Critical Evaluation of the Future Role of Artificial Intelligence in Business and Society

Abstract

In contemporary economies, artificial intelligence (AI) and machine learning (ML) algorithms are frequently utilised in generating judgments that have far-reaching consequences for employment, education, access to finance, and a variety of other fields.The increasing level of advancements in artificial intelligence (AI) has substantially affected the functionality of societies and economies, prompting extensive debate over the merits and demerits of AI on the society and humanity at large.Moreso, the emergence of Generative Artificial Intelligence technologies like the ChatGPT (by Microsoft) and Bard (by Google) has ushered in an era of immense transformance to business operations, communication, and research, inflicting some unprecedented challenges, from the usage by humans.In view of this ensuing rapid transformations, this research critically explored the benefits and demerits of artificial intelligence, from the viewpoint of its impact on people, businesses, economies, and the society, from an ethical, legal and governance perspectives.While it is imperative that public welfare is religiously promoted and guarded, it is equally necessary to consider the interest and success of AI developer and their organisations.Therefore, it is essential to maintain an optimum balance between ethical principles.Our findings shows that experts are proposing an era of AI ethics that focuses on utilitarianism, which presents a balance between risks and benefits, and a movement from fundamental duty of care to civil responsibility for public good.National and continental associations have reacted promptly by establishing various regulations for the conduct of AI implementation in their jurisdictions.The General Data Protection Regulation (GDPR) permits individuals to provide general consent in relation to their information.The continuous investment and research focus on further development of artificial intelligence, shows that the future of individual lives, businesses and economies will continuously be influenced by numerous everyday artificial intelligence functions.