Final answer:
AI is expected to significantly transform businesses by enhancing efficiency and innovation, but it also poses risks of job losses and ethical concerns. Regulations will be crucial for a smooth transition, and AI's impact is evident across multiple industries, reflecting its widespread influence.
Step-by-step explanation:
How artificial intelligence will transform businesses is a multi-faceted issue. Goldman Sachs forecasts that AI could enhance global GDP by 7% in the next decade, offering significant gains in business efficiency and innovation. However, there is also a potential downside, with predictions of up to 300 million jobs worldwide being at risk or eliminated. Critical to addressing these changes will be the implementation of guidelines and regulations to ensure a smooth transition into the AI era. Furthermore, AI's influence extends across various industries, from self-driving cars to virtual assistance, demonstrating its widespread impact.
The advent of artificial intelligence presents a spectrum of ethical considerations, with industry leaders voicing concerns over cybercrime, privacy, data misuse, and the erosion of human cognitive and social skills. The debate also revolves around ICT's role in shaping the size of firms, hinting at a future shaped by either smaller businesses leveraging technology to extend their reach or larger corporations dominating due to the efficiencies offered by AI and ICT.