Pros and Cons of Artificial Intelligence in 2020 - Detailed Insights
Artificial intelligence, more commonly known as AI has been in the news for decades. However, only in the recent past, has it been integrated with all our electronic devices. Machine learning solution has the capability to think and behave like humans. It has the potential to take over most of the tasks performed by humans, that produces cost, time and effort savings. Below we have discussed the pros and cons of artificial intelligence:
Best Pros of Artificial Intelligence in 2020
1) Integration with Other Technologies
The most positive impact utilizing AI can be achieved by integration with other technologies. For instance, both IoT and AI need to work in conjunction to enable self-driving cars. Where IoT is responsible for activating and regulating sensors in the car that collect real time data, vehicle relies on AI for decision making. Similarly, integration Blockchain with would enable better security and scalability.
2) Media and Entertainment Penetration
It is predicted that AI will penetrate the creative industry in the coming year. Even though gaming and movie production has a high cost, only few make it big. This means that AI can prove cost effective when its comes to developing stories, scriptwriting, production and even acting.
3) Powering Cybersecurity Systems
With more sophisticated and frequent cyber attacks, the existing defence measures are becoming ineffective. Where in the face of this adversity, humans are of no match, AI enables cyber-threat hunting to proactively detect malicious attackers to prevent criminal activities. Plus, Machine Learning as a service can also be helpful in identifying security breaches.
4) Less Reliance on Traditional Industries
As more and more companies realise the benefits of AI and incorporate it into their operations, the traditional industries should become less relevant. For instance, with self-driving cars, the traditional players would either have to adapt or become irrelevant.
5) Enabling Real-time Customer Interactions
With more AI driven real-time data and activities, customer interactions across channels will become truly become real-time. AI marketing will help with customer retention, winning customers back and engaging first timers: enabled by targeting social media and platform campaigning.
6) Automation of Processes
AI has been drastically adopted to automate key processes across sectors such as retail, banking, manufacturing. And it is predicted that more will follow.
7) Utilization of AI Assistants
AI assistants have been successfully installed to streamline and automate customer service and sales tasks. Some of the most common ones are: Siri, Cortana, Alexa and Google Assistant. And it is expected that more companies will opt for AI assistants to handle basic tasks. According to ComScore, by 2020, an estimated fifty per cent of all searches are going to be carried out through voice.
8) Elimination of Biased Data
Organisations have relied on Machine Learning models for critical decisions like hiring or loan approvals. Since biased data is an inherent risk with Machine Learning, AI based applications are going to be useful in making more informed decisions.
9) Facial Recognition Adoption
One way to ensure biometric authentication is through facial recognition. Investments and researches have been directed at improving AI applications accuracy and readability. In 2020, it is expected that AI facial recognition technology will be used widely.
10) Enhancing Privacy and Policy
In 2020, like the former year, safeguarding individual privacy would remain a high priority. Some concerns have been triggered by the latest developments in AI, as not many companies know how to use their information. This has been further complicated by newly introduced AI laws. But as companies start adopting tips, tricks and tools, the issues can be resolved utilizing privacy control features.
Worst Cons of Artificial Intelligence in Upcoming Years
1) Investment Required
This enticing technology has many benefits but it can be very expensive and not a lot of companies, especially SMEs can afford it. Cost is one of the most debated cons of AI, as not just the technology but installation and maintenance costs, along with repairs that boosts the total cost of this technology.
2) Reduction in Human Jobs
It can not be argued that machines are taking over human jobs at a rapid pace and more manual workers are going out of work. This fast-paced automation is not just a threat to human jobs but is also reducing the efficiency of humans to solve problems.
3) Increased Dependency
As scientists make breakthroughs with this groundbreaking technology, ever industry would want to embed the same to optimize its operations. One of the most widely experienced advantages is automation, which means elimination of workers that performed those tasks. This will make people more dependent on AI and there will be a time when they will lose their capacity for solving problems.
4) Absence of Creativity
One of the major cons of AI is the lack of innovation and creativity. Moreover, since AI depends on past experiences to make decisions, it can prove inaccurate if the situation has changed, as the system does not employ analytical decision making.
