AI-TRANSFORMING OUR LIVES

AI bots are quickly and insidiously infiltrating every aspect of human activity, including the economy and business. Is it safe?

Sambratha Shetty is the COO at Synergia Foundation and holds a Masters’ in Science from the University of Greenwich, UK.

The rise of AI-powered language models has been nothing short of a new-age miracle, and leading the charge is ChatGPT, based on the GPT-4 architecture by OpenAI.

Now there are reports of AI bots like Chat GPT venturing into the crucial field of the economy and trying to shape the future of many critical industries.

That this innovation is at the forefront of tech disruptions cannot be overstated. This is amply demonstrated by the furore it has created in a creative industry like screenplay writing, with Hollywood writers up in arms, fearing that AI tools like ChatGPT could render them jobless in a few years. In fact, thousands of screenwriters for the film and TV industry picketed streets in Los Angeles and New York, demanding restrictions on the use of AI on creative projects.

The influential Writers Guild of America demanded that studios and networks stop the use of AI for creating or editing literary material; their demand is that such creative pursuits should be left in human hands!

The questions that arise are whether we are letting technology get so far ahead that we may ultimately lose our control over it or, in our endeavour to cut costs, we will render whole sections of the working population jobless. What are the ethical challenges, and how can regulatory processes keep pace with the lightning speed at which these ground-breaking technologies are being deployed?

The questions that arise are whether we are letting technology get so far ahead that we may ultimately lose our control over it or, in our endeavour to cut costs, we will render whole sections of the working population jobless.

USHERING A NEW ERA OF EFFICIENCY?

The business world has always been the first to recognise the worth of innovation and quickly harness it to its monetary advantage- the electric telegraph, the telephone, radiotelephony, steam-powered industrial machines and now the computer and the internet. Therefore, we should not be surprised that we will witness a rapid integration of AI tools like ChatGPT into a host of industrial applications taking various decision-making and creative aspects away from human hands for the sake of efficiency and error-free execution.

This is becoming increasingly visible in sectors such as customer service, finance, healthcare, education etc., that appear to be reaping the benefits of AI-supported business tools.

ChatGPT-powered chatbots are transforming the customer service industry by providing instant and accurate responses to customer queries. These AI-driven virtual assistants are available 24/7, reducing wait times and improving customer satisfaction. Furthermore, they reduce labour costs for companies while increasing productivity. Are we witnessing the demise of ‘call centres’ and ‘back offices’, which propelled the service industry of developing economies like India and the Philippines?

ChatGPT is being harnessed in the financial sector to analyse gargantuan amounts of data, providing valuable insights to investors, financial institutions, and regulators. ChatGPT assists in risk assessment, fraud detection, and decision-making processes by processing complex financial data and generating comprehensible summaries.

Health care holds the maximum promise for exploiting AI-supported technology, where ChatGPT is employed to assist medical professionals in diagnosing and treating patients.

By analysing medical records, research papers, and clinical trial data, ChatGPT can help doctors make informed decisions and save precious time. Additionally, AI-driven chatbots can provide health advice to patients, improving access to healthcare in underserved areas.

Prof Chas Bountra, Pro Vice Chancellor for Innovation at the University of Oxford, says, “What is going to cause an absolute revolution in the health industry is AI and machine learning.

And this is where a technology hub like Bangalore and Hyderabad has a real opportunity if they are ready to seize it. In the U.S., there are companies on the doorstep of Stanford University worth more than a trillion dollars each- Apple, Microsoft, Amazon, and Tesla.

These are all technology and data companies that have been created in the last 25 years. In the pharma field, the most valuable company is J&J, which is around $ 440 billion and has existed for over a century! But the time is not far when somebody, some genius, will create a digital AI data-driven healthcare company that will become the first trillion-dollar pharma giant. It could happen in Bangalore!”

AI machine learning will make things very exciting, helping us identify better targets for drug discovery and biomarker signatures that can be used for clinical trials and identify new drug combinations for treating complex diseases. This technology will enable cross-usage of existing drugs because there are many drugs in use that, unknown to us, would work a lot better in other conditions too.

