Top Benefits And Risks Of Artificial Intelligence
What is Artificial Intelligence (AI)?
Artificial Intelligence can help machines to perform human-like tasks more efficiently. Nowadays, AI becomes more popular with its automation and analytical features.
Using the benefits of ML, Deep Learning, and Natural Language Processing, AI is giving huge benefits to industries. Artificial Intelligence helps companies to gain from emerging digital market trends. There exist multiple artificial intelligence benefits to individuals, industries, and society.
Market growth of Artificial Intelligence (AI)
According to the report of ‘Tractica’”, a market research company, the global Artificial Intelligence technology market predicts to experience enormous growth in the near future, with world’s revenues rising from around $10 billion U.S. dollars in the year 2018 to $126 billion by the year 2025. The overall Artificial Intelligence market comprises a wide range of apps such as Machine Learning (ML), Natural Language Processing (NLP), and Robotic Process Automation (RPA).
As same as coin has two sides, Artificial Intelligence technology also have both benefits and risks.
Continue reading till end !
To know the advantages and disadvantages of AI Technology
How Can AI be Beneficial?
AI technology is one of the advancing technologies which help to mimic human reasoning in Artificial Intelligence systems. AI benefits across industries are numerous. Every industry is reaping the advantage of Artificial Intelligence and making a great transformation to their organization.
Let’s have a look at the below stats to find the amazing benefits of artificial intelligence (AI).
#1 Improves Work Efficiency
AI-powered systems are well trained to perform every task that is done by humans. Marvelous work efficiency is ensured using AI technology. AI machines rectify human errors and deliver the best business results.
Moreover, AI-based machines can operate 24*7. For instance, AI Chatbot can understand and respond to client queries at any time. Thus, AI chat assistants will improve the company’s sales.
#2 Reduces Operational Costs
Using Machine Learning (ML) algorithms such deep learning and neural networks, the systems can perform repetitive tasks efficiently. Also, ML-driven systems eliminate the need to write code every time to learn new things.
Machine Learning can optimize machine abilities to learn new patterns from the information. Thus, compared to humans, AI machines can reduce operational costs. For example, AI machines can perform tasks repeatedly without any breaks or variations in results.
# 3 Helping in Repetitive Tasks:
We are performing so many repetitive works in our day to day lifestyle, such as verifying certain documents for errors, writing a thanking mail, etc. Using AI technology, we can automate those boring tasks without the repetition and can also remove the tedious works for humans.
Example: In all the banks, employees can verify no. of documents to het approve the loans, which is a repetitive work for the employees. Using artificial technology we can automate the verification process which is beneficial for the customers and bank owners.
#4 High Accuracy in Tasks Completion
Artificial Intelligence is used to train machines to perform work more efficiently than humans. AI systems can do critical tasks and solve complex solutions and obtain accurate results.
Because of this advantage, AI is highly adopting by the healthcare sectors. Robots are detecting life-threatening diseases accurately and also performing surgeries to save human lives.
Moreover, AI in healthcare is greatly influenced radiology and digital consultation applications.
#5 AI in Radiology
Using neural networks, Artificial Intelligence analyzes diagnostic images more efficiently than humans. AI in radiology uses deep learning techniques to detect and treat diseases. In this way, artificial intelligence benefits humans who work as a radiologist.
– AI provides Virtual Assistance
AI technology provides Telemedicine services. Artificial Intelligence allows doctors to provide services to patients who are in remote locations.
#6 Let Machines Take Quick Decisions
AI uses Machine learning and deep learning to facilitate machines to take decisions rapidly. AI-powered systems can elucidate the data, draw patterns, and also deliver the results faster than a human. For example, an AI-based Chess game in windows. Based on AI algorithms used behind the application, it takes easy and fast moves in seconds.
#7 Self-Learning From Data
AI technology allows systems to learn from data. It is possible not only with AI but also using deep learning and ML techniques, AI technology describes how to learn from the specific data.
#8 Finally, Automates and Improves Work Processes
By the above AI benefits, it was proved that AI-powered machines automate the end-to-end work process. AI machines securely process the given data. In addition, valuable insights into data are delivered. Next, new opportunities will open up to businesses. Thus, overall business performance is increased.
Many researchers are agreed that AI can do all tasks that are performed by humans. For instance,
- AI Chabot’s can assist customers when they visit web portal
- AI-powered machines can automate the work process across all industries
- AI robots can exhibit human emotions like happiness/sad and love/hate
As every bright side has its darker version too, AI technology also has some disadvantages. Let’s see
How Can AI technology be Dangerous?
Many scientists in technology conferences are discussing AI warnings. Though it comprises numerous benefits, misuse of AI technology could bring great destruction to the economy.
Here we will discuss a few of the disadvantages of AI technology that might affect civilization.
#1 Misuse Can Lead To Severe Threats
With the increasing adoption of AI, the concerns of artificial intelligence technology are also rising in humans in many ways. For instance, the misuse of AI-powered autonomous weapons could cause mass destruction. This means that, if the autonomous weapons are in the wrong hands, they become against humans. Thus, AI is a major threat to humans in the future.
#2 Data Discrimination
Super-intelligent machines can gather, store, and process vast amounts of user data. But, the drawback is, these machines can use your personal information without your permission. AI will be giving many benefits to society, but unfortunately, its advanced capabilities are also used to perform harmful or dangerous actions.
#3 Reduces Employment
AI is a trend in the market. The experts are estimating that AI eliminates approximately 75% of employment in the future. Most of the industries are already using AI machines, devices, and apps. Thus, the replacement of humans with AI-machines can lead to global unemployment.
Driven by the usage of AI, the human workforce has to depend on machines at large extent. Thus, employees lose their creative power.
#4 Making Humans Lazy
Artificial Intelligence is obviously making humans lazy with its app automating the most of the tasks. There are chances to humans to get addicted to these advanced technologies which may create a problem for future generations.
#5 Lacking Out of Box Thinking
AI machines can’t think out of the box. They can only do what they programmed. Though they can do the task easier and faster, AI-machines cannot touch the power of human intelligence.
AI-devices can store vast information and draw patterns, but cannot map the data with the requirements without minimum human intervention.
#6 Cost of AI Platform is high
The development of AI systems requires immense costs, as they are complex machines. Next, the maintenance of AI machines also requires enormous costs.
The in-built software programs in AI machines have to be upgraded to provide the best results. In this case, if any severe breakdowns to the systems, then the code recovering process might waste time and costs.
Why do we need artificial intelligence?
We need Artificial intelligence like technologies to make human work efficient. As the population grows, the demand for various products and services needs to be increased. But, the human workforce cannot handle such repetitive and massive tasks. They will be bored, and hence accuracy will be lost in end deliveries.
This was the major reason behind the need of artificial intelligence technology. AI technology saves hundreds and thousands of time that manpower needs to complete their business tasks. Work process automation, increased productivity, and agile to customer queries etc., will all be done by AI-enabled machines.
Therefore, this powerful artificial intelligence technology should expand more across the industries as it makes their process seamless.
Every advanced technology or any innovation has two sides. One is an advantage, and the other is a disadvantage. AI is not an exemption. Though AI-powered machines give tremendous benefits and ramping businesses, they also pose severe threats, as discussed above.
Soon, every industry and every individual will observe significant innovation in processes. AI and automation will improve the way everybody thinks. Hold your breath to see massive changes in all industries!
Thank you for reading the blog!