5) Faster Changes in Processes
With constant updates and increased usage of AI in every process, the way things work is constantly changing. While sometimes the changes in AI requires the workforce to be trained to update their skills for using AI-enabled processes. Often, the change reaches to an extent that there is no human intervention, causing unemployed in at least one sector.
6) Unexpected Results
Softwares do, exactly what they are programmed to. However, there are times when programmers do not get it right; bugs in systems exist not because there is something wrong with the computer but as a result of human error. However, problems with AI software can really prove to be more complex, subtle and can often produce terrifying results.
Like any other software, AI software programs are also vulnerable to attacks. The only difference is that with ‘intelligence’ involved things can become more complicated. For instance, this One group have designed glasses that tricks AI facial recognition into thinking you are someone else.
7) Disastrous Results
Some have even predicted that AI can drag the world into war as autonomous weapons can locate and engage targets with any human interaction. Most of this technology already exists and is ascribed to third revolution in warfare; the other two are gunpowder and nuclear weapons. These weapons can take the form of a quadcopter or a drone; these are increasingly becoming more available, cheaper and smarter.
8) Invasion of Privacy
These smart technologies have access to all our personal information, this poses a problem for business, as they need to convince their customers of how the benefits of artificial intelligence outweigh the risks and the invasion of their privacy. A few decades ago, people were reluctant to share their personal information but now most have given up their privacy in exchange for convenience.
9) Humans as Commodities
There is one outcome that is feared by many, as it is, many businesses are already treating customers and workers as commodities. And if start perceiving each other as commodities and educate the AI the same, the outcomes can be very unpredictable.
10) Limited Capabilities
As opposed to popular belief, AI available for now has very limited scope. It‘s easy to overestimate the abilities of an AI based on how it applies their intelligence to solve one problem. Organizations, looking to automate their processes should ideally be aware of such limitations.
Pros and Cons of Artificial Intelligence - Quora Review
Quora.com has real authority on any topic. If you want to find legitimate answers to your queries, Quora is your only destination after google. Check this thread where influencers are giving their thoughs on advantages and disadvantages of artificial intelligence:
Advantages and Disadvantages of Artificial Intelligence - Reddit Review
A good conversation is going around the reddit.com on said topic.
Pros and Cons of Artificial Intelligence FAQs
Will Artificial intelligence take over humans in the future?
AI is like any other tool, for instance a calculator an accountant uses or a spreadsheet that allows a banker to present information. The way an accountant relies on the calculator to simplify complex tasks; AI functions in the same manner. It is just a ‘must have’ technology for today’s connected world.
AI has become ingrained in our daily lives and it is taking over the business world, but not how they show it in movies. Where it is not likely that AI robots will replace humans but it may prove as an excellent replacement for human interactions in the business world. For instance, more AI enabled customer experiences.
Advantages of Artificial Intelligence in accounting?
AI enhances productivity, as it processes data at lightning speed. It facilitates complex decision-making, whereby eliminating the risk of human error and bias. If properly coded, it allows incredible accuracy, speed and precision; even detect fraud. Several softwares have been developed to automate and streamline bookkeeping tasks; allowing repetitive, tedious accounting tasks to be easily automated. With predictive capabilities, AI can recommend and direct actions without human involvement.
Advantages and Disadvantages of Artificial Intelligence - Final Verdict
AI is undoubtedly a must-have technology that is becoming an essential element of everyday life. It enables savings in time, money and effort; whereby automating tasks and even initiating actions. As the world becomes more digitized and automated, AI can expose businesses to tremendous possibilities.
However, its usage raises some ethical questions like is it ok for technology to replace humans in the business world? And then what of the jobs that are lost due to AI.
AI has unlimited storage, however it can not make connections the way humans do. The tasks carried out by AI can become better overtime but how do we justify it being better than humans - is something we should ponder on. Can they ever be as creative or wise as humans?
More importantly, the scope of work is defined, hence we can not expect them to work outside of what they were programmed for. Again, in some roles, emotions or common sense are important, such as in the case of being a nurse. With robots replacing jobs, there are chances that a large number of people will become unemployed, which would require government level intervention.
We have already seen how technology has made humans dependent, whereby it is likely that they would lose their mental capacities to perform tasks. Moreover, AI technology can be very destructive, if it is used in that manner. Some also believe that AI as robots can supercede humans and eventually lead to enslaving us.
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