The global AI market is expected to reach around 1.8 trillion USD by 2030. Almost all tech giants, such as Google, Amazon, Microsoft, Facebook, IBM, and others, are heavily investing in research and development on Artificial Intelligence. There are many AI-driven startups, and it is being said that AI will transform every sector of business and human lives. But how will businesses use AI marketing to amp up their products and services, and what will its impact be on our society? Let’s have a look at it.
The Profound Impact on Workforce
Job Loss
Low-level jobs, routine jobs, and mundane tasks requiring little to no intellectual skills are more likely to risk losing their livelihood to AI (including automated machines operated by AI). That is not good news for undeveloped and developing worlds.
In developed countries, labor charges are high. Hence, businesses will likely figure out how to replace them with AI, which will consume less capital and increase profit. Workers might face exploitation with low salary offerings or massive layoffs.
Some jobs that are more likely to be affected by AI are as follows:
Data Entry Job | Customer Service | Bookkeeping |
Clerical Work | Data Collection | Data Summary |
Writing Task | Assembly Lines Work |
Jobs Creation
While it is true that AI will take away some of the jobs, at the end of the day – AI is a programmable machine language. So, it needs human support to work. Therefore, new jobs will be created. Here are some of the jobs that might be in demand due to AI:
Data Analyst | Machine Learning Engineer | BI Developer |
AI Product Manager | Robotic Engineer | Chatbot Designer |
AI Ethicist | Data Scientist | Robot Scientist |
Point: According to the World Economic Forum’s 2020 report, AI is expected to replace 85 million jobs by 2025 and create 97 million new jobs during the period.
An Ethical Conundrum
Drive Economic Inequality
Those who can harness the power of AI will get better assistance and decision-making ability. They can earn the fruit of data-driven AI marketing, which, as of now, remains accessible to large and resourced individuals while AI disrupts jobs by its automation power.
So, people with resources will end up earning an advantage over the ones who don’t have access to or control over AI. This will widen and deepen the economic gap.
Is AI Suppose to Replace Humans?
In some sense, yes. The job of AI is to automate and pace up the data reading, analyzing, and decision-making process. Hence, some sectors will see a surge in job losses. A more precise question would be – is AI meant to replace humans from every industry and department? The crucial point here is to seek AI in an assistive form rather than seeking it as a replacement.
Point: This will solely depend on human intention, perhaps those who control these AI. This leads us to the next point.
Built-In Bias
Generally, AI is considered a system of code that reads data and spits out results, so it may look like a rational decision-maker. Unfortunately, this isn’t where the story ends. AI can be programmed to give biased results or a result that favors a specific political or business campaign.
Humans can intentionally or unintentionally introduce bias into the algorithm. This will create a training set that learns to give biased results by default.
Crime Prevention or Support?
AI can be trained to hunt for and detect information breaches. This may boost cybersecurity. With a more efficient and bigger data management set, it can analyze and categorize large data sets within a few minutes. This may aid the crime branch & law and order system to work effectively. It can even prevent financial fraud from happening.
On the flip side, it can be used for phishing, sending viruses to random systems, and stealing or corrupting files. Autonomous drones can increase remote attacks and deliver disease via nano-bots. The laws must keep themselves up to date to tackle such situations.
Fast Access to Information: Pros & Cons
AI can summarize and deliver information with one single click. Now, this can be used to spread information, educate people, and aid people to make better decisions. You don’t need to surf several web pages to get the result.
At the same time, this can be misused to spread misinformation that might favor a specific international government agenda or boost a specific company’s product over others.
Its Legal Implication
Lack of Regulations
Though many countries are becoming increasingly aware of AI’s potential advantages and threats, a complete guideline is yet to form. We are going to need strong laws and regulations to protect citizens and their data from being misused and have a firm hand on the spread of misinformation.
Data Control
A profitable business that owns AI would like to have a vast collection of data that can be used to establish a monopoly and promote its own products. This might not be good for small businesses.
Information Misuse
We all know how information collected from social media and other digital sources can be sold to third parties. This might be used to create mistrust in a specific government and, worst case, havoc among people.
But why is almost every business Running towards AI?
Improve Accuracy
Whether you are fond of AI and ML or not, you can’t ignore the fact that AI-led digital marketing can improve a brand’s accuracy and performance.
Enhance Customer Experience
With AI marketing tools such as chatbots, small and medium-level businesses can enhance their customer experience by providing instant answers to their queries. They can also customize and display ads based on previous searches to boost sales.
Boost Efficiency
As customers will be displayed products and services based on their likes, dislikes, and search history, AI-driven digital marketing will drive the efficacy of the brand.
Voice Assistance
Almost everyone using a smartphone these days has used a voice assistant at some point. Voice assistance or voice-enabled queries are excellent features that you can add to your website. They will increase interaction and service quality.
Will Humans Lose From Super Intelligence Machine At The End?
The final verdict is yet to be out. But the answer will largely depend on the following factors:
- How much an individual human will get dependent on AI?
- How much information they are willing to share about themselves?
- To what level will businesses integrate AI into their products & services?
- What measures will the government take to regulate AI and make laws?
- How will the security and safety of data be monitored?
Note that it will have to be a combined effort of people, businesses, and government that will lead to AI regulation for the best results. That being said, humans are adaptable and evolving species that have tackled all disruptive situations in the past and, hopefully, will continue to do so in the future.
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Every century, a new technology enters the world and impacts the businesses and lives of ordinary people. Some jobs become obsolete, while other opportunities pop out of the windows. So, we must be ready to embrace the future and the challenges it will bring along with it.
That’s the quality of humans – our ability to adapt to new situations and technologies. Whether a business or a normal person, everyone is getting accustomed to this new power of AI. Now, it’s up to us how we will transform ourselves by using the power of AI marketing to boost branding and push through the boundaries of what’s known.
