Greetings Friends, I hope everyone is fine. I explicitly elucidated the Impact of AI on businesses and human rendezvous in general. I trust you would love to go through as I call the shots.
We would concede to the fact that at the production of the first car which was a three wheel invention by Karl Benz in 1886, most persons may have skeptically questioned the possibility in the continuity and enhancement of such invention which is the issue with the evolution of every invention.
No invention has ever gone obsolete without an improvement on the trend of the initial product. The case isn't different in this contemporary phase of artificial intelligence and other inventions as cryptocurrency. Like the vibe in most innovations, artificial intelligence has also taken its position as an effective mechanic in the history and clime of humans and innovations in general.
Many platforms and business organizations have adopted the use of this invention, which the hive ecosystem isn't in exemption. AI have dissipated the stress in most business engagements, improved the efficiency in the acquisition of knowledge and have also scuffed some benefits which should have accrued to humans.
Although it's not all AI that is so efficient in perfect delivery of jobs given their level of operation and limit of programming. Despite the deficiencies and efficiencies spotted in this invention, we can't dissipate the fact that most businesses have thrived given AI contribution within their environment. Humans and most engagement of direct labor services have also depleted given the substitutable nature of humans to AI engagement in those establishments.
It was reported in July that the world largest cryptocurrency exchange Binance downsized over a thousand of its workers due to regulatory infringement by the US government. Consequently, do we deduce that these guys' jobs aren't existing in Binance anymore? No! The cause of this number of workers that were laid off could also be traced to the exchange's (Binance) use of artificial intelligence in substitution for human labor.
From the observations above we may not absolutely say that the use of artificial intelligence in business is either good or bad. Nonetheless a careful juxtaposition into the underscored context will help in comprehending the imperative issues surrounding this concept.
Meanwhile, let's consider the advantages and disadvantages of this issue relative to its impact in businesses and labor services in general.
Eliminates Biases in Business.
Every business has a rule which must be followed by its participants but given the fact that human beings have feelings and would always act in a way that makes us human, there is the proclivity of bending business rules to favor a few persons of choice.
Contrarily, AI are usually programmed to function based on precision, eliminating every possible spot of biases that could retract the efficiency in business.
For instance, although the hive ecosystem has it's form of intrinsic artificial intelligence, if in a community this invention is programmed to curate articles with specific qualities, the work will be perfectly done without even ruling in flavor of the programmer if he couldn't meet with the stipulated criteria but this isn't the case with humans.
Consequently, humans are susceptible to considerations which makes it difficult to follow business rules which AI isn't ready to spare. Hence, AI helps in eliminating parti pris in a business organization.
Automation of Tasks.
Research has shown that humans can be productive within a limited time in their working periods. Although it has been argued that the maximum work limit for humans within the day is 8 hrs according to irisreading, it is believable that we may not also be productive all through these periods. Hence, it is further stated that the efficiency of employees contribution in business is between three to four hours within the day given the fact that we can easily get tired.
AI has a contrasting view in response to the observation above. AI cannot get tired except in scenarios where their installed housing is in repairs. They can work all through their lifespan.
In essence, given the inherent nature of AI not getting tired, businesses have optimally performed even when there is no one to assist in authenticating and working on tasks, which makes people assume those businesses operate round the clock.
Completion of Difficult and harmful tasks.
We know that there are different forms of AI even as I spotted above, some are installed in hardwares while others are in softwares.
Every AI can complete within hours what humans may spend days or possibly months fixing. Although I may not be too precise given the difficulty in sorting this information I once stumbled online lately a scenario where AI built a website in seven minutes. Normally, we believe that if every technical plugin is fully available, a developer might spend a full day building a website. Comparatively, we will deduce given these two instances that the work efficiency of AI to humans is seven minutes to twenty four hours.
Consequently, there are industrial robots that have helped in working within business environments where there is a high degree of radiation which could pose a harmful threat to humans. The use of robots have helped businesses in achieving more results than what humans have achieved at different time periods.
Reduced Cost of Business Engagement.
Most businesses have deployed the use of AI in their respective climes given the limited performance of humans and the cost of maintaining different intellects of individuals within their business environment.
Consequently, the invention and application of artificial intelligence in businesses have helped in reducing the cost of maintaining different echelon of workers within their firm.
Moreover, let's also cite the Binance downsizing issue, we would concede to the fact that this was also as a result of the potentials spotted in AI that gave CZ the courage to lay off his employees.
Non Creative and Inhumane.
We must all be on the same page that AI may not solely solve problems that have never existed. They capitalize on the successes and invention of humans to solve their own problems in line with the limit of their operation.
Consequently, AI are machines with no human feelings. They only act in line with specific programmed languages and without the alteration of their programmed settings, they'll keep on a parallel line of action.
In essence, AI's are specific in action and they do not also have the mindset of humans. Despite their efficiencies, they are also non productive given the fact that they need human approval and operation before they could function.
They are Costly.
Although AI are cost-effective, they are also exorbitant relative to their prices. Most AIs cost thousands of dollars likewise their modus-operandi of maintenance although this is based on the type of AI one is working with. Moreover, for an optimal performance of AI, businesses need to hire software developers, data scientists and machine engineers to ease the possibility of maintaining and incorporating AI into their day to day activities.
Increased rate of unemployment.
The rate of job insecurity is always on the Increase given to the development and new findings in technology. We will deduce that given the rate of global unemployment stipulated at 5.77% according to macrotrend, if variables like improved programming skills should be kept constant, there will be further increase in the rate of unemployment probably given the development and use of AI in respective business environment.
Nonetheless, it does not only come with a downside as we observed in the deductions above as a major concern in replacing and displacing human input in business. However, we wouldn't also conclude that the trend is absolutely malignant given the gap it has created so far as it has further bring relief through its different features to businesses and human endeavors at large. Thank you for going through.
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References:
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