Despite all the buzz about AI-powered robots, the general public tends to believe that AI has little practical impact on our lives. Actually, you come across AI in some way or the other almost every day.
AI has become an integral part of daily routines, from the moment you wake up and reach for your smartphone to the evenings spent playing blackjack at your fav online casino. Did you know the global AI market is projected to experience an impressive annual growth rate of 38 percent in 2023, according to Statistica?
Benefits of AI
1. Data acquisition and analysis
The amount of data generated today is too massive for humans to comprehend and analyze. AI algorithms can handle large amounts of intricate data, which can then be used for analysis.
AI is not just a technology that operates non-stop; it also has the remarkable ability to handle an enormous number of customers simultaneously. It can effortlessly scale its operations to cater to the needs of hundreds of thousands of customers at once. Institutions also utilize this technology to quickly verify and validate millions of transactions and keep an eye out for potential fraud on a daily basis.
2. Performs monotonous and repetitive tasks
AI is capable of taking over repetitive tasks from humans, both in their professional and personal lives. As computer systems continue to integrate AI into their operations, they are becoming capable of handling more and more mundane tasks that can take up a lot of people’s time.
AI is becoming commonplace in daily life. For instance, there are robotic vacuums that can clean homes without you having to lift a finger. In the office, AI is also being used for tasks like collecting and organizing data, making your work life easier. As a result, employees have more time available to focus on tasks that bring greater value.
3. Unbiased decision making
People’s personal biases can influence the decisions they make. Every person has biases, and despite your efforts to address them, they can still find a way to influence your thoughts and actions.
However, suppose the AI algorithm has been trained using datasets free from bias and has been thoroughly tested to ensure there is no programming bias. In that case, the program will be capable of making unbiased decisions.
This technology can contribute to creating a fairer system when shortlisting job applicants and approving credit applications and loans.
If the AI is developed using biased datasets or training data, it may end up making biased decisions that go unnoticed because people assume they are impartial. That’s why it’s important to conduct quality checks on the training data and the results generated by an AI program.
4. Performs risky tasks
An AI robot can take on tasks that involve high risk, allowing humans to avoid potential harm or danger. Imagine being able to embark on a journey to Mars, safely neutralize a dangerous bomb, dive into the mysterious depths of the ocean, extract valuable resources like coal and oil, and effectively respond to any type of natural or man-made disaster. AI robots are being utilized in situations where human intervention could potentially be dangerous.
5. Available 24/7
One of the benefits of AI is that it is available round the clock, 24/7. Many computer technologies are designed to work 24/7, and companies have greatly benefited from their constant availability. However, it’s important to note that these systems can only be most effective when humans are working with them.
Lastly, the ability of AI to make decisions and take actions without human intervention in various business situations allows the technology to operate on its own, ensuring uninterrupted operations.
Disadvantages of Artificial Intelligence
One way artificial intelligence is applied is in robotics, which is taking over jobs and leading to higher unemployment rates in some industries. So, unemployment rates are starting to rise because chatbots and robots are replacing human workers.
In some technologically advanced countries like Japan, robots often replace human workers in manufacturing industries. While automation does replace humans in certain tasks to improve efficiency, it also creates new opportunities for humans to work alongside technology.
2. Encourages laziness
AI applications have the ability to take care of most of the boring, repetitive tasks. As technology advances, humans are relying less on their memory and problem-solving skills to accomplish tasks, which could lower mental exertion over time. Overreliance on AI could create challenges for future generations.
3. Lacks ethics
Incorporating ethics and morality into AI can be challenging, as these are inherent to human nature. Many people have become worried about the rapid advancement of AI, fearing that it may reach a point where it becomes uncontrollable and poses a threat to humanity’s existence. People refer to this as the AI singularity.
Computers and other machines don’t have emotions. On the other hand, human beings naturally thrive when they work together as a team. While it’s true that robots can outperform humans in certain tasks, human connections and teamwork are irreplaceable.
In just a few decades, AI has already brought numerous benefits. As computer science continues to progress, you can anticipate even more thrilling innovations and discoveries on the horizon. AI has significantly improved business operations and added a touch of convenience to our daily lives.
Still, it’s crucial to acknowledge that everything isn’t always perfect, and scientists and experts must take into account the drawbacks of AI technology as they work on new applications.