Pros and Cons of Artificial Intelligence. In the early 20th century we were familiarized with the concept of AI through science fiction. And by the 1950s, we got a generation of mathematicians, philosophers, and scientists with AI concepts embedded in their minds.
Among them was a polymath who explored the AI possibility and suggested, “When humans use available information as well as reason to solve problems and make decisions, so why can’t machines do the same thing?”. This question leads to the growth of artificial intelligence as we know it today.
Given, now Artificial Intelligence is one of the emerging technologies in the market. And while we have heard about the good and bad of AI, no one can deny that it is here to stay.
So, in this blog, we will familiarize you with AI and how it can help a business grow in today’s competitive world.
Advantages and Disadvantages of Artificial Intelligence
What are the Pros and Cons of Artificial Intelligence? Artificial Intelligence is the branch of computer science that concerns the development of smart machines through intelligent computer programs capable of executing tasks that need human intellect and intervention.
Read: Artificial Intelligence in Software Testing
AI in its simplest form combines robust datasets and computer science for solving real-life problems. Speech recognition, pattern identification, customer service, automated stock trading, recommendation engines, and playing games are a few tasks that artificial intelligence systems can perform efficiently.
Read: Godfathers of Artificial Intelligence
AI can be broadly categorized into Weak AI and Strong AI.
Weak AI
Weak or Narrow AI also known as Artificial Narrow Intelligence (ANI). ANI is an AI that is trained to perform only certain tasks as they enable a few robust applications like Amazon’s Alexa, Microsoft’s Cortana, Apple’s Siri, and Autonomous Vehicles like Tesla.
Strong AI
On the other hand, strong AI consists of Artificial Super Intelligence (ASI) and Artificial General Intelligence (AGI). ASI is a hypothetical type of AI, where AGI will have self-aware consciousness to learn, plan, and solve problems, and ASI is more likely to surpass human intelligence.
Advantages of Artificial Intelligence in Business
AI provides multiple benefits when implemented in a business. Some of the major advantages of AI you should know about are:
No Errors
If programmed correctly, AI systems are less prone to make errors. Apart from that the learning algorithms help in determining the potential errors and resolving them in real-time by analyzing compiled data.
Fair Decision-Making
AI models and algorithms are designed to collect useful information from given datasets. The extracted information is then used by AI systems to predict future trends and patterns, enabling unbiased and informed decision-making.
Digital Assistance
A digital assistant like Alexa or Siri that we use in our daily lives uses advanced artificial intelligence, voice and speech recognition, and natural language processing that helps in providing solutions for user queries.
Today, many businesses integrate AI chatbots in their software or web applications to assist users whenever they need them. Whether you work in banking, travel, education, or supply chain industries, Digital Assistance by AI can make your life a little easier.
Operational Efficiency
Every business around the globe has to deal with monotonous and repetitive tasks that often take a lot of time and energy, reducing operational efficiency.
However, AI systems automate repetitive tasks like replying to emails, proofreading, spelling errors, scheduling appointments, onboarding, customer service, etc., and give your team time to focus on other important tasks and fulfill them to improve productivity.
Risk Minimization
Working in hazardous environments can be lethal to us humans. But AI-powered robots can help in analyzing dangerous situations and sending reports to humans allocated in a safe place, making site evaluation much easier.
Besides, these robots can also help in improving human safety by doing risky tasks such as mining, defusing a bomb, going to different planets, and exploring the deepest parts of the ocean.
Medical Progression
Integrating AI into the healthcare industry can help in analyzing patients' data, automating repetitive tasks, improving treatment outcomes through informed decision support and image analyzing, and accelerating drug development.
Overall, AI in healthcare assists in delivering better and pocket-friendly healthcare outcomes.
Research and Data Analysis
AI helps in accurately analyzing patterns, forecast results, and making adjustments to achieve success immediately. In simple terms, AI uses machine learning algorithms to discover insights, data relationships, and patterns to optimize logistics quality, gain customer insights, and grow a business.
Smooth Big Data Handling
By automating data preparation, visualization, complex analytics, and predictive modeling tasks that would be time-consuming and tiring otherwise, AI makes Big Data Analytics much more efficient and easier.
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Disadvantages of Artificial Intelligence in Business
While AI tends to improve business operations, there are a few challenges that you might have to face while implementing it in your business. These can be:
Costly Implementation
Creating an AI system for a business requires plenty of time, resources, and let’s not forget money. Also, the cost of implementing an AI system may vary depending on your need as it can range anywhere from a few thousand to a million dollars.
Lack of Creativity and Emotions
With weak AIs in the market that can only do specified tasks, it won’t be wrong to say that AI solutions lack the creativity and emotions that a human has. That being said, AI can’t create or come up with new solutions and it also can’t consider emotional ramifications.
Bottom Line
Although there are a few challenges in AI implementation, these are easily surpassed by the benefits it has to offer. Needless to say, artificial intelligence along with deep learning and machine learning is bound to transform the way we live, work, and make decisions.
If you too want to leverage artificial intelligence and improve your return on investment (ROI), then the experienced team of Decipher Zone can help you achieve that effect.
So, get in touch with us and learn about the solutions we will offer to boost your revenue now!
FAQs: Advantages and Disadvantages of Artificial Intelligence
What are the disadvantages of AI?
Lack of creativity, Inability to Understand Emotions, and Costly Implementation are the main disadvantages of artificial intelligence.
What are the advantages of artificial intelligence?
Artificial Intelligence provides numerous benefits to a business. Some of them are reduced errors, rational decision-making, medical progression, risk minimization, improved operational efficiency, better customer experience, etc.
How AI is affecting real life?
Artificial intelligence has the potential to upgrade and improve the way we live while increasing efficiency in multiple industries. It not only helps in performing day-to-day tasks on our devices through bots like Siri, Cortana, Google Assistant, etc., but also with improving customer satisfaction, data analysis, and more.