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Is AI Technology Capable Of Creating A Boundless Economy?/ai-insights/is-ai-technology-capable-of-creating-a-boundless-economy

Is AI Technology Capable Of Creating A Boundless Economy?

January 05, 2023

Is AI Technology Capable Of Creating A Boundless Economy?

Artificial Intelligence has become the sail of the majority of the corporate giants around the world, propelling their business boats in the direction of heightened growth. Not just that, Artificial Intelligence has raised huge benefits for corporates as well as households and day-to-day commuters. 

Artificial Intelligence is a term specifically used for describing machines performing human-like cognitive processes such as learning, reasoning, understanding, and interacting. AI has become the disruptive energy that has transformed modern societies and the way we envision our future. With the rise of AI and the ever-increasing intruding behavior of smart processes powered by AI into business operations. Many are left to question the impact of AI on businesses worldwide. They further go on to ascertain the effectiveness of AI in consumer behavior, household lives, and the economy at large. There has been a lot of noise about the dismantling of the current corporate roles with more AI-powered roles; that would render many jobless. 

The crux of the matter lies in the recent finding from a worldwide survey that surfaces a score of 97 million new jobs to be created by Artificial Intelligence by the year 2025. Isn’t that good news? Indeed! Although; no doubt AI and robots will take away some jobs, the job creation index shows some real promising numbers on the board; that cannot be ignored.

Just as oxygen is to living beings, certified AI professionals are to the corporate world. They have become the lifeblood of the organizations that they’ve been hired with. The expertise and core knowledge of the processes that they bring to the table are commendable and make a huge difference in the way businesses earn profits in the long run. 

McKinsey Global Institute recently analyzed economic data from the United States, The World bank, and the World Economic Forum; and the results are startling. It shows Artificial Intelligence as the potential bearer of multitudinous capacities; adding about USD 13 trillion to the global economy by 2030. Isn’t that an insanely wild projection? If that is to be believed, AI has arrived and is here to stay for long!

AI technology is said to possess three core aspects:

  • Intentionality: It is the system that makes decisions.
  • Intelligence: It can interact with ML algorithms and data analytics for intelligent decision-making.
  • Adaptability: It is the ability of AI systems to adjust to new data, make decisions, and interpret the outcomes wisely.

Let us look at the way Artificial Intelligence makes its way into the global economy and impacts major operations worldwide:

GLOBAL EXPANSION:

DIGITAL PLATFORMS
AI automation offers companies an easy way to expand globally, across international digital platforms.

  1. TRANSLATION SERVICES
    AI provides effortlessly convenient and accurate translation services to overcome this main hindrance faced by big businesses. AI helps in improving dialog, decreasing miscommunications, and streamlines the entire international cooperation process.
  2. IMPROVED NEGOTIATIONS
    AI-powered tools help in analyzing the economic paths of negotiating partners in various scenarios and predict which strategies would impact the outcome. 
  3. SUPPLY CHAIN MANAGEMENT
    depending on the predictions, efficient artificial intelligence algorithms automatically increase or decreases production to cater to the demands.
  4. TASK AUTOMATION
    Routine tasks are redundant and require time and effort to be carried out manually. AI resolves tricky situations by automating these tasks, allowing companies to focus on higher-level tasks requisite for expansion. 
  5. INCREASED EFFICIENCY
    AI is boundlessly fierce when it comes to increasing efficiency. Automated processes eliminate the prospect of human error, alongside increasing speed and accuracy.

ECONOMIC GROWTH:

  1. ENHANCED PRODUCTIVITY
    Since production and economic growth are envisioned as proportional; AI assists in bringing in drastic changes in productivity and boosting manifold economic gains.
  2. BETTER MANAGEMENT
    A centralized management system helps in handling multiple production units effectively; while projecting consumer demand, and efficient delivery systems. 

CONSEQUENCES OF AI IMPACT WORLDWIDE

COUNTRIES COMPANIES EMPLOYMENT
  • Developed countries focus on investing in AI to enhance their productivity
  • Developing countries aim at restructuring their industries to catch up with the developed world
  • AI technology will engender a massive performance gap between companies that adopt and otherwise
  • The competitive dynamics would entail an inequitable distribution of benefits of AI
  • Most job sectors are predicted to become high-growth, high-value sectors
  • AI-related changes will result in an increased GDP of USD 3.7 trillion for North America before 2030

Even after discussing at length the implications and clever revelations that AI entails for the wider economic sects of the world, there are many who would doubt the role of earning the best AI certifications from around the world. Workers that earned their living through repetitive low-skill jobs, will experience around a 30-40% decrease in employment by 2030. This clearly sets your stage right to step into the most sought-after AI certifications; that offer high-end AI skills and a career trajectory that’s ever-soaring! Make yourself indispensable with the best AI certification badge on your portfolio; making you a hot pick amidst fierce competition!