The Pros & Cons of Artificial Intelligence (AI) & Machine Learning

While the business and investment world are generally extremely excited about artificial intelligence, many observers are deeply concerned about AI’s potential to dilute personal privacy, while others see AI potentially destroying jobs or diminishing the value of workers. The advantages of AI are relatively easy to determine and analyze. However, determining the disadvantages is not an easy task.

Clearly, AI is a revolutionary, very disruptive technology. Its effects on the economy, as well as the workplace, will be profound. The potential for employment disruption by AI is creating controversy similar to the controversy surrounding the potential effect of robotics on jobs. (The robotics sector is becoming more and more closely linked to AI—each is a vital part of the global trend of “automation,” whether that automation is in the factory, online or in driverless vehicles.) A recent, in-depth study by analysts at McKinsey & Co. estimated that roughly 15% of the global workforce, or about 400 million workers, could be displaced by automation from 2016 to 2030. The consultancy found that 75% of the value of generative AI would likely be found in customer service, marketing and sales, software engineering and research and development. In the U.S., Goldman Sachs estimates 25% of the work done by employees across all industries will likely be automated over time due to AI. This isn’t to say that total global employment will drop, but the type and nature of available jobs will evolve. While some tasks may be completely automated due to a combination of AI and robotics, other tasks will simply be made more accurate and efficient, and many other types of tasks will remain reasonably completed only by human workers. McKinsey further estimated that only about 5% of today’s jobs could be completely replaced through today’s known AI-enhanced technologies. However, most of those jobs will likely be middle and high-level managers. Management consultants at Oliver Wyman conducted a recent study that reported more than 50% of senior white-collar managers believed their jobs could be automated by generative AI, compared to 43% of middle managers and 38% of first-line managers.

As AI becomes more advanced, its use is moving toward much more critical situations and processes. Over the mid-term, machines will not only be able to make human tasks more efficient and accurate, to a growing extent they will assist and cooperate in the completion of work that humans cannot reasonably accomplish on their own. (The word “Cobots,” short for collaborative robots, has already evolved to describe such synergy between humans and machines in the field of robotics.) This enhancement of labor productivity can be of critical value in a world where nearly all major nations, from Europe to Asia and North America, are facing aging populations, modest birth rates and the looming prospect of labor shortages.

Among the greatest benefits to mankind will be AI’s ability to help solve many of society’s most pressing and critical problems—AI will help to increase data security, reduce online fraud, reduce physical crimes, lower the cost of some types of consumer products and services, improve health care outcomes and improve environmental quality. (Unfortunately, large-scale, technology-oriented criminals and state-sponsored hackers may also utilize AI. A cybersecurity AI-arms race may quickly evolve in such practices as ransomware and malware.)

At the same time, there are many observers who are concerned about the potential misuse of artificial intelligence. The greatest single concern may be the way that AI incentivizes companies to capture more and more personal data about people and their individual actions and interests. Since AI becomes more effective and more powerful as the size of a data pool grows, AI-driven firms, such as social media and advertising platforms, are driven to capture and utilize ever-greater amounts of personal data. This invasion of privacy has advanced dramatically in recent years, and there is always the potential for significant abuse. This growing pool of personal data will also become even more appealing to hackers and criminals. Hackers and fraudsters are utilizing AI to fuel identity theft through near-perfect emulation of a victim’s voice or face.

Facial recognition software and cameras that can identify and track the actions of individuals are already in wide use, particularly in China. Facial recognition can boost security at airports and help stop crime on the streets. On the other hand, some people think it is the ultimate invasion of privacy. As AI expands and grows in everyday use, such controversies will expand. Advancing technologies will boost both capabilities and ethical concerns. Cloud computing, ultra-fast 5G wireless networks and the Internet of Things will work hand-in-hand with AI and machine learning. This will be a great advantage to some firms. At the same time, ethical and privacy concerns may drive a new level of regulatory control by governments worldwide.

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