The Growing Impact of Artificial Intelligence: Emerging AI Applications and Ethical Considerations, Part 1
This is a subject that is going to take a long time to write about, so I’m going to break it into parts. If I don’t do it that way, I’ll never get it finished. Here we go!
Artificial Intelligence (AI) is best defined a branch of computer science that is focused on creating systems which are capable of performing tasks that typically require human intelligence. That’s a lot of words for one sentence, but I honestly couldn’t condense it down or break it up in a way that made better sense. The tasks we understand to require human intelligence include learning, reasoning, problem-solving, perception, and language understanding. AI systems are designed to imitate human cognitive functions, which enables them to process information, adapt to new inputs, and make decisions with very little human intervention.
The basic significance of AI is in its ability to change various aspects of our daily lives and industries. As AI technologies evolve, their impact continues to grow. This reshapes how businesses operate, how individuals interact with technology, and how society functions as a whole.
AI technologies also have the potential to significantly improve efficiency and productivity across various industries. By automating repetitive and time-consuming tasks, AI allows businesses to optimize their processes, reduce operational costs, and increase output. For example, in manufacturing, AI-powered robots can work around the clock, performing precise and intricate tasks without the need for breaks. In the customer service sector, AI-driven chatbots can handle numerous inquiries simultaneously, providing instant support and freeing up human agents to focus on more complex issues. This increase in efficiency not only enhances profit margins but also enables companies to offer better services and products to their customers.
Enhanced Decision Making
One of AI’s most powerful capabilities is its ability to analyze massive amounts of data. An AI model can examine, analyze, and interpret thousands of data points in far less time than it would take a human to even gather those data points. The speed of the transactions can provide valuable insights and allow for predictions that aid in decision-making. In fields such as finance, AI algorithms can analyze market trends and trading patterns to make informed investment decisions. In healthcare, AI models can examine patient data to identify potential diagnoses and recommend personalized treatment plans. These advanced analytics tools augment human decision-making processes, enabling more accurate, timely, and data-driven choices. As a result, businesses and individuals can navigate complex scenarios with greater confidence and precision.
Transformation of Industries
AI has the potential to revolutionize entire industries by introducing new and innovative solutions. Autonomous vehicles, for instance, are poised to transform the transportation sector, offering safer and more efficient modes of travel. (I still think there’s a long way to go before we see truly autonomous vehicles.) In healthcare, AI-driven diagnostic tools and virtual assistants are improving patient care and streamlining medical workflows. Financial institutions are leveraging AI for fraud detection, risk management, and customer service enhancements. These applications are not only reshaping existing business models but also creating new ones, leading to the development of novel products and services. The transformative impact of AI is expected to drive significant economic growth and job creation, fostering a dynamic and competitive global economy.
That’s all I’m going to try to address today. In the next segment on AI Applications, I’ll address some of the current common applications of AI, and some of the newest ones. Later I’ll go into some ethical considerations.
Are you using AI for anything at work or in your personal use? I use ChatGPT, Copilot, Gemini, Notion, and probably several applications I don’t realize make use of it. Where do you think AI is going?