The value of AI to 21st-century business has been compared to the strategic value of electricity in the early 20th century, when electrification transformed industries like manufacturing and created new ones like mass communications.
"AI is strategic because the scale, scope, complexity and the dynamism in business today is so extreme that humans can no longer manage it without artificial intelligence,"
AI's biggest impact on business in the near future stems from its ability to automate and augment jobs that today are done by humans.
Labor gains realized from using AI are expected to expand upon and surpass those made by current workplace automation tools. And by analyzing vast volumes of data, AI won't simply automate work tasks, but will generate the most efficient way to complete a task and adjust workflows on the fly as circumstances change.
AI is already augmenting human work in many fields, from assisting doctors in medical diagnoses to helping call center workers deal more effectively with customer queries and complaints. In security, AI is being used to automatically respond to cybersecurity threats and prioritize those that need human attention. Banks are using AI to speed up and support loan processing and to ensure compliance. (See section "Current and potential use cases.")
But AI will also eliminate many jobs done today by humans -- a major concern to workers, as described in the following sections on benefits and risks of AI.