Advanced technology is making sweeping changes almost in every sector – be it health sector, education sector, services sector or any other sector. In the realm of advanced technology, it’s the Artificial intelligence (AI) that has triggered and continues to trigger exciting changes and is currently one of the hottest buzzwords in technology. If we look at the last few years, we find several innovations and advancements that have previously been solely in the realm of science fiction slowly transforming into reality.
Today, Artificial Intelligence is seen witha potential to introduce new sources of growth and change. For instance, PricewaterhouseCoopers, popularly know as PWC, predicts that AI could potentially contribute $15.7 trillion to the global economy by 2035. China and the United States are primed to benefit the most from the coming AI boom, accounting for nearly 70% of the global impact.
What is Artificial Intelligence?
We have two types in the Artificial Intelligence – traditional and generative. Traditionally speaking, Artificial Intelligence is a method of making a computer, a computer-controlled robot, or a software think intelligently like the human mind. AI is accomplished by studying the patterns of the human brain and by analyzing the cognitive process. The outcome of these studies develops intelligent software and systems.
Advantages
AI has displayed its ability to improve human lives in many ways. Even as many worry that AI will replace humans in multiple occupations and will trigger joblessness, the fact is that the technology cannot replace the empathy, creativity, and critical thinking people of which humans are capable. Instead, AI throws opportunities and a support system with unique strengths that humans can use in collaboration with their own to achieve improved results.
Experts have listed five essential advantages of AI including the following:
Improved productivity and efficiency: By using AI to tackle certain basic and repetitive tasks, it allows people to focus on more complex tasks.
Handling task with flawless precision: There is no denying the fact that the AI can handle certain tasks with flawless precision and greater accuracy than humans. For example, a computer could quickly resolves a large volume of data to derive the necessary information or locate mistakes. Otherwise, performing the same task would require humans more time and there is always scope to inadvertently miss critical details and data.
Improved decision-making abilities: AI efficiently delivers data-driven information that powers better decision-making. Additionally, AI may be able to remove human bias in some areas, such as when approving loans or reviewing job applications.
Improved service delivery: Staying connected is easier with AI’s ability to send reminders and auto-reply texts and emails. It can also handle otherwise monotonous tasks like data entry and collection and provide service day or night for an improved customer experience.
A shot in the arm in health care: AI has the ability to enhance medical testing results by catching even the smallest irregularities that humans could potentially miss. For example, AI might note an anomaly in an X-ray or imaging scan, leading to potentially earlier diagnoses or better care. Additionally, wearable technology allows continual monitoring, and AI can support improved clinical care while aiding in making sound decisions regarding treatments and predicting health risks.
Disadvantages
Artificial Intelligence is not without disadvantages, which need to be taken into account while banking upon this advanced technology tool. We have picked five potential disadvantages listed by the experts so that informed decisions are taken before banking upon AI to execute any task.
High implementation costs: The technology driving the Artificial Intelligence comes with a cost. And the cost is on higher side. So, to leverage the benefits offered by the AI, theorganisations/companies will need to invest in costly hardware and other technology. In terms of cost, smaller organisations/companies may not find it feasible to integrate AI into their operations.
Wear and degradation: Machines break down with time and use. So, an AI-powered machine, especially in a manufacturing setting, will eventually need replacingthe parts and require continual maintenance. Besides, one has to ensure that the AI tool used is not outdated and this makes regular learning critical.
Lack of original ideas: AI can’t duplicate or match human creativity. Although people can already use it in art, for example, it cannot “think” outside of the existing data pool it has to draw on. It lacks innovation and the necessary creativity to produce original ideas.
Intelligence lacking emotional intelligence: Two qualities, empathy and emotional intelligence, are necessary to make certain critical decisions in both life and work. Only humans possess these qualities. Machines work solely with the predefined rules devised by humans. Humans can apply kindness and compassion to make sounder decisions on sensitive issues or in areas lwhere considering emotions is important. throughout the sales process.
Ethical considerations: AI has no scope to incorporate morality or ethics in its operations. Some of the leading concerns include data privacy, fair and impartial use of results, transparency among companies using AI regarding the principles they operate under, and willingness to collaborate with others toward creating ethically-minded AI regulations.
(SHAECH Editorial Desk)