They say artificial intelligence and machine learning prediction technologies are now becoming an emblem for the future of workplaces. However, some are really inclined at the thought that AI and Machine Learning might become the death of employment. The notion in itself is not completely true because there lie two different realities to such a perception. Either, the emerging technologies of tomorrow will become a core part of the business process and can allow employees to build better strategies, or it will completely replace them by introducing an automated solution, so their work is adjusted.
Today, we are watching technology take part in our lives and deploy programmatic systems which are defining the best use-cases within the organization. For instance, consider how marketing in organizations has transformed; It solely centers on delivering the best customer experience to your users. Many customer support options offer chatbot support to incoming users, enabling them to easily navigate their way to the solution they are seeking.
According to IDC research, machine learning and AI has eventually taken a huge leap from the US $12 issued statements, and these numbers are projected to double up in the next coming year and then again at the end of this decade. The year 2020 will witness more than a million new innovations in the field of Artificial Intelligence and Machine Learning.
With so much happening in the world of AI and Machine Learning, we are somewhat eager to identify how such technologies are going to alter the course of the future. Here are some potentially strong AI and machine learning predictions that will transport you to the future.
Machine Learning Will Drive Product Recommendations
Fantastic Furniture is a furniture store that shifted their online presence from an on-premise server instance to a cloud environment back in the year 2016. In just a couple of years, they realized the vast potential machine learning has and how it greatly contributes to delivering an awe-inspiring customer experience to users around the world.
The head of digital marketing, Leigh McKnight, issued a statement to CMO.com.au earlier this year, asserting that machine learning drives potential product recommendations.
“What we have on the mobile page for in-store shoppers is recommendations based on what merchandisers would recommend, plus what other customers purchased with that furniture item based on data from the website.”
Recommender systems are becoming the new norm. A good recommender system algorithm linked to your website or mobile app will collect information from variable sources and put customer reviews in front of the audience, so they can make a better judgment call.
Today, you can find large scale recommender systems in businesses that observe a lot of user interaction, such as retail, video on demand or music streaming platforms.
People in Mature Economies Can End Up Consuming False Information
Gartner predicts that by the year 2020, most people in mature economies are likely going to experience consumption of more false information than original content. A key role in promoting false content will be played by AI applications. Although AI proves to be a more efficient and effective technological advancement in the modern era, with the emerging concepts of deep machine learning, there is a high chance that false and untrue information can result in getting more exclusivity.
Gartner further predicts that the possibility of spreading such false information by the machine will ultimately become a leading cause of major financial frauds. Such frauds, seamlessly and effectively designed by automated systems, will create a major demise in the global financial sphere. At the extent to which Internet firms are developing, there is a high chance that a country will be able to completely mitigate the problem in less than a year.
But, that’s just one of the many facets where AI will result in creating a demise. We will always be skeptical of consuming false information and then spreading it around since an AI intelligent system will be publishing the content on our behalf.
AI Prediction & the Future of Jobs
It is predicted that 2018 marks the democratization of AI. Gartner believes that AI will have a more resonant impact across a large number of companies, which may include the government as well.
According to a research report published on Harvard and MIT, the take away suggests that Artificial Intelligence is not in anyway going to take away our job roles. However, it will make everyone work more efficiently ultimately ending up with increasing the productivity. According to Oracle, one of their research studies indicates that more than 79 percent of HR leaders and almost 60 percent of the corporate employees will observe a failure in shifting towards the adoption of A.I.
After identifying the speed at which technological advancements are paving way for new job roles and more robust occupations, the report from the debate evaluates that some of the major changes in the corporate industry are going to happen in the Fourth Industrial Revolution.
Organizations and job roles which are more likely to adopt A.I. as a part of their business processes will more likely thrive. Here is a general assessment of how job roles have grown and declined over the span of 5 years.
The demographic is an indication that a gradual rise has been observed in the software industry over the past five years and hence it promises a more powerful future for the fields associated with software development. After all, A.I is a by-product of the software field and eventually going to overshadow other businesses from a perspective.
It proves that the job market for labor-intensive responsibilities will significantly result in a decline. But, those that entail innovation and development will significantly emerge and grow exponentially with the inclusion of AI in the days to come.
Here is another assessment that shows how AI skills are globally gaining an extra edge in various parts of the world. The United States leading the list when it comes to AI skill penetration; whereas, Argentina slagging behind in the block for AI skill development.
The scope of AI is rapidly changing the very world we live in. At an estimate, it is perceived that by the end of the year 2025, the use of Artificial Intelligence will grow as much as up to 50% from the current standpoint of 29%. Amidst the hustle and bustle created by AI, one thing is for sure that AI will hardly replace the human element. However, it still remains uncertain what kind of jobs will be created and whether prior training sessions will be required, or whether people will be able to adapt to these job roles by themselves.