Disturbing Myths About Artificial Intelligence In 2023
Business owners and visionary entrepreneurs have always expressed a penchant for adopting Artificial Intelligence or AI technology. Many of these staunch supporters of this futuristic technology appropriated funds on the implementation of this future-proof technology and eventually led their businesses to greater heights. However, defining strategies and methods for implementation of this advanced technology decides the success ratio for the transition. Experts believe that in every industry, AI can bring a big breakthrough, if it’s implemented with perfection.
Some erudite technocrats constantly attempt to give a clear picture of AI and its characteristics on several platforms. However, their efforts sometimes go in vain as several newbies in the industry still can’t expel some deep-seated myths associated with Artificial Intelligence or AI.
Due to such ignorance, these individuals might lose out the opportunity to upskill as well. It’s very important for those individuals to not get influenced by the bandwagon effect and ascertain the realities of AI. In this article, we are going to know about the 5 most common myths about Artificial Intelligence that are entrenched among people.
#Myth1: Adoption of AI Requires A Huge Investment
It’s perhaps the most common myth about Artificial Intelligence that only big organizations with the ability to invest huge funds can consider implementing AI to their business processes. Well, this is not true at all. Implementation of AI doesn’t always require highly-paid data scientists and machine learning experts. Depending on the business requirements, the existing developers of the company can be trained to understand the algorithms and the techniques to implement them. With a limited change in the software systems and by upskilling the staff; companies can leverage advanced technology.
#Myth2: Results Of The Activities Carried Out Under Artificial Intelligence Will Be Bias-Free
Artificial Intelligence is itself the creation of the human mind. AI will produce the result depending on the type of data being entered into the system. If the ingenious minds which developed the AI system had some biases during designing the algorithms then the processed data will have manipulated results indeed. Moreover, if the data which is being loaded into the AI system is prepared by someone who believes in partisanship, then the output will have some essence of bias in it as well.
#Myth3: AI System Can Fix Any Problem in a Business Process
Any Artificial Intelligence system is an aggregation of custom-built software and hardware that caters to a business process to increase its functional capabilities. Any specific problem in the business process needs a business solution for a permanent rectification. So, analysts need to first realize how AI can fit into that business solution and then it can be instrumental in yielding the accelerated improvements in the business process.
#Myth4: AI Is A Danger To Humanity
Experts of AI can be seen repeatedly giving eye-rolls when this topic is raised after Stephen Hawking once said that robots can be menacing and cause for the destruction of mankind. Researchers convincingly refute such assumptions and rather believe that Mr. Hawking is a bit too far-sighted. In reality, such an evolved AI system is still a mere fantasy that AI will outsmart the cognitive side of human intelligence and have flexible goals with consciousness. Unfortunately, this scaremongering tactic didn’t succeed in impeding the development of AI technology.
#Myth5: Big Data is the Only Way to Fuel Artificial Intelligence
Big Data might be all the rage, but it’s not the only way to make Artificial Intelligence effective. Small yet relevant data like customer demographics, financial transactions, customer feedback, etc. can be compiled to lay a good foundation for clean data. Supervised Machine Learning modules can be applied within the AI systems which can produce desired business outputs even while using a small amount of data.
Conclusion
In the current market scenario, several innovative solutions exist that are driven by AI/ML and implementers are unrestrainedly yielding benefits through them. The progressive market players with profound knowledge in the technology haven’t been found reluctant in adopting the AI systems. Major practices can be seen in the sector of manufacturing and pharmaceutical, where Autonomous robots and expert systems have been the reasons for exponential growth since 2016.
E-commerce businesses that operate on a B2C model have been practitioners of the technology as well and surprisingly, those businesses have gained an upsurge as well. The advent of AI can be witnessed in the real estate sector where AI has been adopted as a disruptive technology and software assets have been brought up in the form of AI CRM and AI-powered ERP suites. In a nutshell, we can say that AI is here to stay and will influence the operations in multiple domains. With a pragmatic approach, AI can do wonders in the businesses in the forthcoming years.
