Assignment 2 Draft
Artificial intelligence (AI) advances have been tremendous within healthcare, education, and other fields. Yet, some worry that when AI develops and becomes more powerful, it may eventually replace human labor and force people out of business. To evaluate how AI can impact work and industry, it is critical to understand its advantages and disadvantages. The potential impact of artificial intelligence on the world in the next few years is becoming increasingly clear to us as we learn more about it. AI will benefit the financial industry, and education by enhancing studies and research and opening up new positions for people looking to master AI
Over the past several years the internet has helped us become more advanced by improving our day-to-day lives. In the article “Robots at Work Where Do We Fit?” Alan S. Brown states “ Five years ago, Arthur coined the phrase “the second economy” to describe a system in which Internet-enabled computers execute business processes once handled by people. Twenty years ago, for example, when we wanted to travel we called travel agents, who would ask where and when we wanted to go, query some proprietary databases (or even paper catalogs), talk us through our options, and book reservations.” The internet has made things more accessible and easier for example people can handle their money and bank information with the press of a button instead of having to physically go to the bank, people do not have to worry about stores closing because they can shop online and have items delivered to them using the internet. These are a few of many examples of how the internet has been able to make life easier. As AI gets better it can help in ways that are more than just behind the screen like the internet where you are limited to things like wifi strength and your access to a computer or any device. With AI the limitations are endless.
With AI growing around the world it will more than likely open up new opportunities for people who choose to profit off of AI itself. The article “ Artificial Intelligence: Advancing the Workforce of the Future” by Steven R. Gonzales states “ Skills in AI are highly sought after and give students a competitive edge when entering the job market. According to Kimberly Doyle at Infosec Resources, which tracks trends in security education, cyber threats, and career development, more than 50,000 job openings are currently posted on Indeed for artificial intelligence [italics mine]”. One of the businesses with the greatest growth is artificial intelligence AI), which offers a wide range of career option in sectors like technology, healthcare, finance, gaming, and more. Students that are proficient in AI are in great demand and can work as data scientist, machine learning engineers, researchers, developers, ethicist, or researchers in AI. Learning AI gives students useful skills, encourages creativity and critical thinking, and positions them for a variety of jobs in the quickly changing technological sector.
AI has a place in finance because it makes prediction more accurate, decision-making speedier, and risk management better through sophisticated data analysis and algorithmic procedures, all of which increase the profitability and efficiency of financial operations. The article “The New Investor” by Tom C.W. Lin states “ Over the last quarter century, computerization and artificial intelligence have revolutionized finance, and they continue to fundamentally transform finance from an industry dominated by humans to one in which humans and machines share dominion.56 Modern finance is cyborg finance, an industry in which the key players are a part human and part machine.” demonstrates the banking industry has seen tremendous transformation over the last 25 years due to developments in computerization and artificial intelligence. Finance is no longer a human-only industry; rather, it now functions as a symbiotic environment in which both humans and machines play essential roles. Modern finance is defined as “Cyborg finance”, where players in the market use both machine-driven analysis and human judgment to make decisions, combining human experience with technological skills.
Some may argue that artificial intelligences can be harmful and have bad impacts on society. Many say that AI will remove peoples jobs and leave them with out any source of income. The article “Can Artificial Intelligence Boost Employment in Service Industries?”by Ting-Ting Gu a, San-Feng Zhang b, and Rongrong Cai a states “although they could also be negative, such as resulting in employment “polarization,” leading to income inequality. In addition, some studies claimed that the impact of AI on employment is heterogeneous, affected by the characteristics and attributes of time and space, industry, and the impact on different regions and industries is different; thus, the research often analyzes a certain industry and region.” This can demonstrate how AI could have a negative effect. Even tho there some possible complications with AI if it is used in the propper way then nun of these problems wil occur. Ting-Ting Gu a, San-Feng Zhang b, and Rongrong Cai a states “ Nevertheless, during the global COVID-19 pan- demic, AI is rapidly applied to various fields of the service industry, such as the medical field, where doctors use AI to conduct contactless COVID-19 detection. In the catering industry, hotels use intelligent robots to provide noncontact services such as reception and delivery. In education, schools use AI to execute online teaching. In public health, the government uses AI to monitor and track various epidemic information. The broad AI application has directly affected the service industry employment.” Even tho there can be a down side to using AI if used propper like how this text stated AI can have revoluinary impact.
In summary, the financial and educational sectors stand to gain greatly from the incorporation of AI. Artificial intelligence (AI) enhances research and study capacities , enabling experts to explore more deeply into intricate financial models and pedagogical approaches, promoting creativity and effectiveness. Furthermore, AI’s ability to open up new career path for people with AI skills not only benefits the workforce but also opens up avenues for ongoing education and expertise in this quickly developing subject. Adopting AI has the potential to completely transform the way we think about finance and education and move us closer to future of more opportunity, insight, and efficiency.
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