In the last few decades technology has become a very indispensable part of our day-to-day lives. It has taken over almost each and every section of our basic necessities. Individuals’ more than half life has been dependent on the technology.
From our day to day life tour business environment, everything is rapidly becoming the user of Artificial Intelligence. We are somewhere among the most comfortable generation that we are witnessing the services and receiving the help of Artificial Intelligence to make our lives easier.
Now every small and big entrepreneur wants to impart the technology in business to get a hype. The maximum part of our technology has been covered by Artificial Intelligence and machine learning. So, we are preferring them more to create a healthy and successive business graph.
But having said that every coin has two aspects, it also has. On one hand Artificial Intelligence and Machine Learning has made our lives and work easier than before at the same time on the other hand it is decimating our lives in some aspects. We are using the maximum part of AI in our business environment. So, definitely we will be going to get maximumly positive or negative results in our businesses.
This article is all about how Artificial Intelligence (AI) and Machine Learning are impacting modern business era? So, before we start to learn, we all must know what is Artificial Intelligence?
What is Artificial Intelligence?
A part of computer science that helps human as a human. It works to makes things faster with the help of technology. It fusses-over to create more most intelligent machines of world. We can have some examples of AI that we use it on a daily basis, eg., Speech recognition, Cortana, Siri, Google Assistant are well utilized and known examples of Artificial Intelligence.
Let’s learn the both aspects of Artificial Intelligence and machine learning’s impact on our business era.
POSITIVE IMPACTS
- Digital Assistants
- New innovative businesses
- Accuracy that helps in decision making
- Economic Growth
Digital Assistants
Digital assistants have become so common that we don’t even realize that we are surrounded by it. It has created a huge scaled market in terms of users and sellers.
According to the survey so many facts have come in the light.
According to the report of 2018 digital assistants’ popularity will cross 1.8 billion by 2021 worldwide. Out of them 54% have agreed that digital assistants have made their lives easier. Estimated size of Virtual Digital Assistants’ (VDA) market worldwide is 8.56 billion USD. It may go 15.79 billion USD by 2021.
We use digital assistants in making our work faster and easier like
- To get to know about traffic conditions of a place where we need to go.
- To get reminders of meetings and personal appointments.
- To read out emails and messages.
- To type something faster than a human typing speed of typing.
- To order goods, foods, and so more.
Digital assistant seems fun in use and the language it speaks is so friendly and understandable. Through the help of digital assistants’ children also learn to speak clearly.
Estimated Size of the virtual digital assistant (VDA) market worldwide
| Year | Size (In Billion USD) |
| 2017 | 3.00 |
| 2018 | 5.21 |
| 2019 | 8.56 |
| 2020 | 12.12 |
| 2021 | 15.79 |
New Innovative businesses
Artificial Intelligence begot a market of innovations. It forced humans to utilize their creativity and create some innovation that world actually need. Artificial Intelligence brought so many innovative business innovations.
Google Assistants, Siri, Cortana, Robots are all the innovative begets of Artificial intelligence only. But we have been so much used to of all these besides robots that all have turned into common innovation.
If we talk about new recent innovation then you must be knowing about ‘Google Tulip’.
If you have heard about it then please let yourself know completely about it. If you haven’t heard yet then please go and google about google tulip.
Google Tulip is a beget of google that communicates to flowers and fulfill their requirements of water, sunlight and etc. with the help of AI. It was tested in April 2019 and it was successful attempt have had by google.
It was innovated for tulips in Netherland, a country which produces 12.5 billion flowers per year which is around 50% of all flowers in the world, Scientists believe that flowers communicate to each other by their roots and send signals to each other. Every other person of Netherland wants to keep tulips at home in vases. But it becomes so difficult to keep them fresh and alive.
Accuracy that helps in decision making
Machines takes decisions based on set of algorithms, previous records and data. So, the rooms for errors reduces so much. It creates an environment of accurate outcome with no error which helps in decision making.
When human takes a decision, he connects emotions in decision making and that may hamper business. But machines have no emotions. They work on set algorithms, not on human emotions so they work efficiently in less span of time.
Economic Growth
Artificial Intelligence has not only played a big role in business but it gives a good hype in our economic growth as well. With the induction of AI, its study and education has also needed to be getting started. That creates one more option for students.
AI begets innovations and innovation is something that every country or nation wants to implement for the public. That brings economic growth.According to the market research firm Tractica, the global artificial intelligence software market is expected to experience massive growth in the coming years, with revenues increasing from around 9.5 billion U.S. dollars in 2018 to an expected 118.6 billion by 2025. (Information taken from google)
NEGATIVE IMPACTS
- Dependency
- Unemployability
- Expensive
- No room for creativity
Dependency
On one hand where AI is giving a very good impact on our businesses at the same time on the other hand, it is increasing our dependency on machines. For Artificial Intelligence and machine learning technologies we shall have to dependent of machines. That can hamper the productivity.
And at the same time humans are becoming lassitude by having all works done by being at the same place through google assistants like Alexa.
Unemployability
At one place where Artificial Intelligence is saving our so much time at the other place it is giving big downfall to the employability graph. It is stealing lacks of people’s jobs what they do instead of Google assistants.
As machines can work for long 24*7 hours without a single break. So, in that case businesses would certainly prefer to appoint machines and would invest in them instead of humans. That may bring a huge sales unemployability. We can take a very practical and real example of this. In upcoming years driverless cars will be owing on roads. Thousands of drivers shall have to lose their jobs.
Expensive
Though AI is giving helpful results in making lives easier, but it is a very expensive proposition. It is not going to be easy to implement in low economical fields. For example, driverless cars are going to be very expensive than normal cars.
A middle-class man cannot afford it for his comfort. Its maintenance, proceedings are very expensive, we can simply see the robots, robots are highly maintained part of Artificial Intelligence. However, low fund industries and companies cannot entertain Artificial Intelligence.
No room for creativity
Artificial Intelligence works on algorithms, previous reports and data. It works and gives commands as we set machines to command. It doesn’t have a mind to think creatively. SO somewhere AI steals creativity from business.
If your business is completely entertaining AI then it would be very difficult to keep it creative for a long time. Machines work efficiently not creatively. It performs as we command them to perform.
CONCLUSION
Definitely Artificial Intelligence can be the biggest change in mankind but at the same time damage that we’d face through this cannot be ignored. AI has power to eradicate maximum poverty of this world. It can explore new dimensions and if we use it precisely and in a useful way changes are adoptable and explorable.