Building off of my other post regarding the effects of AI in the job market, is the concept of utilizing artificial intelligence in personal business. There have been a lot of improvements in AI as far as intelligent decision making is concerned. Due to the fact that AI is now able to make more intelligent decisions, more businesses are willing to use it, which in turn will create more competition.
With the increase in AI in business, there is more competition. When there is more competition, better products and services can be achieved. With this considered, businesses are opening up to the idea of an AI based market. I think that the advancements in business are great for the creation of new ideas and business models. The more AI progresses, the more competition there will ultimately be in the business world.
Sources:
Larkou, G. (2019, November 18). How To Become An AI-Driven Business. Retrieved from https://www.forbes.com/sites/forbestechcouncil/2019/11/18/how-to-become-an-ai-driven-business/#67fe1de2491b
AI will kill a lot of jobs, yet it is a necessity for a businesses to have it in order to reduce error and maximize profit. This will force people to be better in their respective field as less people will be required for the job. the development of AI is inevitable as people are willing spend more money on facility to develop it. AI is no longer a luxury, but a necessity.
Reference: https://www.japantimes.co.jp/news/2019/12/06/business/tech/softbank-university-tokyo-open-business-oriented-ai-research-centers/#.Xe3ASuhKhPY
In my opinion, AI is meant to help businesses to deal with issues that are difficult or impossible to solve by human. Machine learning, is a subset of artificial intelligence, helps businesses to deal with complex issues through self-learning based on human-developed algorithms. According to PwC, “machine learning already permeates virtually every facet of out lives.” However, I do not think machines learning would take people’s job away. In fact, it picks up the work that people are not able to do. For example, Frauds. The pattern of frauds changes over time. Modify business rules and keep them up to date are expensive and difficult regard to human capability. (PwC). In such situation, machine learning can save businesses’ time and money, and can provide more accurate judgement from unorganized data. Machine learning and other AI technology possess many advantages that urge organizations to use them in operation, but it could not live without human. For instance, machine learning still needs human manually input previous fraud cases in order to for machines to learn and apply. I believe that AI would help businesses grow by reducing risk, cost, and increasing speed. Although it is not a mature technology, many businesses, such as IMB, have already started to use it in customer services, supply chain, recruiting process, etc.
Resource:
https://www.pwc.com/us/en/services/forensics/library/machine-learning-risk-compliance.html
AI is changing the stock trading game for many people. A large number of people are using AI to trade stocks for them. There are three main benefits that come with allowing AI to trade stocks for you. First an AI can see thousands of stocks in less than a minute and discover patterns better than humans. They can also analyze the internet quickly and discover social media comments, blogs and news headlines that can influence stock prices. Lastly, with an AI you no longer have to think about speed in trading. It is automated and will trade instantaneously. I think AI in the stock market it great thing and will change the way people trade. https://www.forbes.com/sites/forbesdallascouncil/2019/04/15/artificial-intelligence-in-stock-market-investing-is-it-for-you/#1476a4cb6524
I am in agreement with the fact that AI is heavily going to impact the business world, but I do not like the fact that businesses are willing to lose workers just to save more money. I agree that AI can make smarter decisions, but that only because it is programmed into doing so which take people to know how to program and help it detect errors so human interaction is still needed in the process of these things. In class we learned that AI isn’t really all that well developed or smart, because it uses predictability to make its decisions which means that hey can have inaccurate predictions. I do Enjoy the competition between businesses and can’t wait to see what products are birthed because of the competition. I also cannot wait to see what the new business model will be and if it acts as a disturbance in the current business models we use and see on a day to day basis.