A new technology that has taken the world by storm is what we know as artificial intelligence (AI). AI, in basic terms, means a technology that deploys a computer, a robot, or a computer-controlled machine that is smart enough to do jobs effectively and efficiently. They try to mimic what a human does. They are fabricated to such an extent that they can think, learn, and make decisions as humans. Of late, this new technology has made inroads into every industry. AI impact can be found in a wide range of tasks, from simple tasks like writing to complex jobs like generating a video based on the text provided.

Understanding AI and its impact is essential, as it has pros and cons. Pros are its applicability in various fields, its ability to design products skillfully, etc. On the other hand, it needs policy formation and regulation because of its influence on jobs and people, its societal impact, ethical concerns, etc. In this way, AI and humans can work hand in hand without having spill-over effects.

AI in industries

As mentioned earlier, the influence of AI can be easily witnessed in almost every sphere. Industries are tapping into this technology to ease their work and cut down on cost and time overruns, which will be easy on their exchequer. These industries have transformed tremendously with the use of AI. Let us now see how the industries have metamorphosized by leveraging AI:

Healthcare

AI has also entered the healthcare sector. Though its impact is not explicitly visible, it has an intangible influence, like the algorithms that can be used to examine X-ray and CT scan reports. Doctors take the help of AI to analyse and provide some quick solutions. Hence, the diagnosis can be made more accurate.

AI also acts as a repository by storing vast amounts of data that can be further used while performing experiments, developing and formulating new drugs, and testing their efficacy. The virtual chatbots used by some hospitals will help in customer service by answering the queries of the patients, booking an appointment, and knowing the schedule of doctors. It can also be used for recording data from previous visits and storing medication and prescription details.

Its other applications include telemedicine, patient monitoring, personalised medicine, robotic surgery, disease diagnosis, predictive analysis, image analysis, etc., which are still in the developmental stage.

Finance and banking

The banking realm has started taking advantage of AI to a great degree. To stay ahead of their competitors, a few banks use chatbots that offer online responses to customers. The banks also use AI to predict the risk of lending loans to individuals by analysing their records. AI also guides the banks on the latest market trends, can estimate the risk of lending, record transactions, detect fraud, and produce analytical reports of people.

Artificial intelligence effects are also prominent in the finance sector. Similar to banking, AI helps finance organisations take calculated risks, analyse the market in depth, examine the creditworthiness of borrowers, and estimate the future of the economy, which will assist institutions in making informed decisions.

For instance, HDFC Bank has come up with the idea of establishing its own AI chatbot that gives instant answers and assistance.

Retail and e-commerce

E-commerce enterprises rely heavily on big data technologies to store and analyse data on a large scale. These businesses use AI to understand customers’ mindsets and design accordingly. The AI algorithms store the browsing patterns and choices of customers and then display similar products on search engines and other apps like Google, YouTube, etc. In a way, it also helps viewers, as they get customised articles readily.

To engage more customers, AI chatbots are also in use to provide support, answer queries, and help out customers regarding product details. Online retailers can use machine learning to determine fraud reviews to maintain the authenticity of their company and gain the trust of consumers. Based on the feedback received on the articles, AI can summarise and provide solutions to correct the defects.

Amazon is one such company that has made the best use of AI. Its AI-powered suggestions based on previous purchases have simplified the entire online shopping model.

Manufacturing

The impact of AI on manufacturing cannot be neglected. Starting from brainstorming and designing the product to getting a finished product, the influence of AI is almost visible at every stage. New and innovative models and solutions are designed to harness AI technology based on the information fed. This not only enhances the efficiency of the product but also cuts down on time with little scope for minor errors.

The use of machine learning and AI has helped in developing economical, durable, resilient, and lighter products. They also predict the demand and supply of a particular item in the market, identifying the opportunities for businesses to focus on creating them. Automation technology employs robots that can perform certain complex tasks in a fraction of a second. They are trained to behave humanely.

For example, a few automobile industries, like Ford, use AI to identify vehicle issues, improve the quality of vehicles, monitor vehicle performance, assess customer preferences, etc.  

