This article is part of our series that explores the business of artificial intelligence. Digital technologies, and at their forefront artificial intelligence, are triggering fundamental shifts in society, politics, education, economy, and other fundamental aspects of life. These changes provide opportunities for unprecedented growth across different sectors of the economy. But at the same time, they entail challenges that organizations must overcome before they can tap into their full potential. In a recent talk at an online conference organized by Stanford Human-Centered Artificial Intelligence (HAI), Stanford professor Erik Brynjolfsson discussed some of these opportunities and challenges.

Digital technologies, and at their forefront artificial intelligence, are triggering fundamental shifts in society, politics, education, economy, and other fundamental aspects of life. These changes provide opportunities for unprecedented growth across different sectors of the economy. But at the same time, they entail challenges that organizations must overcome before they can tap into their full potential. In a recent talk at an online conference organized by Stanford Human-Centered Artificial Intelligence (HAI), Stanford professor Erik Brynjolfsson discussed some of these opportunities and challenges. Brynjolfsson, who directs Stanford's Digital Economy Lab, believes that in the coming decade, the use of artificial intelligence will be much more widespread than it is today.

Artificial Intelligence (AI) with help of Machine Learning (ML) can create an automated model for different fields. Agriculture and farming are one of the them, provides the food to the majority of populace on this earth that also need such technology to boost its productivity and efficiency. Machine learning is the branch of AI, and such AI models cannot be developed without using the machine learning process. The ML process involves using the training datasets into an algorithms to learn the certain patterns and predict the results learnt from such data sets. And when such models are trained enough to work automatically when exposed to new data and take actions without help of humans.

Digitization and the next wave of automation will change the nature of work, eliminating some traditional jobs and impacting many more. But it will also create growth and new employment opportunities, and if we manage the transition, everyone could benefit. Political promises to "bring back" well paid jobs in manufacturing and others sectors are a cruel deception that ignore the realities of a global inter-connected economy. Instead, we should focus on the challenges and opportunities presented by new technology trends, including artificial intelligence, machine learning, and Big Data analytics. The concerns some employees and young people have about the impact of next-generation automation on jobs and pay are understandable.

Technologists propose that displaced workers be re-trained. If a company saves money by replacing workers with algorithms or robots, their savings are marginal; it's the difference in cost that counts. If robots replace those jobs, it will be because robots are somewhat cheaper -- say, $20,000 a year in amortized costs? With over 300k employees, most of those packing boxes, that would provide Amazon upwards of $3 Billion in savings. Can we expect Amazon to provide new salaries for those lost workers?