With the corona virus sweeping the world by storm, we are in a economic crisis. Even before the coronavirus the markets were on a steady decline. Companies had already been consulting regarding expense reductions rather than expansions. The wise companies will be taking advantage of these unfortunate circumstances in order to set themselves up for rebuilding as well as intergrading to new technology in the process. This would be intergrading to Artificial Intelligence.
By shifting to a AI focus, companies will be able to deliver significant economic value long term as well as help get the economy out of this crisis. AI will automatize much of production of products and capture and apply knowledge to help grow the company and production/revenue. Companies may cut costs during this economic crisis by automating as many jobs as possible with AI, unfortunately this may be the case in this point in time.
AI will most likely not become a driver for substantial job loss, however during this time in the world it may be seen as that. But with population growth leveling off in many parts of the world it is hard to not improve economic performance without converting to AI. In other words as the article explains it is best to implement AI now until waiting for a full-fledged recession to begin considering how much lower costs and improved productivity will be with AI in the economy.
LIS 4022 Spring 2020 