James Nov-Dec 2023 web - Flipbook - Page 9
Artificial intelligence
(AI) has taken center
stage in the ever-evolving world of
new and emerging
technology. Notwithstanding any
personal biases
one may harbor
with accepting or rejecting this
advanced way of life, AI has woven
itself into the fabric of our existence.
Whether you are responding to
someone on your phone using
voice-to-text, clicking autocorrect’s
suggested changes when drafting
an email, or using Tesla’s self-driving mode on your way to work, AI’s
positive ripple effect on our economy and workforce is unparalleled. In
fact, Forbes predicts the AI market
size to reach $407 billion by 2027
with the United States seeing a 21
percent net increase in Gross Domestic Product by 2030.
Businesses are leveraging AI
to increase productivity while the
government is finding solutions for
vulnerabilities. However, it is imperative that citizens, business leaders
and policymakers comprehend the
basics of AI and welcome the depths
it will reach in order to determine its
limitations and successfully contend
with inevitable challenges ahead.
Artificial intelligence is a term
used to refer broadly to the capability
of a computer or computer systems
or algorithms that can imitate and
perform tasks commonly associated
with intelligent beings, humans.
The National Artificial Intelligence
Initiative Act of 2020 defines AI as a
“machine-based system that can, for
a given set of human-defined objectives, make predictions, recommendations or decisions influencing real
or virtual environments.” Though
“AI” is just a commonplace term
meant to encompass a wide range
of this technology and its potential,
there are many different types of AI.
The type which has seen a vast
increased influence in society lately
is called Generative AI, (“GenAI”).
GenAI is a machine learning system
capable of creating text, images,
code and various types of content
typically in response to a certain
prompt entered into its system by
a user. This popular input-output
“machine” allows for a human-like
response and learns from each new
input to allow for the system to make
informed decisions or predictions
based on the patterns it learns. Similar to how humans learn from their
own experiences to make decisions
based on what worked and has not
worked for them, GenAI does just
that: learns and adapts.
Due to the rate and speed at
which technology is advancing, the
proliferation of data and maturity
of computing power, adoption and
acceptance of AI has been knocking
on the door of business leaders and
policymakers for some time. From
businesses replacing jobs with AI,
to national security and defense
measures in our military, this rapidly
increasing influence over the last
decade has naturally been met with
hesitation due to the inherent uncertainties it presents.
Understanding the risks and
benefits of AI is imperative to protect
against any abuses and misuses of
automated decision-making. Private
sector businesses are seeing an immediate impact as AI evolves and becomes more user-friendly and eventually cost-effective. Earlier this year,
prominent investment bank Goldman
Sachs released a report detailing the
effects of AI on economic growth.
They specifically estimate two-thirds
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