AI or artificial intelligence is a branch of computer science in which human intelligence is stimulated in machines, especially computer systems. Intelligence includes – learning, self-correction, and reasoning. Applications of AI are Expert systems, speech recognition, etc, and more. Artificial Intelligence has already started transforming our world both economically and socially. AI can perform tasks such as identifying or guessing patterns in provided data more efficiently than humans. It enables businesses to gain more insight out of their data. With AI, issues like poverty, automate agricultural practices, individualize healthcare, consumption pattern prediction and specific energy-usage can all be analyzed correctly.
Pros of AI
Artificial intelligence has a lot of benefits.
Better than humans
Some tasks are complicated for humans to do perfectly, like analyzing hundreds of rows and columns in a single time window. Even without any distractions, sometimes a human brain takes a lot of time to handle a particular situation.
Eg – IBM Watson, Healthcare, etc
Being able to predict customer behavior can be a solid advantage for any business. You might think everybody is all unique and special, but that‘s not what the statistics or dataset say. AI can help predict song preferences or what you‘re likely to shop next, even guess your sexuality with remarkable accuracy. Eg - Amazon has used machine learning, which is a part of AI, to predict customer behavior and build the biggest shopping place in the world.
Cost-saving is one of the main reasons AI got adopted. AI has huge potential to save businesses money by reducing men working manually, which is one of the biggest expenses at any company.
We as human beings are not perfect all the time, we can make mistakes. We‘re emotional and sometimes easily manipulated, and we can’t really stick to the same place for a long time. Machines don‘t have any of these issues. A computer can perform the same task for years without distraction or making a single mistake. It also won‘t get emotional or manipulated. Eg - Driving (More than 3000 people die daily in road accidents); think of robots driving on roads!
Cons of AI
There are a few downsides of this amazing technology too which include technical issues, common threats, or any dilemma.
Computer programs will perform exactly how you tell/set them to do. The problems usually come in when the programmers do wrongful programming. Bugs in any software often occur due to human errors in coding. AI software programs can have a little more complex and maybe terrifying problems.
Eg - Microsoft‘s AI Twitter Chatbot learned from the users and went on a racist rampage.
When a computer solves a certain complex problem flawlessly, it feels like it should be able to solve any problem that comes in the way. But, most AI algorithms and bots available now have a very limited helping frame. Organizations that give more of the decision making tasks to machines, need to be aware of the possible limitations and outcomes.
Advancements in technology deliver a lot of shocks to the economy as the new way of doing businesses emerge. A large number of jobs are lost and companies are shattered. Intelligent automation is crashing towards our economy, and it‘s not slowing down. Big tech companies like Google, Amazon, and Facebook are having large monopolies on data and intelligence, so it‘s next to impossible for anyone to get in with the action.
Other cons like – Trust issues, moral implications, etc can also be present due to the presence of AI in the Legal market.