How Artificial Intelligence has significantly impacted businesses and industries around the world: By Ms. Akshaara Lalwani

Ms Akshaara Lalwani

How Artificial Intelligence has significantly impacted businesses and industries around the world: By Ms. Akshaara Lalwani- Founder & CEO of Communicate India

Artificial intelligence is transforming the walk of life as we know it. It has disrupted finance, national security, health care, criminal justice, transportation, and smart cities all the same.

Typically, AI collects relevant data using sensors, digital data, remote inputs, and a variety of other sources to analyse and eventually act with ‘human precision’.

The underlying question – while AI is set to take over the globe, are critical businesses and industries ready for AI?

AI adoption outside the tech space is at an early, often experimental stage. AI does promise benefits in the long run, but it also poses challenges at the current workings of a company.

With the adoption of AI, the workforce must be upskilled in order to work with it rather than compete with it.

Of course, there is another dilemma – AI, enables human-like cognition to auto-drive cars, potentially steal our privacy, stroke corporate productivity, and so much more. Where do we draw the line? Perhaps, we can look at how well businesses have responded to this new trend.

AI And The Economy

It is no secret that successfully integrated AI can make a great positive impact on the world’s economy. Global leaders such as Asia and the USA have already begun to reap its benefits.

In 2022, the introduction of DALL-E and GPT-3 tools brought out some of the most magical success, with AI learning to generate speech, visual imagery, and text from simple queries.

Additionally, AI enables small players in the business to undertake project work mostly performed by big conglomerates.

Early adopters that integrate their systems with AI within the next 5-7 years are set to enjoy higher productivity levels, whereas late adopters are sure to face economic decline.

A 2019 report by the World Intellectual Property Organisation recorded a boom in the numbers of patents dedicated to AI research between 2013-16.

This clearly indicates a shift from theoretical study to practical application from 2019 onwards, hinting at adoption at an even larger scale.

There is talk that by 2035, AI could double global economic growth rates, increasing the global GDP by an estimated 14% by 2030.

In short, we are in an AI frenzy wherein Billions of dollars are going into funding with over-the-top party launches, entrepreneurs branding themselves as AI enthusiasts, and nascent businesses knocking each other off to integrate AI.

AI and Industry

What industry is not slowly inching towards AI? There is AI-powered copywriting now – the first ‘killer app’ for generative text, and providing stunning revenue growth too.

Jasper, a leading app in this category, will do a $75 Billion revenue this year. But copywriting is just the beginning, barring all previous industries AI has come into; law, sales, customer service, healthcare, cybersecurity, journalism, and more, and more.

Take a look at the healthcare and medicine sector and how AI has already helped so much. Clinicians can now compose medical notes, store scores of medical data, and have at the tip of their fingers ‘medical history’ for any patient.

AI has automated time intensive administration processes like revenue cycle management, insurance claims, etc.

Customer service is not far behind. Language models are capable of automating much of the work happening before, during, and after customer service conversations, freeing up employees for more relevant tasks.

For PR and journalism, AI can curate a list of leads based on any information you feed into it – less research, less chasing leads.

The people are always watching closely. What will Elon Musk do next? What is Jeff Bezos’s next innovation? Massive brands like Microsoft and Amazon are slowly stepping into the ring with their own AI patents, GitHub and CodeWhisperer, respectively.

These products are relatively new in the market, but there’s no telling how transformative they will be. The question remains.

Will AI ever be able to draw up full contracts by itself? Will it be able to respond to business emails with its own mind?

The short answer is yes. AI was founded in 1956, and it has come a long, long way since. It may transform communication or rather, disrupt it completely – that is to say it will break our mundane, human, and unimaginative way of communication. It will be better at everything it is that we as humans do.

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