Benefits and Risks of AI: All You Need to Know

Artificial intelligence is not an imaginary future. It is here and now. AI is more than just auto-complete in our search engines, more than self-driving cars. From machine learning to robots, artificial intelligence offers us a rich array of technologies that enable machines to sense, comprehend, learn, and act.

Considering to incorporate fantastic AI opportunities into your business? Before you decide, here are some pros and cons of AI digital assets.

First off, artificial intelligence can be divided into two categories — weak (narrow) AI and strong (wide) AI.

The one existing in our world today is weak AI. It refers to teaching a computer to perform one specific task, no matter an easy one or complex. For example, a chatbot answers questions, personal assistants organize and maintain the information, Google map routes calculate different options for the most effective way, recommendation engines usher users to choose specific products and services. Thus, weak AI can outwit humanity only at a particular task, but nothing else — even much simpler things are beyond its powers.

At the opposite extreme, a much more extensive range of abilities to simulate humanlike intelligence is known as strong AI. It should be capable of behaving wisely across a variety of tasks, from driving a car to answering abstract questions. It is to replicate human cognitive skills, apply data from one field to another. Strong AI is supposed to be aware of itself as a person and experience consciousness. Strong AI is still a theory, like science fiction, but already controversial in its moral values.

A detailed review of AI advantages and disadvantages will shed light on the key factors that will lead you to a better outcome for your business.

Main Advantages of AI

AI is becoming popular among companies of all sizes. It drives dramatic transformations across various organizations and industries. So, it would be useful to get into some exciting pros of these changes.

Less routine

Artificial intelligence brings about evolution by automating our day-to-day work.

Undoubtedly, machines surpass humanity in meticulous tasks. With routine tasks automated, the robots can assume work related to analyses, subtle judgments, and problem-solving.

Thus, applying artificial intelligence at work will decrease the workload, empower humans to upgrade their skills. Free from monotonous work, employees will be able to focus on the creative aspects of their jobs. Eventually, this combination of man and machine will make the world a better place.f

Less risk

Employing AI capabilities for dangerous tasks will reduce the risk to human well-being and safety. Artificial intelligence technologies will overcome many limitations. For example, it can help to predict wildfire threats and fight it with the help of drones. Aside from that, artificial intelligence takes part in tackling one of the primary causes of climate change — deforestation. AI systems can detect and transmit sounds of illegal logging. Modern AI-driven robotics and autonomous underwater vehicles allow access to the seabed to collect marine ecosystem data and shed new light on the variety of species.

AI-powered robots can handle radiation, so they are frequently used in the nuclear energy industry to remove pieces of debris, especially after disasters. Even if they do not eliminate the danger, robots bring great value helping to deal with a catastrophe.

No brakes

To be productive, people need to have refreshment from time to time. A great reinforcement of this human weakness can be obtained with AI-powered machines.

They will not get tired, bored, or distracted. Artificial intelligence-based machines will not need a break. Once programmed for long hours, they will work 24x7.

Besides, they can take over some extra hard work and with much higher capacity.

No human error

Human beings are prone to physiology, fatigue, stress, emotions, aging, etc. All of these might poorly reflect on decision-making. For example, an overly-stressed doctor or pilot of a falling plane might make a fatal mistake, which will lead to a tragedy, to say nothing of the accidents caused by drunk drivers.

AI computers are error-free (if adequately programmed, of course).

Industries that aim at ensuring a high level of correctness and precision can benefit from adopting artificially intelligent machines. Eliminating costly errors leads these businesses to higher output. Unlike emotional humanity, customized AI can improve the decision-making process, when its set of algorithms uses nothing but previously collected information.

No slowdown

Augmentation of human work is also among the pros of artificial intelligence.

Capable of running without stopping, AI computing power also bypasses humans in speed and quality of work. It is stronger in modeling and forecasting, combining large data sets.

For instance, AI reduces the time of reviewing insurance claims. When it takes days for an insurer to come up with a decision, an artificial intelligence mechanism can cope within minutes.

Still, advanced technology needs human insight in shaping the adoption of innovative solutions.

Fewer chores

AI at home? Yes, not only Mark Zuckerberg benefits from these AI pros. Apple, Google, and Amazon provide free access to their assistants. Smart technology helps busy people to run their household routine and manage basic tasks.

Some AI assistants can even understand the context of a request and synchronize data between all the devices like phone, car, tv, and even fridge. Thus, it is possible to control them from any point inside and outside the house.

