ARTIFICIAL INTELLIGENCE
SOCIETAL GAINS FROM TECH
The impact of artificial intelligence on society – Sanjeewaka Kulathunga
The value of AI-based businesses may vary greatly depending on factors such as the industry, size of the company, market demand for the products or services and overall performance of the organisation.
However, it’s worth noting that artificial intelligence is a rapidly growing field and many businesses are investing heavily in AI-based technologies to gain competitive advantages in the marketplace.
According to a report published by Statista, the global AI market is expected to reach US$ 1.85 trillion by 2030 – up from 95.6 billion dollars in 2021. And the largest industries for applications of this technology are expected to be healthcare, motor, finance and retail among others.
Some of the most valuable AI-based companies in the world include Alphabet, Microsoft, IBM, Amazon and Facebook.
They have invested heavily in AI technologies and their market values are in hundreds of billions of dollars.
The value of AI-based businesses is likely to continue to increase in the future as more industries adopt artificial intelligence to improve efficiency, productivity and innovation.
However, the value of any business based on this technology will depend on various factors, and it is essential to evaluate each on its own merits before investing.
In the age of artificial intelligence, sociologists can help businesses understand the ways in which AI is impacting and transforming the workplace and society in general. They can provide valuable insights into the sociocultural dimensions of AI including its impact on employment, social inequality and ethical considerations.
It’s necessary to study the impact of automation on the workforce because it has the potential to disrupt traditional employment patterns, lead to job displacement and increase economic inequality. By understanding the social and economic implications of automation, businesses can develop strategies to minimise negative impacts and create a more equitable workplace.
Sociologists can help organisations understand social and cultural attitudes towards artificial intelligence. They can investigate the ways in which people perceive and interact with AI, and how these attitudes influence consumer behaviour and decision making.
By understanding the cultural factors that influence the adoption of AI, businesses can implement more effective marketing strategies and product development initiatives.
As artificial intelligence pervades society, organisations will need to navigate complex ethical dilemmas related to privacy, data security and social responsibility. Given this, social science can be used to improve AI-based businesses and help them address such issues in several ways.
Sociologists can provide valuable insights into the social and cultural dimensions of these ethical issues, and help organisations develop ethical frameworks and policies, which are grounded in a deep understanding and appreciation of societal values and norms.
By incorporating sociological perspectives into their business decision-making processes, companies can create more effective strategies that are better aligned with the social and cultural realities of the age of AI.
Apart from this, sociologists can provide focussed insights into the social and cultural factors that influence user behaviour and decision making, enabling these organisations to prioritise human centred design.
Through the incorporation of sociological perspectives into their product design processes, businesses can develop solutions based on artificial intelligence that are more user-friendly, and better aligned with the needs and preferences of their target audience.
AI-based businesses that leverage sociology to guide their operations will be able to promote diversity and inclusion in a more effective manner. This is because sociologists are able to provide insights into the social and cultural factors that contribute to bias and discrimination in artificial intelligence systems.
So the incorporation of such sociological perspectives into these businesses’ decision-making processes will enable them to develop AI-based solutions that are more inclusive and less likely to perpetuate social inequalities.
And last but not least, the science of sociology can be used to improve AI-based businesses by promoting stakeholder engagement.
Sociologists can provide insights into the sociocultural factors that influence stakeholder behaviour and decision making, including that of employees, customers and the broader community.
By incorporating sociological perspectives into their decision making, businesses will be able develop more ethical, user-friendly, inclusive and stakeholder oriented AI solutions, which will lead to greater socioeconomic benefits across the board.
