It’s way past time that technology leaders in all industries took time to understand how AI could be used to improve speed, quality, functionality, and drive revenue growth. Artificial intelligence has entered the mainstream and is becoming a major disrupter, but too many people are ignoring it or downplaying it.
Artificial intelligence refers to computers completing tasks that would generally require human intelligence and understanding. The idea has been around for about sixty years, but only recently has it begun revolutionizing everything from healthcare and journalism, to manufacturing and law. It has had a significant impact on how we all live and work.
Expect there to be a considerable explosion in commercial AI-based applications in the next few years. AI applications can be put into three broad categories; product applications, process applications, and insight applications.
Pros of Artificial Intelligence
- Artificial intelligence reduces human error to almost zero and machines are more precise and accurate than humans for the most part
- Intelligent machines can replace human workers to some degree in most industries. Robots are suited for menial work and can do monotonous and dangerous tasks without complaints or drops in productivity. As technology advances, the number of applications for AI in the workplace increases and robots can handle more complex duties.
- AI helps reduce fraud through advanced fraud detection. Banks and other financial institutions are already using AI to prevent fraud and manage records
- Artificial intelligence restrained by human emotions that stop them making the right decision. Thanks to this lack of emotion, robots think logically and will always make the right choice without emotional influences.
One of the main advantages of AI is its ability to continue working without the need for rest. Robots can work around the clock endlessly, without sleep or breaks. They can keep performing tasks without getting tired or bored. In contrast, the longer a person works, the higher the risk of accidents. This isn’t the case with robots.
Cons of Artificial Intelligence
- One of the biggest downsides of using artificial intelligence is the associated costs of building and maintaining AI systems. Programs require regular updates to adjust to changing requirements, and robots continue to advance – which also incurs costs. That’s added on to the cost of any repairs that need to be made, including the time lost spent repairing machines.
- The ethics and morals of using artificial intelligence is another issue. Is it ethical to create robots that can think? Are humans able to effectively recreate intelligence?
- As exciting as it sounds to have robot workers, many people prefer the human touch. They enjoy dealing with humans. It also presents a problem with unemployment. With robots taking more and more jobs, that leaves humans with fewer jobs.
Artificial intelligence is set to be a major disruptor, and the disruptive potential of AI reaches outside of business and into the real world. It presents ethical concerns and could have a major impact on society as a whole. Be sure to implement AI in your business when possible, but don’t neglect to consider the implications.