Innovative Application of Artificial Intelligence in Business Impacting Socio-Economic Progress

Abstract

Artificial Intelligence (AI) is becoming increasingly prominent in modern societies, impacting all activities, from space research to daily people routines. From an economic perspective, AI is seen as a source of increased growth and progress. It can boost innovations, contribute to economic processes acceleration and optimization, provide solutions for better satisfying consumer needs, and expand business opportunities. In the meantime, AI has the potential to be extremely threatening to socio-economic development. For example, there are concerns about the possible establishment of dominance and control by large technology corporations, and the emergence of new forms of social division. While both hopes and fears about AI are plausible and legitimate, the expansion of its use requires at each new stage and for each new application a better understanding of the implications and foreseeable consequences, responsible and prudent action. Well-crafted regulation accompanied by real enforcement capacity might encourage harnessing the benefits of AI whilst limiting its adverse implications

Keywords

• editorial
• artificial intelligence