How Artificial Intelligence is Transforming Industries and Creating New Opportunities

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rtificial intelligence (AI) is quickly transforming many industries, including healthcare, finance, transportation and logistics. AI offers tremendous opportunities to improve operational efficiencies and enhance customer service. At the same time, the emergence of AI and other advanced technologies presents several challenges. For example, automation could eliminate some jobs and increase income inequality.

In fact, roughly half of all U.S. jobs could be lost to computerization over the next two decades, according to a recent study by the Bank of England.1 On the other hand, advances in AI could also create new jobs and boost productivity.

“There’s a big difference between jobs that go away because of machines and those that will be created because of computers,” says Jerry Kaplan, founder of Transformative Technology Lab and an expert in artificial intelligence. “As we become more dependent on computers, we have to invent more ways to use them. The job market will change from requiring people who program computers to ones that help people use computers.”2 This emerging technology holds tremendous potential to transform the healthcare industry. AI is already being used in a variety of fields, including medical imaging, drug discovery and surgery. Healthcare providers and researchers are using AI to detect early-stage disease, recommend treatment options and help streamline workflows.3 For example, an AI-powered machine learning model was used to match patients with oncologists based on factors such as age, gender, location and preferences.4

“AI has the potential to make a substantial difference in how cancer care is delivered to patients — and it has the potential to save lives,” says Dr. David Agus, a physician and medical researcher at Stanford University and Founder of digital health company Wellcentive.5 AI can also help reduce costs and improve patient outcomes.6 One study found that AI can double a healthcare provider's profit margin and reduce mortality by as much as 11 percent.7 However, it's important to acknowledge that the benefits won't come without challenges. When used improperly or abused, AI can have serious unintended consequences.