Posted by The Power of AI
A major capability of the internet is its ability to provide people with a wide variety of jobs. The way the world is moving with social media, and different forms of currency continuing to evolve it is becoming more important for people trying to get jobs to have some sort of skills regarding computers. The Covid-19 pandemic sped this process up when almost all businesses and companies were forced to go virtual and still be able to function. Although at first, this may have caused some trouble eventually many companies were able to thrive off being online and found different opportunities that they were not able to do before. Specifically, many financial companies have focused on the development of AI (artificial intelligence) systems to help with making important decisions, because of the consistency they have shown. As a result, the number of jobs left for humans is diminishing and will be noticeable in the future.
The issue here is that in the future there is going to be a large gap in many fields, especially in the financial field, separating those who are skilled with computers and those who are not. There are many people who are highly skilled in the field of math which used to be all it took to be able to get a high-ranking job in the field of finance. However, as technology continues to evolve each year, and calculators begin to become more advanced this is no longer a need for humans to have to do. With the evolution of AI, there is now a new way to find the data that is needed to help these law firms find success. The companies that have already mastered this tactic have found success, and many other companies are trying to find ways to follow in this direction. Specifically, what AI is best at doing in the financial setting is analyzing data from the past to determine what is better for future decisions. The concept of consumption from the Circuit of Culture is very applicable to the emergence of AI in the field of finance. Consumption in this case is when AI starts to become a large part of the company’s identity and something they put a heavy emphasis on. AI is currentlyy not uses that widely across the finance field, but it is continuing to increase, and 10 years from now I believe it will be a critical part of the finance industry.
If AI continues to develop, I think the business world will change dramatically. For starters, I think many companies and firms will start to bring in more money than before. The reason behind this is that many companies will start to make decisions based on the analytical data the AI provides them with which will most likely be a lot more accurate than before. In terms of improvement of human life, I believe that people who are running businesses will gain a greater understanding of possible trends and will have more help on how to deal with certain curveball situations. To combat this the best bet for people entering this field is to try and get a legitimate understanding of computer science. Although AI is very efficient it is very expensive, and not all companies can afford to use this metric. Many companies will also look for people to enhance the AI they have in place. Lastly, even as technology continues to improve human interaction is needed in order to have a healthy work environment, and companies will acknowledge this.
Overall, AI is a very powerful tool that has the potential to elevate many companies in the future. The accuracy that is produced from AI will be hard for many companies to pass on. Additionally, AI can potentially speed up many processes that would take longer if done by humans. Although it may cost people jobs as it starts to become more common and advanced if people can elevate their understanding of computer science there is an opportunity to work with AI instead of being opposed to it.
Reference
Nicholas Otieno, “ The future role of AI in finance”, February 1, 2022, Accessed on September 8 2022.