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What are the Advantages and Disadvantages of Artificial intelligence? How to use AI in Business?

Updated: Aug 25, 2022

What is Artificial Intelligence?

Artificial intelligence is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals. It applies to computing systems designed to perform tasks usually reserved for human intelligence using logic, if-then rules, and decision trees. AI recognizes patterns from vast amounts of quality data providing insights, predicting outcomes, and making complex decisions.


Here are 5 most popular subsets:


1. Machine Learning (ML)

Modern computer programs can automatically adapt to, and learn from, new data without human assistance. This is what Machine Learning is. This process functions through Deep Learning techniques. Computer programs can automatically learn by absorbing large amounts of unstructured data such as images, texts, or videos. ML is perhaps the most applicable subset of AI to the average enterprise today.


2. Neural Network (NN)

The Neural Network (NN) is a part of Artificial Intelligence that utilizes nervous system science (a piece of biology that deals with the nerve and nervous system of the human cerebrum) to merge the aspects of cognitive science with machines so they can perform tasks. Neural Network and Machine Learning combinedly tackle numerous intricate tasks effortlessly.


3. Deep Learning (DP)

Chris Nicholson, CEO of Pathmind, offers a valuable analogy: Think of a lot of Russian dolls settled within one another. “Deep Learning is a subset of Machine Learning, and Machine Learning is a subset of AI, which is an umbrella term for any computer program that accomplishes something smart.”


Deep Learning brings into service the alleged neural systems, which learn from processing the labeled information provided during training. It then uses this answer key to realize what attributes of the information are expected to build the right yield. Deep Learning powers product and content recommendations for Amazon and Netflix. Furthermore, it also works in the background of Google’s voice-and image-recognition algorithms.


4. Robotics

Robotics is a fascinating division of the innovative field. This subset of Artificial Intelligence focuses on the design and development of robots. Robotics is an interdisciplinary field of science and engineering that combines aspects of mechanical engineering, electrical engineering, computer science, and numerous other fields. It decides the production, design, operation, and use of robots. Additionally, it also manages computer systems for their control, intelligent results and data change.


5. Computer Vision (CV)

According to IBM– Computer Vision is a field of Artificial Intelligence that enables computers and systems to derive meaningful information from digital images, videos, and other visual inputs. Computers can then take actions or make recommendations based on that information. If Artificial Intelligence enables computers to think, Computer Vision enables them to see, observe and understand.



Advantages of Artificial Intelligence

1) Less Human Errors: There is less room for error with artificial intelligence.


2) Doing More Complex Tasks: Artificial intelligence can perform a more laborious task with extra hard work and with greater responsibility.


3) Available 24/7: Educational Institutes and Helpline centers are getting many queries and issues which can be handled effectively using AI.


4) Providing Digital Assistance: Virtual assistants inside smartphones, PCs, or connected home speakers, like Apple’s Siri, Microsoft’s Cortana, Google’s Google Now, Samsung’s Galaxy S8’s Bixby and Amazon’s Alexa, provide contextual information.


5) Assisting Humans in Repetitive Tasks: In banks, we often see many verifications of documents to get a loan which is a repetitive task for the owner of the bank. Using AI Cognitive Automation the owner can speed up the process of verifying the documents by which both the customers and the owner will be benefited.


6) More Productive: Emotions are not associated with artificial intelligence robots and therefore the mood doesn’t hamper the efficiency. Thus they are always productive.


7) Educating The Next Generation: Nowadays, medical professionals are trained with artificial surgery simulators. It uses applications which help in detecting and monitoring neurological disorders and stimulate the brain functions.


8) Right Decision Making: The integration of AI tools in the business world has improved the efficiency of organizations.


Disadvantages of Artificial Intelligence

1) It's An Expensive Technology: It’s true that artificial intelligence comes with a high cost, but there is no such thing as a free lunch either. It requires huge costs as it is a complex machine. Apart from the installation cost, its repair and maintenance also require huge costs.


