Brief About Advantages and Disadvantages Of AI in Business| YourTechDiet

    Future of AI

    Artificial intelligence (AI) is migrating out of research labs and into the business world.

    Across hundreds of industries, top leading companies are harnessing its power — from banks analyzing numerous data points in seconds to detect frauds to the deployment of chatbots by call centers to improve customer interactions.

    During 2018, a dramatic rise in the tools, platforms, and applications based on AI and machine learning was witnessed.

    These technologies not only impacted the internet and the software industry but also other verticals such as manufacturing, healthcare, legal, automobile, and agriculture.

    Companies such as Apple, Amazon, Facebook, Google, IBM, and Microsoft are investing in research and development of AI which will benefit in bringing AI closer to consumers.

    Few AI Trends to watch out in future

    • Rise of AI-enabled chips

    Dependence of Artificial Intelligence on specialized processors is the reason for the rise in AI-enabled chips. Even the fastest CPUs might not improve the speed of training an AI model.

    To speed up the execution of AI-enabled apps, this year, chip manufacturers such as Intel, AMD, NVIDIA, and Qualcomm will be shipping specialized chips.

    These chips will be optimized for scenarios like computer natural language processing, vision, and speech recognition.

    For delivering intelligence, applications from the automobile and healthcare industries will rely on these chips.

    • The prominence of automated machine learning

    A trend that is going to revolutionize ML-based solutions is AutoML.

    The main impact of automation in ML will be the empowerment of developers and business analysts to evolve machine learning models that could address complex situations without going through the typical process of training the ML models.

    • Automation of DevOps through AIOps by AI

    A huge amount of log data that is generated by modern infrastructure and applications is captured for searching, indexing, and analytics.

    These colossal data sets obtained can be accumulated and correlated to find patterns and insights.

    • The convergence of AI with other emerging technologies

    2019 could see more examples of the convergence of IoT with AI and AI with Blockchain. In fact, self-driving cars can’t be a practical possibility without IoT working closely with AI.

    The programs used in decision-making are powered by AI models and the sensors used by cars to collect real-time data are enabled by the IoT.

    Then, deep learning AI algorithms take action and also make decisions using this data.

    • Deep learning will be the hottest AI skill 

    AI jobs with knowledge of deep learning are growing at a faster pace. Deep learning is a type of machine learning that develops algorithms known as artificial neural networks that work by modeling the structure and function of the human brain.

    Advantages of AI to businesses

    • Boosting efficiency

    Think of efficiency gains as an employee’s superpowers. With this, you are still doing the same amount of tasks, but getting more done.

    Think about the most omnipresent AI example: voice recognition. Between Alexa and Siri alone, there’s massive engagement.

    Almost, half of Americans accept using some form of voice recognition, and there’re conclusive signs of these platforms making to workplaces. Brooks Brothers, WeWork, Mitsui USA, Capital One, and Vonage are already using Alexa for Business.

    • Achieving epic breakthroughs

    There are certain blind spots in the processes or products of some organizations. Breakthrough happens when someone sheds light on those blind spots.

    Machine learning and AI has enabled organizations to overcome these blind spots.

    In medicine, it could mean analyzing patient’s risk or enabling a new diagnostic product into the market. In manufacturing, it means predicting defects before happening.

    • Real-Time Analytics

    For a business, one of the best advantages of AI for business is processing and interpreting the huge amount of data in real-time.

    This approach allows businesses to make critical decisions and act at a faster rate, ensuring a strong competitive position of the company.

    For example, in the transportation industry, drivers could get data on traffic jams based on their location and promptly adjust their routes.

    • Better Customer Experience

    The best part is that machines never sleep so there will be 24-hour support for the customer.

    AI-based chatbots are capable of providing shorter response times and better interaction quality that will help companies increase existing customers’ loyalty and attract new ones.

    • Business Process Automation

    AI is capable of managing the automation of both service delivery and production operations.

    For example, control and maintenance of necessary environmental conditions for storage of product, managing robotic lines in factories, process payments, monitor warehouse balances, register service customer requests, and more.

    • Data Security Improvement

    Areas where data privacy is of significant importance, like the financial sector, banking services, AI can successfully be used in the detection of fraud and unauthorized access to personal data.

    Disadvantages of AI to businesses

    • Expensive Implementation

    Combining the cost of installation with maintenance and repair, AI is an expensive venture. Only those with have giant pockets can implement it.

    Businesses that don’t have deep pockets will find it onerous to implement into their processes or strategies.

    • Increased dependency on machines

    With all the automation happening around us, we could be heading into a time were working without the assistance of machines will become difficult for humans.

    Due to the introduction of AI, our dependency on machines will increase exponentially. Therefore, as a result, the thinking and mental abilities of humans will only decrease over time.

    • Hampering on employment opportunities

    There’s still ambiguity over AI creating or erasing jobs. Maybe, there will be jobs created as well as jobs lost because of it.

    Any job featuring repetitive tasks will be at risk of being replaced by artificial intelligence. In 2017, Gartner predicted that 500,000 jobs would be created because of artificial intelligence.

    On the other hand, up to 900,000 jobs might be lost because of it. These figures are for jobs only in the United States.

    AI is possibly the most advanced tool developed, but just like any other technology, it can be used for both good and bad.

    If we can properly address the issues regarding responsible, transparent, and fair usage of AI, it is much likely to be a useful tool in creating a better world.

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