Exploring opportunities in Artificial Intelligence
Ishan Gupta
Depending on whom you're listening to, Artificial Intelligence (AI) is either a threat that will turn on its creators or is the saviour of humankind in the years to come. As with most things, the truth lies somewhere in the middle of these two options - AI is a technology that will act within its capacity to perform the functions that it is given. Even within the group of people who don't believe that AI will turn violent, many consider AI, with its potential to do repetitive or time-intensive work swiftly and accurately, as a threat to the global job market. If robots do the jobs of humans, what will humans do, they ask. The answer to that is simple - they will do the other jobs that robots can't.
In the last decade or so, swift advances in Machine Learning and Deep Learning technologies have led to AI making a quantum leap in its capacity to perform functions. AI can now decode natural language, translate in real-time, and even engage in limited conversation with human beings. It won't be long before it is capable of passing the Turing test absolutely. The increasing capacity of AI to learn and make decisions added to its existing abilities to work without rest and error-free would make it an ideal choice for doing the kind of manual labour that many are still are engaged in doing today.
What AI has shown little or no capacity to engage in thus far is creativity and innovation. It is unlikely to develop a sense of humour and probably would require centuries of development before it can approach the concept of thinking laterally and outside the box. AI will be much better suited to replace human beings in mass manufacturing, bringing greater synergy and efficiency into that domain than before. Doing so would lower the costs of manufactured goods, increase consumption, and raise the profits of such companies. This would increase these companies' productivity, and make them need more humans in marketing. Which is why certain research firms have indicated that AI will create more jobs than it eliminates, stating that by 2020, AI will generate 2.3 million jobs worldwide.
New avenues
A survey of 1,000 global organisations which deployed AI-based systems found that 80% of the surveyed firms had added more jobs, while two-thirds of the respondents indicated that there had been no reduction in jobs attributable to AI. For the most part, AI is being used to enhance and enable human employees to remove redundant mechanical and record-keeping aspects of their work, freeing them up and enabling them to be more productive.
The spike in demand for AI-proficient programmers is all the more remarkable because there is a dearth of qualified candidates capable of taking up these positions. According to a leading job portal, there is currently a ratio of 2.3 available roles for every suitable candidate. Applications of AI would also create a massive pool of opportunities.
Even in other industries, AI will create greater productivity that would enhance employment, not curtail it. There will be a greater need for humans who specialise in abstract thinking, creative tasks, and problem-solving, which will lead to job growth in these areas.
While these new jobs will be more lucrative than the ones that AI will take up, they will require substantial reskilling of the existing workforce. Hence, in the field of AI, it is important to focus more on improving the skills of the workforce, than be worried about the growing technology.
We should actively ask how we can make ourselves more productive and less mechanical in our work, and find ways to add problem-solving and analytical skills. Picking up AI programming would be a great choice, as this is easier to learn than one would imagine. So, what are you waiting for?
(The author is managing director - India, Udacity)
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Rupee falls 4 paise to 90.24 against US dollar in early trade
Mumbai (PTI): The rupee opened weak and declined 4 paise to 90.24 against the US dollar in early trade on Monday, as geopolitical uncertainties triggered by the US intervention in Venezuela fuelled the demand for the American currency.
According to forex traders, the rupee is expected to trade lower due to geopolitical development, even though a lower crude prices could provide some cushion.
At the interbank foreign exchange market, the rupee opened at 90.21 against the US dollar and lost further to trade at 90.24 against the greenback in early deals.
On Friday, the rupee settled lower by 22 paise at 90.20 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36 per cent higher at 98.50.
The US on Saturday carried out a military operation in Venezuela an deposed President Nicolas Maduro. President Donald Trump said the US would "run" the South American country and tap its vast oil reserves to sell to other nations.
Brent crude, the global oil benchmark, was trading 0.07 per cent lower at USD 60.70 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 135.81 points to 85,626.20 in early trade, while the Nifty was down 25.75 points to 26,302.80.
Foreign institutional investors turned net buyers, picking up equities worth Rs 289.80 crore on Friday, according to exchange data.
The latest RBI data released on Friday showed India's forex reserves jumped by USD 3.293 billion to USD 696.61 billion in the week to December 26. The overall kitty had increased by USD 4.368 billion to USD 693.318 billion in the previous reporting week.