Education is fast developing as a lucrative industry. With its vast network of higher learning institutions, every developed country attracts thousands of foreign students to these expensive academic centres. Therefore, it should not come as a surprise when the Education industry adopts large-scale induction of AI bots.

The application of this technology in the field of education covers a vast canvas- from assisting teachers in creating personalised lesson plans and grading assignments to providing tutoring services to students. By automating some aspects of the educational process, teachers can focus on delivering a more engaging and effective learning experience.

Ethical Concerns

As with any ground-breaking technology, the rise of ChatGPT brings about ethical concerns that must be addressed to ensure its responsible use. As highlighted in the introduction of this article, job displacement remains the greatest worry. The automation driven by ChatGPT has the potential to displace human jobs in various sectors.

As AI-powered chatbots become more capable, the need for human labour in some industries may decrease. While this can lead to cost savings for businesses, it can also exacerbate income inequality and contribute to unemployment.

Tools like ChatGPT are quick learners and can be programmed to generate coherent and persuasive text that will appear so appealing and genuine that it will be an ideal tool to create material for the sole purpose of spreading misinformation and facilitating manipulation. Bad actors could use the technology to create fake news, ma nipulate public opinion, or even engage in criminal activities.

Programmed tools tend to adopt their program mers’ bias and prejudices. This has been practically experienced in various fields where AI-assisted tools were employed. The most glaring has been AI-assisted face recognition technology used by law enforcement agencies in many countries.

It was conclusively proved that the face recognition tools tended to focus more often on a particular ethnic class for surveillance. Since AI models learn from vast amounts of data, they may inadvertently adopt biases present in that data. These biases can be harmful and perpetuate stereotypes, resulting in unfair treatment and discrimination.

Creating A Monitoring Ecosystem

To mitigate these ethical concerns and promote the responsible use of ChatGPT, several measures can be taken by developers, regulators, and users alike:

The regulators of this technology, and the industry itself, must continuously monitor the disruptive technology being introduced to ensure all wrinkles are removed before opening it for mass use. Developers should continue to invest in refining ChatGPT’s algorithms to minimise biases and reduce potential misuse. Regular audits and monitoring should be conducted to ensure the technology remains ethical and effective.

Inter-sector and intra-sector collaboration is critical to keep refining the product with stakeholders existing over a vast spectrum. OpenAI, the organisation behind ChatGPT, has initiated a cooperative approach to AI development and governance.

A more comprehensive understanding of potential risks and benefits can be achieved by involving stakeholders from different backgrounds, such as academia, industry, civil society, and governments. This collaborative approach can help create guidelines and regulations that promote responsible AI deployment. Workers whose jobs are at risk of being taken over by AI must undergo reskilling programmes. Governments and industries should invest in such programmes to address the potential job displacement caused by AI-driven automation. By preparing the workforce for the changing job market, we can help mitigate the negative impacts of automation on employment.

With many AI chatbots competing for the huge market that awaits the ultimate winner, there is a tendency to keep a veil over such tools’ development and actual functioning.

This is dangerous as a disruptive technology of this nature that can totally transform the way we live and work needs a high degree of transparency and accountability in developing and using AI technologies like ChatGPT.

This is essential for building trust and fostering responsible adoption. Companies should disclose their methodologies and the data used in training their AI models, allowing for independent audits and evaluations.

National governments have a major role in formulating ethical AI frameworks and regulations. Of course, the universal nature of the development of the technology and its application makes global collaboration a pre-requisite.

Developing ethical AI frameworks and guidelines can help establish a foundation for responsible AI use. These frameworks can serve as a reference for developers, policymakers, and organisations to ensure that AI technologies, like ChatGPT, are used in a way that respects human rights and promotes social good.

Assessment

The ChatGPT revolution is transforming the economy, opening up new possibilities for automation and efficiency across industries. This ground-breaking technology has the potential to bring about significant benefits in areas such as customer service, finance, healthcare, and education. However, addressing the ethical concerns associated with AI is crucial, such as job displacement, misinformation, and biases.