Impact of AI on Business: Automation, Implications, and Future Trends

This report investigates the impact of Artificial Intelligence (AI) on business operations and future trends. It examines the potential for automation across various sectors, highlighting both opportunities and challenges. The report draws on expert opinions and surveys, suggesting that while AI can significantly benefit certain industries, such as those involving complex processes and specialized tasks, its implementation may be less feasible or even detrimental in others like finance, construction, and retail. The high costs associated with AI implementation, including maintenance and the need for regular software upgrades, are identified as a significant limitation. The report emphasizes the need for careful consideration of AI's impact on different sectors, considering both its benefits and potential drawbacks.

Academic Paragraphs
According to a survey of artificial intelligence researchers, there is one-half
probability that within next 45 years, machines will be able to outperform human activities in
all fields. According to respondents, all human jobs will be automated by next 120 years. In
the coming time, machines will be able to translate languages, writing high-school essays,
driving automobiles, working in retail sector, get involved in book writing and being
recognised as bestselling author and be able to perform surgery. As per experts, within 60
years, AI will be able to beat humans in every sphere of life. Artificial intelligence will ne
highly beneficial to those organisations which involve complex and specialised processes,
methods, tasks or human resource. As per PwC and OECD, sectors such as education,
information transfer and communication, accommodation and meal services, scientific and
technical work are at least risk from automation. In contrast to this, there are various sectors
of economy where AI can not easily be adopted in operations or if adopted, can hamper the
overall working atmosphere of business entity. Finance and insurance, construction, retail
industry, transport, manufacturing, public administration are some of those areas where AI
will not have a positive impact. One of the main limitations of AI is the high cost associated
with its implementation. Increased cost of this technology is due to complex nature and need
for continuous repair and maintenance. Software programs in finance and other key sectors
need regular upgrading to adapt to changing business environment and upcoming trends and
developments in technology, thus it is not feasible to adopt AI in such sectors.