Ever seen businessman and women crowding in Wall Street, waiting patiently every morning for stock options to be updated? Ever seen the looks of elation, or the looks of sorrow on the faces of the stockbrokers as the stocks are updated?
The stock market is a volatile thing, one subjected to the whims and fancies of the business world. It is dependent on luck to a certain extent. The data that's available on hand is simply not enough for a human to make a 100% accurate judgement about the immediate future.
With the emergence of artificial intelligence, bad judgements could be a thing of the past. Computers have already been proven to efficient at crunching numbers and processing data, but they lack the conscious drive that compels humans to, in a nutshell, Artificial intelligences, on the other hand, able to connect the dots between separate types of data, and provide concrete predictions and conclusions.
The recent emergence of Big Data might be the saving grace that could force a paradigm shift in the way we analyse data. One company, Narrative Science, came up with an app that could synthesize available data, and interpret it in an easily understandable form. Their end product is a program called Quill, and it is able summarize the data at hand and deliver it to the end user in the form of a story. The CIA seems to have taken an interest in the project, as they have backed the development of Quill as well. (Lapowsky, 2014)
As we can succinctly observe, our current world is immensely data driven. With the rise of artificial intelligence, however, comes a very real risk: layoffs. (White, 2015)
The business world has traditionally been very human-dominated; i.e. humans have the final say in investing or liquidating stocks as they see fit. To assist in their decisions, jobs such as financial analysts, stockbrokers were created to observe the trends of the stock market. Now what happens when an AI takes over the analytics and decision-making process? Suffice to say, the traditional job scopes will swept away, dwarfed by the immense data-crunching capabilities of an AI, and despite what would a definite increase in stock values, there will be a great number of people who will lose their jobs.
In a nutshell, the decision to utilize an AI in the place of the traditional roles of entrepreneurship will have be trodden upon with great care, as a significant number of aspects in life will be replaced by the onset of an AI-driven economy. Now here's a point to ponder: Imagine every company having an AI system of their own to run their business processes. If all the AIs run at the same rate of intelligence, will it cause the economy to regress into a state of stalemate? In layman terms, what happens when an unstoppable object meets an immovable force? (484 words)
Written by Thinesh and Kaza
References:
Lapowsky, I.(2014). Inc.com. 4 Big Opportunities in Artificial Intelligence. [Online] 28 January 2014. Available from http://www.inc.com/issie-lapowsky/4-big-opportunities-artificial-intelligence.html [Accessed 10 November 2015]
White, B.(2015). Forbes. Artificial Intelligence Is Already Here, But Is Your Business Ready For It? [Online] 6 April 2015. Available from http://www.forbes.com/sites/theyec/2015/04/06/artificial-intelligence-is-already-here-but-is-your-business-ready-for-it [Accessed 10 November 2015]
No comments:
Post a Comment