Unpacking The Rise of AI: Its Potential, Its Disruptions, and What It Entails in the Near Future
By Dr. Siddhartha Ghosh, Director, NMIMS, Hyderabad Campus (Jadcherla & Tarnaka)
Artificial Intelligence or AI is the ability of machines or computers to replicate human intelligence or perform problem-solving tasks on behalf of humans. Although the initial theories and discoveries around AI first came up about 70 years ago, the technology became mainstream only recently due to its rapid advancements and disruptions across industries. With the launch of and the success of ChatGPT, the technology has received a lot of recognition especially due to its potential to disrupt and transform certain industries.
While traditionally, AI was largely known to simplify certain human tasks, the advent of ChatGPT has brought to the forefront, Generative AI, the newest innovation in the AI realm. Generative can be differentiated from the traditional forms of AI by the fact that the innovative technology cannot only consume vast amounts of data but also to ‘create’ or generate new data. This newfound creative aspect of AI has been a topic of much fascination as well as anxiousness among the masses. The nervousness stems from the fact that soon, AI may take over jobs that have traditionally been performed by humans and this may affect a vast majority of industries, from technology to education to even the creative industries.
Moreover, the timely and cost-effective results produced by AI have already made a host of businesses replace their human resources with technology, while many others have started contemplating the same. One of the recent examples is the replacement of humans with bots in customer service by businesses mainly to save costs and redirect them towards their core business. AI-driven tools are also better equipped to study customer feedback and aid businesses and business leaders in identifying customer preferences and making informed decisions.
Meanwhile, AI has also found its way into the healthcare and finance sectors. In healthcare, AI has improved diagnostics, personalised treatment plans, and drug discovery, fostering more effective and targeted medical interventions. In finance, AI algorithms analyse vast datasets to enhance decision-making, risk management, and fraud detection. Moreover, according to Goldman Sachs, about 300 million people could potentially lose their jobs due to automation and technologies like generative AI.
Consequently, there are concerns among professionals and aspiring students about the potential automation within their domains and the resultant loss of work. However, AI cannot and will never fully replace humans. This is evident in the concerns posed by experts about its shortcomings, especially when it comes to analytical and critical thinking activities. To deliver its potential, AI needs feeding of the relevant data, the right set of instructions and human interference. Therefore, the solution for the workforce is to upskill. Upskilling will not only help in staying relevant in a volatile job market, but it will also help individuals stay updated with the latest advancements in technology and use it to their advantage.
While on the one hand, there is discourse around AI’s potential and its disruptive effects, on the other hand, academics and critics are expressing doubts over the ethical challenges concerning the technology. AI certainly promises to be a disruptive technology as it further develops, but the advancements must take place with responsibility and ethical considerations. Striking a balance between innovation and ethics is essential to harness the full potential of AI for the benefit of humanity.