AI-powered smart homes not only make life simpler and more dynamic but help to save money and reduce water and energy consumption.

High-efficiency systems include appliances that intelligently regulate the use of specific resources. When integrated into a smart network, these devices can reduce costs even more.

Better forecasts

Meteorologists can trace potential severe storms faster by analyzing clouds movements with the help of artificial intelligence.

More and more researchers use computer vision and machine learning techniques to detect coming cyclones in real-time. This functionality allows us to properly prepare for natural disasters that impact the lives of millions.

Besides, the weather determines the best time to plant and harvest crops. With accurate weather information in hand, farmers will be able to maximize their yield.

Better resources distribution

Power consumed by our houses and machines can be significantly reduced with AI. Whereas, machinery lifetime and efficiency are likely to increase. On a real-time basis, AI can run the most profitablе appliance algorithm.

For instance, indoor air control improvement relates to AI sensors usage. They adjust and maintain the desired humidity and temperature in the room. Besides, such a carefully tailored to consumer’s preferences approach prevents mechanisms from wasting resources. Not only home utilities are going to benefit from this innovation. Power cars, warehouses, and growing crops equipment will also see reduced energy consumption.

Another key opportunity for AI is cargo delivery. AI ​​can find the most effective route, minimizing as many transport distances as possible and saving fuel, in the long term increasing the car lifespan.

Less disease

One of the most important pros of AI system usage is extending knowledge in the medical field.

An AI wearable device can monitor a person 24/7 and ensure fast diagnostics and disease prevention. Image-based artificial intelligence can help doctors better treat their patients and reduce the time specialists spend studying data of a patient.

AI algorithms can help doctors assess risks for health. They will be able to know the side effects that various medicines can have beforehand.

Artificial intelligence surgery simulators are currently used for the education of medical specialists.

AI helps in detecting and monitoring neurological disorders by mimicking real brain capacities. Nowadays, cutting-edge radiosurgery technology is used in some clinics for operating tumors without damaging the surrounding tissues.

Main Disadvantages of AI

A general benefit of AI is based upon cognitive function replication. It has no morals or experience, though. The foremost disadvantages derive from this lack of ethics.

Fewer workplaces

Will the fourth industrial revolution end up with a robot at your desk? Not really. Still, one way or another, AI will impact more than 95% of jobs either by displacing or complementing them. Moreover, the effect will be uneven for various industries. AI will hit harder laborious areas such as manufacturing, agriculture, and logistics and cause a decline in manual work. Whereas, the healthcare and education spheres are likely to benefit from new technologies.

What comes instinctively and without any specific preparation to humans is extremely hard for robots. Artificial intelligence is mindless;

“It follows logic algorithms and complex set of instructions. Incapable of comprehensive thinking, artificial intelligence cannot be motivated, inventive, sensitive, or be conscious”.

For example, philosophy lies outside of the realm of AI scope and is not likely to be conquered by AI.

Lack of ethics

Morality or fairness measurable for a machine is hard to design and convey. AI can hardly be taught what is right unless the engineers provided this concept.

The cost-benefit approach will remain the most reliable for robots when they need to estimate a specific situation.

To prevent disastrous outcomes, we need to realize the relevance of ethical principles.

More sloth

The convenience technology delivers just one side of the coin. People let AI think on their behalf since there is no need to learn something or memorize. One can always ask a machine.

Dependency from a machine is indeed a matter of individual choice. If the technology is used wisely, for delegating and automating simple things to an AI assistant, it will help to grow other parts of the human brain. So, laziness will not be a disadvantage anymore.

Pros and Cons of AI Summed Up

Above all, people need to adopt AI thoughtfully to avoid abuse and unwanted consequences. Embracing a more cautious approach towards AI will turn even cons into pros.

Artificial intelligence technology benefits assimilation into your business, can help build up agility, decrease costs, promote productivity, lessen setbacks, minimize failures, and enhance customer happiness. AI innovations will surely bring more value with less input, driving sustainable growth to the company.

Still, AI initiatives planning should be viewed through the lens of particular business powers rather than technologies. A thorough review of business goals and internal processes is crucial in getting the most considerable benefits of AI usage. With the toughest business problems uncovered, it will become clear which component needs an AI to deploy — scale, decision-making, personalization, or energizing some legacy systems. Strategy and transformation alignment will lead your business to the sort of future you want.

Interested in implementing AI solutions within your product? Just drop me a hi to discuss your action plan!