The era of Artificial intelligence has arrived. The question is no longer whether AI can help the world or not. The question now is what is the big role AI has started playing and will continue in future. Recent rapid advancements in AI has created ardent interest all over the world. The father of artificial intelligence John McCarthy has defined AI as ” the science and engineering of making intelligent machines especially intelligent computer programs”. AI develops machines with humanlike intelligence i.
e. process information and producing output in a manner similar to how humans behave, comprehend and solve problems.AI makes it possible for machines to learn from experience and adapt to new inputs.
Importance of AI cannot be ignored as we see it helping us in our day-to-day activities from being voice activated assistants in tablets, smartphones and computer’s (like Amazon’s Alexa) that follows user’s voice command to complete assigned tasks to using highly sophisticated tech tools like Google’s AlphaGo,IBM Watson and Arria NLG(natural language generator) that acts as an analyst and writer in one, crunching millions of data points per second , processing and analyzing it so as to generate easy to read reports much faster than human brain thereby allowing user’s to focus on high value tasks. These are just the tips of iceberg we see showing how artificial intelligence helps us ,business and society at large. According to various studies and researches new AI technologies will fuel global economic growth as productivity and consumption increases in the near future. The future looks bright with AI just scratching the surface from developing efficient energy grids, smarter developed supply chains, fully automatic transportation systems to solving problems of health and food shortage. AI has unparelled potential and is expected in the coming times to help improve and perform tasks more efficiently and accurately ,to save society’s cost, money and time, to enable huge production and labour productivity, to deliver uninterrupted services to individuals in the country and to overall optimize the resources available to the generation so as to help in the overall economic development and transformation of economy to better serve social, economic needs.
Artificial intelligence (AI) is said to be a new factor of production that has emerged to improve labor and capital productivity and has the potential to introduce and boost new sources of growth, devising and expanding role of people to drive growth in business. Mark Purdy, Managing Director and Chief Economist, Accenture Research says that “AI can have a pervasive impact on business profits because it affects nearly every part of the organisation ? from production, to sales, to innovation.”