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Top 5 Risks and Benefits of AI

Remember the time when ‘Alexa, play Despacito’ was a trend in the meme world? That would not have been possible if Alexa which is driven by Artificial Intelligence technology wasn’t even invented. We use AI at so many points in our life without even realizing that we are deploying the technology of Artificial Intelligence. But what exactly is AI technology?

Artificial Intelligence is an extended and varying field of computer science that is designed to build intelligent machines that have the capabilities of performing a wide range of tasks that usually need a human to perform them. The artificial intelligence stack was built with the belief that machines will be able to perform several human activities and processes, given that these tasks are described to them accurately and in detail. The algorithms along with a lot of data are those descriptions that give a system or a solution the ability to conduct activities.

AI is being used for a number of different processes in a variety of industries and sectors for leveraging the intelligence of the machines to streamline the workflow and make it more seamless. But there are also a few things that weigh AI down and impose certain risks. Let’s look at the top 5 risks and benefits of AI.

Risks

  1. Intrusion in Personal Space – The technology of AI relied a lot on the data that it uses. This data is collected from users to analyze certain aspects and deliver accurate results. But this also means that this data, which the solution utilizes is being used without the permission of the users a lot of times. There was a news that had our ears up was about how Alexa, the AI-based assistant listens to everything the users say. This could mean that the team of this solution can have access to quite some sensitive data of the users which could be misused.
  2. Blocking human creativity – With so much ease and comfort while deriving exemplary results at our disposal, it is safe to say that automation and intelligent systems, driven by AI play a key role in blocking the creativity levels of the users. When customers do not have to do the analysis of a portion of their regular tasks, it makes them lenient and out-of-the-box thinking and innovation are put to hold.
  3. Expensive solutions – AI technology is great at what it does and that is why it doesn’t do it for free or even lower costs. The developers and engineers put in a lot of effort and many resources are harnessed when building an AI-based solution. And that is one reason why this technology is more often than not heavy on the pockets. These solutions are expensive and also involve the cost of maintenance and up-gradation.
  4. Dependency on tech – The system solutions that make use of AI and ML rely heavily on the algorithms that were used to make these systems along with other technologies like the Natural Language Processing, the internet, and the cloud. If any of these technologies face even a minor glitch or shutdown, the system will stop working which would translate into the users not being able to access important results and perform the necessary tasks. The dependency makes these systems a little unreliable.
  5. Quality of data affects the results of AI – Now that we know that AI makes use of a ton of data to deliver results and outcomes, it is also important to know that if the data collected is of bad quality would basically reflect in the quality of results acquired. Like for example, if the solution receives incomplete data about the customer preferences, it would provide us with an inaccurate targeting report.

Benefits

  1. Reduces human error – Many incidents happen on a day-to-day basis that is responsible for further fatalities and studies show that human error is responsible for anywhere between 70-100% of these incidents. With the help of AI, this problem can be taken care of. For example, an accountant Accidentally writes $20000 instead of $2000 when building the balance sheet of the company, but AI-based accounting systems will ensure that the amount has no errors and tallies the balance sheet almost immediately.
  2. Removes redundant activities – During our entire day, there are some tasks and activities that are repetitive in nature and need to be performed over and over again, it could be ranging from making reports to sending personalized messages to potential customers to anything in general. But, with the use of AI, these redundant tasks can be eliminated and the entire pipeline can be straightened out. For example, Amazon reduced its click to ship time 225% by using AI and ML, says techjury. In fact, 54% of business execs who have implemented AI have already witnessed an increase in their productivity, as per Veritone. While another report by financesonline showed that 79% of people their work is made easier and efficient with the adoption of AI.
  3. Real-time results – Since AI leverages big data and other high-performing tech fields, the results achieved from the AI-based solutions are usually in real-time. These systems are given the capability to run 24*7 and always deliver the latest report. This ensures that the strategies that are being formed are based on the latest update and that is bound to deliver accurate results. And that is one of the reasons why 71% of leaders and organizations believe that AI and ML are game-changers.
  4. Better decision making – AI is based on machine intelligence and timely accuracy which means it is quick as well as rational. There are no emotions involved which reflect in logical decisions. AI is also used for predictive analytics that gives a forecast of the future trends and patterns, this helps organizations in taking necessary measures ahead of time and staying at the forefront of the game. 72% of companies believe that AI makes their business foolproof for the future.
  5. Enhanced Assistance – Chatbots and AI assistants are not just used to play songs, make to-do lists, or to call up a buddy, they are in fact so much more capable of that. AI-assistants specific to the industry such as HR, Healthcare, Finance, or any other for that matter now make these chatbots available to their customers to perform complex operational tasks such as custom-make a portfolio, or make a skill-based candidate profile, or detect social distancing compliance and take necessary actions to deliver these activities almost immediately.

AI has come a long way and is here to stay. The advancements made by AI for adding on to the tech stack of several industries and different arenas is astonishing. Our lives have been made smoother and seamless with the adoption of this technology. While there may be some concerns, ongoing research and further development are anticipated to mitigate them.

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