The AI revolution has already begun, so our investment team zeroed in on 4 major industries where it’s in full swing. Is it all doom and gloom? Quite the contrary.
The following information does not take into account your personal objectives, financial situation or needs. You should consider if the relevant investment is appropriate having regard to your own objectives, financial situation and needs.
Artificial Intelligence, or “AI” as it’s more commonly known, is a unique tool that is transforming the world around us, often without us even realising. It’s consistently applied in many areas of day-to-day life, in business and its presence has grown as the technology is developed.
The term AI is difficult to define, with the U.S. Congress currently proposing a bill to provide a strict definition of the word. For the purpose of this article, AI can be classified as software or a program with the ability to learn from past examples, then use that knowledge to make a decision in a new situation – essentially as humans do.
According to an Ernst and Young survey, the biggest adopters of AI today are IT departments. Two-thirds of survey respondents said they used AI to detect security intrusions, user issues and deliver automation.
Will AI take our jobs?
A prominent concern with the democratisation of AI is its impact on employee jobs as businesses incorporate machines to do the work of humans. The biggest AI misconception is that it will replace human workers.
Although, this may be the case to an extent in jobs that require repetitive, consistent work. In fact, AI has already been implemented in many highly repeatable tasks (routine work) where simple decisions can be made from observation. Find out 5 industries where the AI revolution has hit.