Title:Is our economy prepared for AI?
Type of article:Insights/Blog

We are living in times where artificial intelligence (AI) is fast becoming a practical reality of our daily lives. What once seemed to be a far-fetched notion is slowly trickling in our day-to-day functioning.   

The impact will not just be on our lifestyles but the way we earn and run businesses too. Experts have strong predictions and opinions of how it would affect our future. With automation taking over, a number of manual tasks or number crunching roles will be seen discarded from our organizations. AI will make us more productive and save tons of labor time and effort, on the other hand, we will also suffer as people either lose their livelihood or get thrust into jobs with completely different skill requirements. 

According to the latest research report by McKinsey & Company, many developed nations are actively exploring and preparing for the AI revolution, these economies are getting their functions aligned for the transformation and impact that entails AI. Whereas, not much discussion is seen in the developing nations regarding AI, both from the benefit and risk side. In such a scenario of unpreparedness, not much will be gained from AI, instead, a major backlash and resentment will follow as the developed nations prosper through AI. 

To know more of what the report predicts, read this article: If Artificial Intelligence Only Benefits a Select Few, Everyone Loses