January 23, 2018
According to IDC White Paper, by 2021, AI-powered CRM activities could increase global business revenues by $1.1 trillion and create 800,000 net-new jobs. “The year 2018 will be a landmark year for AI adoption. More than 40 percent of companies said they will adopt AI within the next two years,”the paper added. New jobs associated with the boost in global business revenues could reach more than 800,000 by 2021, surpassing those jobs lost to automation from AI. (CXOtoday) Although in absolute terms, the aforesaid market traction looks okay but the spill over economic and social losses accruing from AI are much higher. Machine learning lacks creativity, human sensitivity to problems, ethics, judgement ability or experiential learning. There is a lot of anxiety over automation apart from unemployment alone. To offer a mundane example, there has been many cases when due to an natural calamity or political strike suddenly Uber or other on-demand cab services have increased surcharge due to machine learning based on high demand of cab, ruling out the need for ethical concerns. No doubt, AI is the compelling technological need and is soon to become a great market shaper.