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We live in an exciting time when it comes to technology! Who’s with us?
Each and every day, rapid and vast technological developments arise. Industries are born and revolutionized and day-to-day life tasks are simplified and often distilled down to the click of a button. However, few advancements captured our attention, imagination, and potential for transformation on a wide-ranging scale quite like Artificial Intelligence (AI).
For the better part of 2024, AI has been the top topic of discussion, provoking curiosity and uncertainty alike. One thing is for sure: AI is here to stay and becoming an integral part of our lives. Let’s take a look at the myriad of ways AI is being used to transform the real world as we know it.
It wasn’t long ago that the idea of artificial intelligence was associated with the future. Now, with real technology coming to market and AI being leveraged across a variety of industries, that future has transformed into present day.
What is AI? Simply put, artificial intelligence is a machine’s ability to perform the cognitive functions we associate with human minds, such as perceiving, reasoning, learning, interacting with the environment, problem-solving, and exercising creativity.
Current innovators:
Without knowing, you’ve likely encountered or even utilized AI at some point in your life whether using voice assistants like Alexa or Siri or even chatbot customer assistants on your favorite retailer’s website. We’ve shared the definition of AI in theory, but in practice, what does AI look like? Here are a couple of examples of artificial intelligence staking their claim in the world today.
Deepfake
A somewhat controversial form of AI, deepfake AI is a type of artificial intelligence used to create convincing images, audio, and video hoaxes. The term describes both the technology and the resulting bogus content and is a portmanteau of deep learning and fake. Entire TikTok accounts are built around this type of AI, like this one faking various videos of Tom Cruise. Deepfakes can be beneficial in customer service settings, call forwarding, and caller response applications. However, when it comes to things like news sources, deepfakes present a risk to society with the distribution of false information or imposter sources. Nobody wants to question the reality of life events or news stories more than we already do.
Chatbots
A chatbot is a computer program that simulates a human conversation with an end user. Not all chatbots are equipped with artificial intelligence, but chatbots increasingly use conversational AI techniques such as natural language processing (NLP) to understand user questions and automate responses to them.
This has considerable implications in the customer-focused and customer service side of businesses. By conducting conversations with empathetic tone and generative knowledge bases, AI chatbots can answer consumer questions, provide customer assistance, or even conduct sales prospecting.
Voice Transcription
Ever been on a conference call and struggled to keep up with the conversation while taking notes? (Hand cramp struggles are real!) AI transcription uses AI technology to convert human speech into text. It eliminates the process of manual note-taking. Instead, you can “employ” the transcription software to listen to conversations or audio or video files and translate them seamlessly into texts. It’s 2024 y'all!
Other types of artificial intelligence include image generation, voice generation, video generation, optical character recognition, coding/algorithms, and language models.
With so many AI tools readily available and emerging each day, many have raised concerns about artificial intelligence's impact on today’s workforce. This begs the question: where does real life stop and AI begin? According to the modern-day workforce, the answer is often “somewhere in the middle”.
Artificial Intelligence is relatively new to be adopted on a broad scale. A survey conducted by McKinsey & Company revealed that respondents across a variety of industries use AI regularly both in and outside of work. Tech, media, telecom, and financial services industries currently show the highest rates of adoption.
Is AI friend or foe? In the context of job replacement and creation, this is a question many have posed. For now, the key is to consider AI as a productivity enhancement or efficiency booster - much like the dishwasher, washing machine, and microwave changed the economy for the better - all once considered a danger to people who performed those jobs.
Here are our predictions on specific jobs that will be impacted.
Jobs areas most at risk due to AI:
New jobs likely to be created due to AI:
From healthcare and finance to entertainment, transportation, and beyond, AI fundamentally reshapes how we live, work, and interact with the world around us. By harnessing the power of AI responsibly and ethically, we can unlock its full potential to improve lives and drive positive change across industries and communities. As AI continues to evolve and mature, we can expect even more significant innovations and advancements that will further shape the future of our world.
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What are your thoughts on artificial intelligence? How are you using it in small but great ways?
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