By REBECCA GIGI
Slews of emerging technologies are reshaping our lives and are bringing major changes in our society, possibly at a rate of change never seen before in history. Technologies that were once theorized as visions of a future society, have now become a part of daily life. Cheap computing power and access to large data sets made it easier to replace jobs done by humans and it is seen that machines are doing better jobs than humans.The role technology has played in our lives is so vital that we rely on it for doing anything. Be it ordering food from a shop you’re far away or booking a seat for a movie which is due two days or so. The advancement of technology has been of a great significance by the founding of two major domains, Internet Of Things (IOT) and most importantly, Artificial Intelligence ( AI). Should AI increase productivity growth, then this will increase economic growth and provide new opportunities for international trade. One main factor is that the linkage of AI takes time for society to incorporate the advancement in technology with economic demands. AI will also affect the type and quality of economic growth, with international trade implications. AI is already having major impact on the global development and management of several value chains. It can be used to determine and improve the predictions of the future trends in the growth of economy by meeting people’s demands and manage risks along the supply chain. While some argue that AI will remove jobs from qualified professionals, it has the reverse effect. Companies who utilize AI do so with the idea to automate jobs, making it more feasible to use man power efficiently for the work that cannot be done by machine.
The progresses in Artificial Intelligence are already impacting our economy. As these technologies move out of the research labs and innovation hubs, our country is promisingly poised to take advantage of this gathering storm of opportunity. Our ecosystem of startups are in a race to apply these technologies and data sets to solve unique Indian problems like technologies, agriculture, urban transport, etc.
By helping companies transform their the customer experience, launching digital products and services and optimizing supply chains, the Artificial Intelligence is catalyzing transformation in every industry. Though the jobs that depend on manual labor may shift to machines, the design of these system and their upkeeps has the potential to create new jobs. There’s also a a chance for these machines to improve the capacity of the manual workforce, allowing them to accomplish tasks that would otherwise be impossible.
The devices of Internet Of Things may affect the economy in many ways. With technologies that made communication easier and quicker, there can be great decrease in wastage of perishable goods, materials lost to manufacturing issues, energy consumption, etc., resulting in cost reduction. It also helps to make better business decisions. Connected mobile devices have made it easier for small businesses and individuals to make payment without expensive registers or card processing equipment. Homes, buildings and smart cities connected by the IoT can help in cutting waste, green house emissions, pollutants, etc.
Dynamic technologies 