2) Lack of Emotion and Moral Values: No matter how smart a machine becomes, it can never replicate a human. Machines are rational but very inhuman as they don’t possess emotions and moral values. They don’t know what is ethical and what’s legal and because of this, don’t have their own judgment making skills.


3) No Feelings: Artificial intelligence doesn’t have feelings and because of which there is nothing like working with a whole heart or with full passion for them. There is no sense of belonging or togetherness or a human touch.


4) Still Not Creative Enough: The current artificial intelligence is still narrow and isn't creative. They can only do what they are being taught or commanded. Though they help in designing and creating, they can’t match the power of a human brain.


5) Destroying Jobs: If in the future, human beings don’t add to their skills, then in no time, we can see that they will be replaced with machines.


6) Relying Too Much on AI Leads To Addiction: As we rely on machines to make everyday tasks more efficient, we risk technology addiction.


7) Making Humans Feel Lazy: Artificial intelligence applications automate the majority of tedious and repetitive tasks. Since we do not have to memorize things or solve puzzles to get the job done, we tend to use our brains less and less. This addiction to AI can cause problems to future generations.


8) No Ethics: Ethics and morality are important human features that can be difficult to incorporate into an AI. The rapid progress of AI has raised a number of concerns that one day, AI will grow uncontrollably, and eventually wipe out humanity. This moment is referred to as the AI singularity.


How To Use Artificial Intelligence in Your Business?

Businesses can use artificial intelligence to simplify the work of their employees in the following ways:

  • Automated insights

  • Spam filters

  • Email categorization

  • Voice to text features

  • Automated responders and online customer support

  • Process automation

  • Sales and Business forecasting

  • Cybersecurity surveillance

  • Fraud detection and prevention for online transactions

  • Dynamic price optimization


Applications of Artificial Intelligence

There are a vast number of things that artificial intelligence can do on a daily basis:

  1. Interpreting video feeds from drones carrying out visual inspections of infrastructure such as oil pipelines.

  2. Organizing personal and business calendars.

  3. Detecting fake news.

  4. Identifying audios, videos and images

  5. Classifying objects to avoid collisions and a better navigation experience

  6. Preventing cybersecurity attacks

  7. Responding to simple customer-service queries.

  8. Improving internet of things devices.

  9. Coordinating with other intelligent systems to carry out tasks like booking a hotel at a suitable time and location.

  10. Reporting faulty products.

  11. Assisting financial services organizations with high frequency trading

  12. Helping radiologists to spot potential tumors in X-rays.

  13. Speeding up production.

  14. Flagging inappropriate content online, detecting wear and tear in elevators from data gathered by IoT devices.

  15. Generating a 3D model of the world from satellite imagery.



Why Do Companies Invest in Artificial Intelligence?

Many business executives are thinking about AI in terms of cost savings and efficiency. Organizations also invest in many artificial intelligence solutions to enhance their IT department, cybersecurity, production, manufacturing, engineering, construction and product development. Business functions such as marketing, human resources, legal, and procurement can also be enhanced thanks to artificial intelligence.


Automate a process or function that would normally be done by a human—for example, automating back-end operations, managing cloud and IT networks, or detecting patterns in video


Optimize the efficiency of a process or function—for example, preventing fraud, identifying defective products, finding errors in software code, or personalizing advertising placement


Enhance the ability of individuals to accomplish tasks or enable them to do something they typically could not—for example, forecasting demand, improving compliance, augmenting threat detection by security analysts, diagnosing a patient, identifying a problem with a mechanical system, or drawing out new customer insights



Conclusion

Artificial intelligence is playing an active role in our daily lives. Every business and every professional should carefully evaluate the advantages and disadvantages of artificial intelligence. It has served us pretty well and has made life easier in various ways, but it's important to strike the right balance.



The Tech Platform

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