With several setbacks to world economies and more efficiency in machine learning and AI-driven models, is it the next big thing?
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As we usher in 2024, we know that there have been constant hiccups in world economies, which have led to several losses of businesses resulting in companies thinking about cutting their costs so their businesses could still thrive.
We are faced with a tight labor market situation in which even a recession might not help ease the situation.
With technologies improving by leaps and bounds, could machine learning and AI be the answer for the pending miseries of companies?
Five countries lead the way in embracing AI and machine technology. India is right there among the US, China, Canada, and the United Kingdom. The criteria and rankings are determined using a number of metrics, including hiring in AI, research done within the country, and investment in the sector.
Creating and using AI/ Machine learning
There are two aspects of AI and machine technology, these are creating and using it.
Among the two, there are a lot of impetuses for using machine learning technology. We have seen in the past that weak economic conditions always pave the way and provide impetus for using machines to cut costs and raise productivity.
A most recent example of this happening has been in the oil sector, where a fall in oil prices led to forced changes in processes for oil production. There were more efficient ways that were explored, which meant fewer people were needed for many functions.
AI modelling and machine use in the retail sector
The most efficient use of AI is in the retail sector, where supermarkets have already started using AI for sales prediction modeling. AI is able to tell them which products they should have more stock of given anticipated developments at a particular time, based on assessing what’s happening now.
For example, factors like weather, what cricket game is happening (the latter apparently requiring more chips and snacks and Pepsi), and the popularity of competing goods at competing supermarkets. After considering all the inputs, stores receive recommendations on how many stocks to keep.
Is AI or machine learning a looming threat to humans?
Many people feel a fear of a science-fiction-like takeover, where their companies might eventually replace them with AI. Although if you look at it historically, technological transitions have turned out just fine for workers, and have in fact freed them up for paying attention to higher-value tasks,
But this time things are different because of how financial matters everywhere have progressed, and there is a legitimate concern that there would be unemployment caused by a preference for more efficient machine systems, which will be a harsh reality people will have to face.
Technology is opening up a range of exciting options for us, but it is really up to us now how we are able to smartly make use of it without compromising on human employability and ingenuity, which are irreplaceable.
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