ARTIFICIAL INTELLIGENCE AND PUBLIC POLICIES PART — 1
Many companies have adapted to Artificial Intelligence (AI) approach for making decisions. AI fetches actionable insight from historical data to take right decision at right time. No company can afford to turn its back to the AI evolution prevailing across all industries. Humans and AI are both workstations, with very different capabilities. Together they will enhance evolution and making decision in every industry.
In the last century decision making was primarily based on hundreds and thousands of years of experience that human brain has achieved and the rules framed on those experiences. AI will enable quick and steady decision making. This surely doesn’t mean accurate and justifiable, relatively close though.
Now depending solely upon human intuition is unfit, inconstant, erring and limits the capability of the organization. Insights provided by the AI are complementary and supplementary to decision by the Humans.
AI-Supported Decision Making
Connected devices through their AI now capture unending volumes of data, all the information that can inform better decisions. The synopsis then further processed by humans using various tools. Data is further presented for decision-making. This is the “data-driven” process. Human judgment is still the central processor, but now it uses summarized data as a new input.
It’s undoubtedly better than relying solely on instinct, humans playing the role of central processor still create several limitations.
Consider the biases, due to human involvement, when we process the data.
Bringing AI into the Progress
Decision making on the basis of unstructured data should be outsourced to AI. AI is less influenced by human biasness. AI can be trained to find
1. Non Guilty people will be judged rapidly which will further decrease the jailed population and will eventually save hard earned taxpayers money.
2. Fine collection will be effective by 200%.
3. Relevant data on every day basis. Etc.
Some Harmful effects of AI
1. MBA will lose their jobs.
2. Banking industry will face 40% retrenchment.
3. Due to self driven cars, drivers will lose their jobs. Etc
To observe balanced growth in the economy we need public policy. Policies will further help us to imply the development in an organized manner. The practical application of the same will be discussed in Part-2 of the article.
Grasping both AI and Human processors in the progress
Introduction of AI does not make humans obsolete. Many business decisions depend on unstructured data. Vision and mission statements, companies strategy, corporate values, market dynamics all are examples of information that is only available in our minds and transmitted through culture and other forms of non- algorithm communication. This information is not accessible to AI and extremely relevant decision making in business. Hence, human processors will always be relevant.
The Next Phase in our Growth
AI-driven is the next phase in our growth. Accepting AI in our plans afford better processing of unstructured data and allows humans to contribute in ways that are harmonious.
This growth will not occur within the individual organization. Rather, it’ll be a process that will operate on a population. The more efficient organizations will survive at higher rate. I suspect we’ll see the emergence of new companies that accept both AI and human contributions from the beginning and build them genetically into their plan.