The development of smart technologies not just changed our home, they are even edging their way into their numerous industries and disrupting the workplace. The existence of artificial intelligence has led to an increase in productivity, efficiency, and accuracy in an organization. But the implementation of artificial intelligence is quite complex in an organization since it involves bringing together multiple stakeholders and different capabilities.
Artificial intelligence is a word that created a great impact for a few years. Many organization has already started to see the capabilities of AI, using these advantages to enhance human intelligence and gain real value from the provided data.
There is a lot of pieces of evidence that ensure the benefit of artificial intelligence, and people in the boardroom have to come to a clear knowledge about the capabilities of artificial intelligence, what it can really do.
Research conducted by EY explains that, the organization or enterprise that enable the AI are increasing the production effectively, faster, more informed decision and innovation in all products and services. The companies that employ AI across the board will gain competitive advantages, remove headcounts, and reduce the cost of operation. This can be an advantage from a business perspective.
But this will affect every sector in any way, not all jobs are at equal risk. There will be a low displacement of the job at the rate of around 3% but within the mid’s of 2030, it may increase drastically up to the range of 30%. Only the occupation holds up with social, literacy, and emotional abilities at a lower risk of displacement whereas the transport industry at higher risk of displacement.
Apart from all these facts, AI will have a positive impact on our country’s economy by providing a job that requires skill to implement a new system. According to the EY survey, 80% of the respondents said that it was the lack of these skills when employing AI programs.
AI systems will be better in making a decision than the humans in industrial settings, customer service roles, and even in the financial institution. This will be very helpful in making the automated decision in the approval of loans in the bank sectors, it can even help in deciding whether the customer can be onboarded or identifying corruption and financial crime too.
To develop the AI, businesses need to overcome the trust and bias issues around AI by achieving a great successful implementation that it makes benefit to everyone and employers should also focus on upskilling their current employees.
