“The playing field is poised to become a lot more competitive, and businesses that don’t deploy AI and data to help them innovate in everything they do will be at a disadvantage.” Paul Daugherty, chief technology and innovation officer, Accenture.
Machine Learning (ML) and Artificial Intelligence (AI) are becoming more and more viral. It’s on everyone’s lips these days and creeps into every corner of life.
Alexa, SIRI, autonomous vehicles, alpha zero, and Hanson Robotics’ Sophia are probably everything we can mention in terms of artificial intelligence. AI is also imagined as human-like robots in fiction movies. Frankly, what people know about artificial intelligence is just the tip of the iceberg.
Whilst there are many ways that AI could shape the future, there are a few key areas where its impact is likely to be most felt. If this somehow runs into your current curiosity, you’re landing at the right place. In this article, we’ll discuss AI’s impacts on the future of work and life.
But first, let’s define what AI is in detail.
What Is Artificial Intelligence?
Artificial intelligence or AI refers to all systems and machines that replace human intelligence to perform complex tasks. They aim to empower computers to make decisions, including solving problems, suggesting ideas, predicting possibilities, or answering questions.
These like-human computer systems are able to take some common tasks such as communicating with customers online, writing poetry, or even detecting gas leaks.
To explain how AI systems work, they employ machine learning, natural language processing (NLP), computer vision, and other edge-cutting technologies. As a result, they will study patterns and features in the analyzed data.
We’re using AI regularly in our daily lives without notice. Alexa and Google Home are accurately applied in smart home devices like smart speakers, security cameras, and smart lighting. The recommendation function to complete sentences in emails also comes as an excellent example of AI. What’s more, artificially intelligent bots greatly benefit the healthcare industry by detecting breast cancer.
Impacts of AI on the Future of Work and Life
Artificial intelligence serves almost all the areas in our work and life, from Healthcare to HR, Education, and Finance.
#1 AI in Healthcare Industry
It may take doctors and researchers years or decades to examine new medicines, produce vaccines, and detect rare diseases. Plus, the outbreak of the COVID-19 pandemic has pointed out a huge shortage in human resources in the world’s healthcare sector, especially challenging underdeveloped and densely populated countries.
Thankfully, AI and data science deliver promising applications to the healthcare and medicine industry. It’s in charge of diagnosing and treating diseases, developing personalized treatments, and predicting health outcomes.
Artificial intelligence won’t replace medical staff but supports meeting the growing demand in healthcare. Take surgery robots as an example, they’re already being used in some hospitals and clinics, but their use is likely to become more widespread in the future.
As a matter of fact, AI possibly allows mishandled or misinterpreted data or lacks surrounding regulations. Still, its massive package of benefits is boundless.
#2 Future of AI in Human Resources
The HR department involves numerous areas, including recruitment, training, and employee engagement. It may sound awkward when trying to prove the elimination of humans in the HUMAN Resources era. In fact, applying recruitment automation paves the way for time and productivity savings.
HR managers employ AI to identify and hire candidates, screen resumes, and match employees with the most suitable jobs at their fingertips. These state-of-the-art AI solutions also enable HRs to monitor employee performance and identify potential improvement areas.
bravoSUITE is doing a great job of providing HR staff with an AI-based talent management solution. Hiring, retaining, developing, and growing employees are all combined in one platform. You can streamline your recruitment cycle, unlock employees’ true potential, and strengthen their engagement and satisfaction.
#3 Artificial Intelligence in Education
Classical training hardly allows personalized approaches or extra tutoring. Students have to attend offline classes during working hours as well.
ML and AI have a major impact on education, without a doubt. They do wonders for both students and teachers to achieve their goals. These systems support personalizing learning for each student, creating customized learning experiences, and assessing student progress. On the other hand, trainers are able to automate administrative tasks, grade papers, assess learning patterns, and reply to general questions
#4 Future of AI in Finance
Finance refers to money management, ranging from investing, borrowing, funding, lending, saving, and forecasting. Finance officers are responsible for financial report preparation and overseeing all transactions to ensure they are conducted legally. They need to support colleagues, clients, and stakeholders in financial and administration too.
Artificial intelligence algorithms are the crucial driver of growth and innovation across the finance industry, from personal and consumer to corporate finance. It puts an end to complicated financing activities.
AI systems are well thought out to develop financial models, identify investment opportunities, and automate trading. On top of that, it helps detect fraud and to prevent money laundering. These advantages result in better customer experience, less repetitive work, and lessened costly human errors.
Artificial Intelligence for a Better Future
“It is difficult to think of a major industry that AI will not transform. This includes healthcare, education, transportation, retail, communications, and agriculture. There are surprisingly clear paths for AI to make a big difference in all of these industries.” Andrew Ng, Computer Scientist and Global Leader in AI.
It’s no exaggeration to say that ML and AI have had a massive influence over the last few decades and will shape the world in the years to come. AI’s potential to transform healthcare, human resources, education, and finance is undeniable.
Opportunity knocks. If you’re still curious about AI’s revolutionization, don’t hesitate to craft an email to let us know.