Artificial intelligence has made strong inroads into our lives. Today, voice assistants, chatbots, and personal recommendations are a part of our everyday routine.
As a result, the AI market worldwide will reach $126 billion by 2025. It will expand at a rapid pace in the coming years as more enterprises embrace RPA and digital transformations.
However, is everything good about AI? Or are there dark sides of AI we are missing out on?
Let’s explore more.
AI is not a thing from movies anymore. We are very close to autonomous robots powered by AI that can find their way and make decisions.
However, the major adoption of AI has been by businesses across the world. Several digital solutions are using AI to facilitate workflows that earlier relied on human judgment.
Therefore, you may no longer need a bookkeeper to extract information from invoices and enter it into the proper accounts. AI can do it quicker, with fewer errors, and far more efficiently.
As a result, AI is allowing enterprises to save millions in wages and boost productivity beyond imagination.
The uses of AI are endless when applied to business processes. From sales automation to cooking complex cuisines, AI is behind the growth of many innovative solutions.
What more can AI bring to the table?
We are not limited to smart TVs or watches anymore. Rather, our entire living units have become smart homes powered by technologies like AI and IoT.
We can expect this trend to continue and make technology interconnected with our lives. Companies like Facebook are already toying with ideas like the Metaverse, where you can do almost anything with your digital avatar.
AI can be the groundbreaking processing unit that sits beneath complex systems and distributed architectures. You can make whole buildings smart based on AI and other technologies and sensors.
That saves effort and time for the maintenance department and even reduces carbon footprint. Many smart city projects are currently under trial that rely on AI to make living safer and more comfortable.
Ever wondered how YouTube seems to recommend the songs that match your tastes?
AI can power personalization on an entirely different level. From products to movies, AI coupled with NLP and ML can drive highly personalized recommendations and ads.
Additionally, the same approach can allow businesses to develop products that customers love. They can dig into big sets of data and derive the right insights to facilitate product development.
Over time, AI may make more aspects of our lives personalized. You may be able to walk into a mall and have the dresses you are likely to buy recommended right when you step in.
Of course, the system will need information like your past purchases and a few more details to work perfectly.
AI can make business decisions more likely to succeed. It can process huge amounts of structured data and mimic human cognition to make decisions faster.
Ai does this by enabling accurate forecasts. You may be able to predict your sales ten years down the line and even pin down the nearest figure.
However, that doesn’t mean humans should be missing from the equation. Many business decisions don’t rely just on structured data.
Therefore, there is a perfect opportunity to incorporate humans into the process, says Harvard Business Review.
Together with AI, we can drive far better decisions for more business success.
AI seems to be an excellent invention for humanity. But are there any cons to giving AI the power to control our lives?
A study from McKinsey suggests robots and AI-based assistants may displace up to 800 million jobs by 2030. As a result, 375 employees will have to change job categories to keep earning.
The World Economic Forum (WEF) holds a similar opinion on the possibilities of unemployment created by AI. It also feels more workers will have to undergo reskilling and upskilling to stay productive.
Some people argue that AI will automate repetitive tasks and change the role of employees. However, we will have to wait to see how it turns out in the coming days.
AI lacks any emotions. Therefore, it is a great tool to make unbiased decisions, like hiring the best candidate from a pool of thousands of applicants.
However, the lack of human emotions and morality may not always be a good thing. YouTube sometimes ends up suggesting videos that may make you want to skip.
For example, there have been instances where YouTube recommended videos of holocaust denial.
However, this was an unintended consequence, as the algorithm was programmed to suggest videos that keep people coming back to YouTube.
Such mishaps can become more frequent as AI merges with our everyday lives.
AI is still in its nascent stage. It is far away from maturity, and we are just experimenting with the technology.
As a result, AI is not yet perfect. Therefore, AI may not work as intended and even create challenges along the way.
For example, an autonomous vehicle may take a bottle on the road as a threat for collision and stop. Naturally, that will lead to congestion and create problems for everyone around.
Such hiccups may become more common as we adapt to AI.
The pros of AI are in front of us and are mostly tied to business processes. Some of them extend to our personal lives, like movie recommendations on OTT services. Additionally, many innovative projects are still underway and will take more time to materialize.
The cons of AI are just emerging, and we may not know them entirely. Also, new pros and cons will crop up as we tie AI to our homes and work.
In the end, it is how we use technology as the power lies in our hands. Nuclear energy can power both weapons and cities, so we need to choose wisely.