Sustainability has been a major concern in economic conferences all over the world, with the new era of technology where the implementation of machine learning and artificial intelligence poses stiff competition to the workforce. Sustainability is intended to ensure that levels of poverty are minimized as much as possible, the rates of hunger are reduced, there is good health among the people and a good state of wellbeing, good jobs and economic growth, reduced inequalities, climatic actions, and quality education. Despite the critiques on their use, the need for minimization of input while maximizing output still offers a foundation for their implementation.
Research is done by a London based organization ‘Nesta’ claims that the use of machine learning and artificial intelligence has robbed the people their jobs. At least 6 percent of work done by translators and interpreters has slipped off their hands, about 7 percent of work done by performance artists has also been engulfed by AI, besides, up to 8 percent of work done by radio presenters has been taken away by machine learning which does the work more efficiently at a minimum cost. This poses an effect of leaving many people jobless, hence little or no saving, consequently, they opt to less expenditure which has the effect of triggering deflation, a pandemic capable of toppling the government.
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The technologies of the internet form the basis of this era. Corporations and business organizations have adopted the cloud computing system where remote access to clients is easily done. Techniques employed to promote e-business such as the electronic signatures, banking in the mobile phones, payments by electronic means, an electronic invoicing system as well as e-commerce have marginally changed the phase of the business. The e-government initiatives where military operations are done remotely have also been launched. Besides, financial institutions that offer lending and banking services have also diversified their operations, bearing in mind that they have always emerged at the higher ranks as the best employers, are currently rendering their personnel jobless. This has caused turmoil concerning the people’s state of wellbeing and the sense of equality.
Robotics and artificial intelligence are taking a toll on the corporate world. Companies such as McKenzie 2015 have invested largely in the mechanization process to minimize the cost of production of cars in the UK. The factors of production which include geographical space, the personnel, the capital input and ultimately entrepreneurship have been affected adversely by these new trends in the business world. The rural-urban migration has increased as people tend to settle in cities where white-collar jobs are offered leaving the villages vast and open for mechanization, consequently, the mushrooming of slums in the cities, overcrowding and as well the availability of cheap labor which is as a result of poor living standards.
Lewis (2014) explored the current trend in business involving the implementation of the space economy. He argued that the use of AI and machine learning that has aimed at reducing resource allocation and optimization through space economy has greatly facilitated the input minimization processes in businesses. Drones used to transmit information within an organization, the consumer deliveries and orders by drones as well as the shipment of commodities and goods through space ships have greatly reduced the costs incurred in the services concerning how they were done previously. Jeff Bezos, CEO Amazon, has been making arrangements to create space shuttles, an attempt to eliminate intermediaries in the business chain. Besides, their use of drones has continued to face adverse challenges following the aviation corporation act which regulates the space surveillance, a situation violating the right to privacy of people. From the going concern that the resources are scares and the demand is also low, investors and the business community as a whole have been faced by stiff competition hence, they are looking to the sky for space economy. Steven Hawking, a space scientist, stated that there is still a doubt whether the alien lifestyle is habitable to mankind, since it involves doing operations under extreme environmental conditions which are still new to the human systems and the facilities meant for these operations are based on empirical and analytical possibilities.
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Humanoids and female looking robots basing their production from machine learning and artificial intelligence have cost many people their jobs, for instance, the Toshiba female looking robot offers a six-minute prescription as well as a description of the products they offer. Such leaps in personnel and other advances are a cause of limited job opportunities. Personnel such as operations managers, customer care, after-sales operators, guards in the security sector and the agents in the call centers have experienced low pay and joblessness as a result of the competition posed by the more efficient robots. Banks have migrated from the printed notes to e-banking. There are no more queues in the banks for transactions since these can be done remotely in comfort zones. Besides, robot tellers and autonomous machines have been put in place. Digital banking platforms such as the bitcoins are also threatening the future of commercial banks, they are making the flow of money easier and with almost zero cost incurred in the transactions which have been the main source of profit to the commercial banks. Despite these challenges, banks are still optimistic to employ such techniques to avoid crises such as the 2008 financial crisis.
There is also special software in the financial spheres that employ analytical theories such as the theory of portfolio and Value at Risk to evaluate the perils within an organization, a factor that is leading to a great brain drain in the academic world. Insecurity to information has also been a point of concern since the implementation of AI, microchips can be planted on a digital television screen where sensitive business information could be recorded and transmitted to the hands of an unauthorized person. These adversely affect the sustainability of businesses as well as the demographic environments around them. A great advantage of the machine learning process has been archived through the use of nanomedicines and nanoparticles which have been employed to treat deadly diseases such as Ebola and Cancer.