through automation, intelligence and creation. Thus, it will make few jobs redundant, while it increases the efficiency of other jobs and will create more jobs.
AI and Job Losses
As AI progresses, some believe that it will steadily take over large sectors of the workforce and will bring mass-scale unemployment and social unrest. In 2013, a study conducted by Oxford says that as much as 47% of current jobs are at risk of being wiped out. Al will replace the jobs involving repetitive, highly standardised job activities that can be carried out using computer software. Therefore, demand for these positions has been in decline.
AI has the potential to automate tasks that are monotonous which gradually makes certain roles obsolete. The examples include activities involved in customer care/call center operation, document classification, discovery and retrieval, content moderation which are based more on technology and less on human work.
The transportation sector will witness reduced demand of professional drivers, as fully autonomous cars which are safer, more efficient and more effective will take on the roads. Further, the electronic commerce will see a new wind of change where the importance of salespersons and physical network stores will shrink and the new centres will be fully automated, with robots navigating the space to collect products and execute customer orders, to be then sent or even delivered to customers also automatically, with autonomous drones and/or cars.
Also, the support services in a legal context such as document handling, classification, discovery, summarisation, comparison, knowledge extraction and management tasks will also be significantly impacted.
AI and Creation of Better Paying Jobs
Use of Aritifical Intelligence in workplace is expected to create 133 million new roles, but cause 75 million jobs to be displaced by 2022 according to report from World Economic Forum (WEF) called The Future of Jobs Report. This means that the growth of artificial intelligence could create 58 million net new jobs in the next few years. The areas in which AI will have positive impact are
• Demand will be increased for professional service talent, with an emphasis on communications, logic and creation and technical talent dealing with computer technologies.
• In arena of data technology, huge jobs will be created as Al-based solutions in any industry both need and generate massive amount of data. Data interpreters, analytics and miners will be needed on massive scale to annotate this data to provide context in ambiguous situations.
•It will increase employment for professors and researchers who have the potential to train engineers who can become a pool of requisite manpower required in the era of AI.
• AI is now helping companies to generate more profit and scaling up of their businesses and as a result, they will require a global workforce which can generate huge employment opportunities.
According to estimates healthcare would be one of the biggest winner from AI, where job opportunities could increase by nearly 1 million. In the near future, Al powered healthcare will be available at a scale and on demand for everyone. Hence, the requirement for Al-assisted healthcare technician job will see an upward surge.
• The education industry is slowly shifting towards e-learning concept such as smart content, personalised learning and other data driven operations which depends heavily on Al. Hence, this industry will need to hire plenty of AI and machine learning experts. Apart from these, new jobs will be created in gaming industry, robotics and cyber security.
Suggestion to Reap the Benefits of AI to Create More Jobs
To properly leverage the power of AI, we need to address the issue at the educational level as well as in business. Education system needs to focus on training students in roles directly associated with working with AI, including programmers and data analysts. This requires more emphasis to be put on STEM subjects (Science, Technology, Engineering and Mathematics). Also, subjects centered around buiding creative, social and emotional skills should be encouraged. Artificial intelligence is more productive than human workers for repetitive tasks, however, humans outperforms machines in jobs that requires relationship building and imagination
International Labour Organisation (ILO) in its ‘Future of Work report suggested a universal entitlement to lifelong learning that enables people to skill, reskill and upskill . In addition, it calls for greater investment in the care, green and rural economies in the backdrop of fear of job losses due to artificial intelligence. There needs to be an immediate government intervention for the availability of qualified faculty and researchers, so that skills could be developed to harness the potential of AI in promoting job creation. It is time for a vision for a human centered agenda that is based on investing in people’s capabilities, institutions of work and in decent and sustainable work.
Artificial intelligence will change our world both inside and outside the workplace. Instead of focusing on fear surrounding automation, businesses and governments all over need to embrace these new technologies to ensure that they implement the most effective AI systems to enhance and compliment human intelligence. In this way, AI in medium and long run will produce better paying jobs and augment and develop the human resource of the country and the world.
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