Transportation and logistics

AI has eased logistics and is in the process of revolutionising logistics across the globe. It can evaluate data and provide solutions to clear traffic flow. It can plan schedules and allot specific times that will allow the free flow of goods. It can detect weather conditions, remind maintenance of vehicles, and facilitate smooth and seamless transport. It also gives information about cost-effective ways of packaging, short routes, etc.

It also assists drivers in making significant decisions while driving, like knowing which roads are busy, when to apply brakes, the optimum speed limit in a particular area, and so on. In the coming years, self-driving cars will see a boom as they are estimated to reduce accidents. It is speculated that AI can surpass humans in providing critical data and replacing traditional transportation and logistics methods.

Societal Impact

Impact of AI on jobs and unemployment: Though the benefits of AI are massive, it comes with its disadvantages:

• Human replacement: Since robots and machines are trained to think, act, and make decisions as humans, there is a possibility that these robots will replace humans, if not all, but in a few spheres. For instance, it can take up the job of a receptionist, waiter, customer service provider, driver, etc. With the advent of ChatGPT, there is a fear among content writers that it will replace them. Text-to-video conversion and automatic caption generators have all lessened the burden on a creator. Nevertheless, these jobs were previously done by humans, who are now on the verge of losing their jobs.
• Surge in unemployment: The unemployment rates are already high, and this will further worsen the situation. Youth who lose jobs and those facing difficulty finding a new one will sit idle and resort to the consumption of alcohol, drugs, etc. to relieve their stress.

Ethical considerations and societal implications: AI has become an integral part of but its ethical implications should also be taken into consideration before mindlessly using it everywhere.  

• Chances of misuse: As we know, AI acts based on the instructions fed to it. If biased, unjust, and disruptive instructions are given, it may lead to a disaster. This can be used for the wrong reasons, which can affect humanity. For instance, while checking online reviews, if it is instructed to eliminate bad reviews, then that would be an unfair practice.
• Accountability issues: If a system fails or backfires, who will be held accountable? There is a lack of transparency, and the blame game begins. Once this happens, the users will lose trust in technology and will always be doubtful of trying new things. The best example would be driverless cars. If an accident occurs, who has to be punished and who will pay the compensation to the family are the big questions.  
• Use of personal data: AI keeps track of our personal information, and this is used by companies to design and suggest products as part of their marketing strategy. This raises privacy and security concerns as people are unaware of their data being used without consent. Example: E-commerce websites are tracking our previous purchases and recommending similar products.
• Online fraud: online frauds are soaring lately. Vast personal data is either hacked or sold at large amounts for money and other desires. For example, hackers can use this data to threaten people to leak personal information online.
• Tool in warfare: AI can be used as a weapon to create lethal devices that have no cure or are unheard of. It may also track the location, plan for bombing, etc.

Technological Advancements

AI is the new driving technology in the market currently. A few recent developments in the field of AI include:

• Robots: Machine learning and AI have augmented the efficacy of the robots, which now perform complex tasks. For instance, the CIMON-2 robot from Airbus acts as a companion to astronauts. It is skilled to talk, move, and perform everyday tasks.
• Natural Language Processing (NLP): To resemble humans, AI is modelled to understand human language and converse as humans do. Chatbots and AI-powered assistants are good examples.
• Content creation: AI accepts data and generates audio, video, images, etc. ChatGPT, introduced by AI, provides ideas and content on almost everything.

Future of AI

Looking at the recent advancements in AI, there is no doubt that AI’s impact will grow multifold. The majority of industries have incorporated AI in one form or another. AI has transformed the way few organisations work. Its data-analysing power will also influence decision-making. Reading huge amounts of data and generating a report or a solution will save the company’s costs and time. This may threaten the livelihoods of people like data analysts. AI automation will definitely result in job losses.

Hence, the future without AI looks bleak. AI will act as a double-edged sword, and therefore it has to be wisely used without causing threats to people.

Conclusion

AI is certainly a breakthrough technology of the 21st century. Its influence, impact, and the transformation it has brought in replacing traditional methods are undeniable. In the future, it has to be used to improve the sustainability of organisations, keeping in mind climate change. Proper regulations have to be put in place to ensure the safety of citizens’ data. Therefore, AI has to be used in fields where it is impossible for humans to work or where it eases the work of humans rather than displacing humans.

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