How Governments Can Benefit From Investing In AI?

A look at the highly influential areas of technology like Artificial Intelligence, which the governments gain on.

Throughout the years, technology has played its part in shaping the modern digital world. With dependence on technology becoming more of a need, one must agree that it is only in the recent past that the government investment in futuristic technology has come on par with private investors. What makes it crucial for the governments to step in rather than watch the private sector take over the arena? What difference does it make compared to the technological advances the world has seen so far?

Upskilling The Workers Towards Artificial Intelligence

As technology takes over, workers in different sectors should be upskilled rather than simply complaining that humans are losing jobs to technological advancements. There will be jobs created by technology like AI, which would require more than normal skills found today. The finance sector is the best example of this today. AI is already assisting financial officers in augmenting financial planning and enhance investment strategy. Being a relatively conservative area, AI is used to track data-driven investments enhancing business modules. They are also used to prevent fraud, create better security mechanisms and track culprits based on their activities and so on.

An All-round Influence By Technology

Investing in futuristic technologies not only helps in better returns but also improve every field they are used in. For instance, robotic surgeries are far more accurate and precise than human surgeons; better infrastructure planning, citizen response systems to address their issues instantly and directly, defining policy requirements based on data collected, etc. are some of the areas where the governments are already using technology. While increasing their chances to retain power, technology also means immediate government regulations based on what algorithms indicate. Influential technologies like AI cannot be sent back to the start. They need to be used constructively like having a more open government, assisting in smart citizenship, resulting in a good balance between democracy and technocracy.

Industrialization of AI

A study suggests that about $15.7 trillion will be added to the global economy by 2023, thanks to AI, out of which North America alone will be responsible for 14.5% of the boost. With giants like the US and Canada spending actively on AI, such a massive impact can be achieved with the industrialization of Artificial Intelligence. As already seen, the wide range of applications and influences in various industries results in a constant state of innovation.

Growth becomes inevitable with innovation, especially in fields like agriculture, labor markets, energy management, etc. This is already in progress with the governments investing highly in researches and working closely with Universities to use fresh minds for development and innovation.

Right investments and applications will augment rather than replace human resources. Citizens are in touch with the most advanced technology as soon as they see the light of the world. Time is not in the governments’ favor. Hence, it is ideal that they start investing in these technologies today rather than watch the private sector make use of the gap and influence the people in their own ways. The government also could prove to be the point of control in not letting technology influence people in a bad way.

Most of the developed nations like Canada are focusing on technology as a driving force for a global society instead of simply looking at a national gain. A quick brief on the AI scene in Canada. In return, one can also say that globalization has impacted the perspectives of countries investing in futuristic technology.