How Artificial Intelligence & Automation Is The Future Of Big Economies?

As per the recent research, by 2030, 20 millions jobs will be replaced with robots. Think about it – most of us are doing repetitive tasks, which can easily be done by a robot or automated software. Like an office assistant that schedules appointments and organizes your daily routine. Or perhaps you go to KFC drive through and the only thing you do is tell them what to prepare and how you want it. Or even an ATM machine that does cash withdrawal, deposits and other mundane activities we all hate doing so much!

Automation has been happening for decades now – assembly lines for manufacturing companies replaced workers with machines a long time back. This is what’s called process automation. But recently, the image processing technology has almost reached human levels of accuracy! And so, advanced robots are being used for various other tasks. The logistics industry is already using self-driving trucks and drones to deliver goods.

The ultimate aim of automation is not just to reduce expenditure but also bring in new business models – by improving quality and reducing cost. For instance, instead of having someone to prepare a report for you, what if you have an AI application that not only does the work faster but also gives better insights? In fact, in some cases humans might be completely replaced by machines!

What is Artificial Intelligence?

Artificial intelligence is intelligence exhibited by machines. It’s basically a branch of computer science concerned with making computers behave like humans do i.e. “thinking”. Artificial intelligence includes sub-areas that are concerned with creating computers or computer programs that are capable of doing things that require intelligence when done by humans.

What is Automation?

The process of a machine or a computerized system replacing a human being is known as automation. In some fields, it’s been going on for the past 50 years, but recent advancements have made it possible to automate almost any job.

Difference In Automation & Artificial Intelligence?

The words ‘artificial’ and ‘automation’ are used in a similar context, but they put the subject in different perspectives. Automation is a result of artificial intelligence which can be described as a self-learning system that constantly senses its external environment and performs specific actions in response to the requirements or changes that it detects.

What will Happen if Artificial Intelligence & Automation Replace Humans?

According to MIT professors Andrew McAfee and Erik Brynjolfsson, two leading thinkers in the world of automation, robotics and artificial intelligence (AI), technology will bring about unprecedented changes to our day-to-day lives. Their books ‘The Second Machine Age‘ & ‘Race Against The Machine‘ explore how automatization is transforming everything from transportation to dating to vacation planning.

According to their research, this will be a good thing if we take some key precautions. In case you’re worried about a robot-powered future, here are some reasons why it’s going to be great!

Common Examples of Artificial Intelligence Implication

  • Doctors are using artificial intelligence to help diagnose patients.
  • Everyday activities like driving, writing or reading can be done by machines more easily than humans.
  • Advancements in robotics that allow them to work better with human workers.
  • Artificial intelligence used worldwide in military weapons for operations without any risk to the lives of soldiers.
  • Use of artificial intelligence in payments & fraud prevention.
  • Use of artificial intelligence in computer security to protect computers from viruses or malware.
  • Using artificial intelligence for customer service to create better customer satisfaction.
  • Adoption of automated processes & technology in banks’ operations to facilitate customers with better banking experience.
  • Improving sales forecasts using big data analytics, machine learning & AI.
  • Adopting automated processes & technology in the retail sector to provide better customer experience and increase productivity.
  • Using robotic process automation for HR activities like time & attendance, leave management, expense management, employee self service portal, talent acquisition to reduce HR manpower and enhance growth opportunities.
  • Retail sector is benefiting from AI in various ways.
  • Using big data analytics & AI to improve retail customer experience.
  • AI assists the retailers to provide personalised offers, based on consumer preferences and purchase history for higher conversions.
  • It also helps to automate inventory management tasks like tracking stock across warehouses or stores, predicting demand, identifying areas with excess stock, etc.
  • AI helps retailers to identify the right product at the right price from various sources and choose optimal routes for transportation.

Tools for Automation on Computer Tasks

  1. Automator, a tool by Apple Inc., enables you to define certain tasks that you perform frequently and then create automated workflows that can be used to carry out those repetitive tasks with just a few mouse clicks or keystrokes.
  2. Keyboard Maestro, is an award-winning automation app for macOS that lets users assign commands and text strings to keyboard shortcuts, menu items, system events and other actions to automate repetitive or tedious tasks.
  3. Alfred App is a good tool for finding files, launching apps & surf the web at lightning speeds.
  4. OP Autoclicker is a simple tool that clicks the mouse for you with some pattern defined by the user at either regular or irregular intervals of time.
  5. TimeSnapper is a desktop app that automatically saves screenshots and then organizes them into projects to help users keep track of changes made on their computer over time and be able to go back and compare past and present versions of anything on your screen.

Benefits of Automation & AI

  1. Productivity: One of the most glaring benefits of automation is that it boosts productivity in almost all industries thereby directly increasing profitability of the company.
  2. Control: With automation, companies tighten their control over various aspects of business from inventory management to supply chain management and so on which not only increase productivity but also lower costs.
  3. Improved Accuracy: Forget the days when you used to manually fill things in spreadsheets, remember them as a curse! Thanks to automation, your data is now filled in spreadsheets accurately which not only saves time but also throws up hidden opportunities.
  4. Compliance: Sometimes it’s the small things that matter, automation ensures that all your tasks are completed within specified deadlines and thus boosts productivity while helping companies adhere to various compliance requirements.
  5. Reduced Downtime: Most of the automated systems and machines come with back up support which ensures that production or services do not halt even if one part of the system shuts down. This further increases productivity and reduces downtime.
  6. Less Human Error: In most systems where automation is used, there’s a very little chance for human error due to better technology which makes it easier for companies to carry out their work smoothly and more efficiently.
  7. Better Graphs & Reports: Who doesn’t love good reports, we all do! Automation helps write concise and timely reports in a short time with minimal errors and thus allows you to save time for more important things in life like writing articles like this one!!
  8. Helps beat competition: Competition is tough in today’s world and automation helps you stay ahead of your competitors by providing better services and products at reduced costs.
  9. In A Nutshell: In a word, doing more with less.

What’s the Future of Artificial Intelligence & Automation?

It has been over five decades that automation has been present and is getting more value from companies every day, but still there are some limitations for this system due to its slow process speed, one reason why it’s not replacing humans completely yet! As per my opinion, Robotics & AI will transform our world over the next 20 years faster than most people realize, but it will also cause a lot of people to lose their jobs, but that’s the fact.

Welcome to the future!

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