Consistent claims on the hopes and threats of AI and ML taking over the world have been doing the rounds for the past decade. AI can mimic human actions; ML can drive our cars, steal our privacy, re-engineer corporate profits by empowering competitors and also perform helpful tasks or plainly strip humans off from their livelihood – OR is it really so?
Can AI and ML will change our livelihood? Lifology.com’s final verdict is: Yes, it will. In fact, it has already proliferated in the corporate world.
AI and ML both combined have started to deliver business profits and benefits.
So what are AI and ML? ML empowers computers with the ability to learn with huge data volumes programmed into them, enabling them to function without exclusive programming. AI allows computers to perform tasks that usually require human intelligence. It can mimic visual perception, sound, voice recognition, decision making, and translation without any consultation from humans.
Technology wizards such as Google and Baidu invested between $20 billion and $30 billion on AI in 2016.
Elaborating the usage of ML, in recent years, accounting firms have pretty much eliminated desktop support and replaced it with Cloud-based applications and services. This has caused the accounting firms to forcibly adapt the new Cloud technology.
Eventually, this has given an inroad for ML into accounting and has caused an upheaval in workplace practices as the employees need to be upskilled and updated with the current technology. This is because Cloud data can provide real-time insights on market and finance. This will help give clarity to decision-making, thereby adding to the profitability of the company.
Rather than eliminating the human workforce in organizations, AI will facilitate humans. You will have new colleagues in the form of machines that will work side by side with humans, assisted by humans to fulfil the tasks with more efficiency.
Most importantly, humans can now heave a sigh of relief as all the monotonous work can be delegated to AI machines.