The Impact of Automation and Artificial Intelligence: Part 1

by May 22, 2018

As technology continues to grow, here are some ways you should start thinking about how automation and artificial intelligence will impact local businesses. (“Robot Artificial Intelligence” by Pixabay user “geralt” CC0 license Public Domain)

Automation has already shaken up many blue collar industries, but it’s set to change white collar industries as well.

Revenue from artificial Intelligence software will grow from a $644 million in 2016 to nearly $39 billion in 2025, according to IBM.

As this technology grows, there are many chances for technologists to implement AI into many facets of our lives and careers.

We’re already used to virtual assistance like Siri and Alexa, and with more sophisticated forms of artificial intelligence these virtual assistants will be able to give us direction on how to get to the store, while also telling us to get better exercise and other life tips.

As this technology continues to grow, here are some ways you should start thinking about how Artificial Intelligence will impact local businesses.

Banking and financial services

The banking industry is finding many uses for Artificial Intelligence, which will allow for a wide range of enhancements both for how the customers interact with the bank, and for how the bank handles its risk and investments.

AI is able to parse through massive amounts of data faster than any human. Investment management firms like BlackRock are using AI to find patterns within data that human eyes wouldn’t normally catch.

AI may not be calling all of the shots, but banks are using this technology to help them a great deal. It will be interesting to observe how this will impact the number of employees banks and financial services companies have on hand as AIs start to do a lot of the heavy lifting.

See how the banks in your beat plan to use AI, and if they are preparing for this disruption. Competition among banks may heat up to as some banks try and catch up with their AI technology.

Legal industry

AIs are good at analyzing data, and in what better industry would this be useful for than in the legal industry. Programs can help attorneys during document production to find the most important information in a case.

Lawyers will still have to do their due diligence in checking on the AI’s work, but this is just the first step towards a wider future of AI in the legal industry.

This field of research could be a great aide for lawyers, saving time and money during research.

Cybersecurity

Cybersecurity threats are major concerns for companies, and deploying AI can help companies fight back threats in a time where there will be 3.5 million unfilled cybersecurity roles at companies by 2025.

By having machine learning protocols built into a firm’s systems, the computers can use data from previous cyber threats to combat new and emerging cyber attacks.

AI is able to follow a playbook during a cyber attack, and it won’t make any mistakes as it carries out this routine like a human might. There is much work to be done in this area, and humans will still need to work hard to protect their systems, but AI will continue to play a big role in cybersecurity as companies further rely on automation.

The impact on jobs

AI can be lumped in with automation at times as these technologies learn to do repetitive tasks much quicker than any human.

The medical field can deploy AI to verify insurance for a patient. High paying jobs like compensation & benefits managers, accountants, loan officers and credit officers are at risk of being replaced by computers, along with many low paying jobs.

In a time where the typical career could be disappearing in lieu of automation, it’s time for you to start examining how artificial intelligence will impact your local communities. How many of your industries rely heavily on these types of jobs (jobs with repetitive tasks like reviewing spreadsheets, or handling money)?

Even with the risk of many jobs disappearing with the advent of AI, more jobs could be created in the process. Only time will tell if there’s a balance of jobs lost and jobs created.

It will be important to help your readers understand just what might happen to their fields and industries as this technological advancement continues to take shape. AI is an interesting place where thinkers and industrial leaders debate its future. Elon Musk, for example, says it is far more dangerous than nuclear weapons. Bill Gates, on the other hand, says we shouldn’t panic.