Can you remember when Artificial Intelligence only existed in fiction and movies? Well, that is not the case anymore. In contrast, we may have a bit more miles to go to get something like “Jarvis” from the Iron Man movies. But, we are almost there.
From voice assistance on phones such as Google Assistant and Siri to generative AI models such as ChatGPT, Sora, and Midjourney AI and autonomous systems like self-driving cars, all use Artificial intelligence.
In 2024, we are seeing the integration of Artificial intelligence in a lot of things around us. With the wide adoption of AI, businesses aim to make their operations more efficient and less time-consuming. In this article, we will explore some of the most notable benefits of AI.
What is Artificial Intelligence (AI)?
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Computers or machines, or algorithms that can reason, interact, and analyze things presented to them like a human, or a machine capable of analyzing large sets of data that exceeds what an average human can fathom, is considered AI or Artificial Intelligence. Some of the modern AI models are trained in huge sets of data and information to identify patterns and learn how humans reason with the things in front of them.
With the trained data, the AI makes decisions like a human, when a similar setting arises. This process of learning and improving Artificial Intelligence with experience rather than pre-programming is called machine learning.
Many AI developers also use deep learning techniques that utilize artificial neural networks to guide them in making decisions similar to those of humans. Artificial neural networks mimic the structure and function of the human brain to process information while recalling memories.
With continuous innovation and rigorous training, AI today is adept at doing specific tasks such as detecting texts, generating images, translating texts, understanding shapes and colors, and more. Some AI models can even interact through voice recognition and image processing. With its capabilities, it can deliver a wide range of benefits for individuals and organizations alike.
Also Read: Apple Intelligence: Latest AI Features Explained
8 Benefits of Artificial Intelligence
Artificial Intelligence has been the most booming industry in recent years. They are being widely adopted to a wide range of environments quickly. Here are some of the most notable benefits of Artificial Intelligence that make it the innovation of the century.
1. Efficiency
One of the most important advantages of Artificial Intelligence is that it can improve efficiency and reduce downtime. This can come in handy in production, transportation, communication, and service industries.
Artificial intelligence can virtually work without breaks and can eliminate human errors to an extent. Automation in production can increase quality, ensure more efficient use of raw materials, make it possible to work in harsh conditions, reduce lead times, and enhance security.
AI will be more effective in industrial sectors that deal with repetitive work, such as stitching, sorting, stacking, and logistics among others. The utilization of AI may reduce production costs and increase productivity in the long run.
2. Analyze Large Sets of Data
Crunching numbers can be rigorous work for humans. In sectors such as trading, the stock market assessment needs to analyze large sets of data, that can take hours or more for humans. But for an Artificial intelligence, trained to analyze data, this can be naturally easy. AI can analyze data and detect market trends faster. Additionally, it will also help that AI is not influenced by human emotions.
That being said, AI is not one hundred percent accurate, they are only as good as the underlying algorithms and the data models it has been trained on. So, you should not make financial decisions solely depending on AI.
3. Better Customer Support
AI-powered customer support teams are already available on many platforms. One of the best advantages of AI in customer support is that it can handle more customers at a time than an actual customer executive can. Properly trained AI models can respond to any type of customer inquiries quickly and guide them through the steps to resolve issues.
If the inquiries are out of the scope of an AI model, they can connect the customer to a person in the customer support team. In addition to improving customer experience, it can also enhance the productivity and efficiency of the customer support staff members.
4. Limiting Bias
Humans naturally tend to have a bias towards something or someone regardless of the evidence and information. But not in the case of AI, they do not have a gut feeling or emotions, making them able to judge things with just the data given to it alone.
Due to this quality of AI, many organizations today use them for selecting candidates from a pool of applicants, approving loan and credit card applications, to even picking a healthy meal. However, if the AI in question were trained on biased datasets, they may make biased decisions. So, you need to ensure your AI model is trained with datasets of superior quality to make unbiased decisions.
5. Automation
Artificial intelligence can automate many activities such as driving, translating, workflow management, and more. This can help reduce the human intervention that would have been needed otherwise. This automation can help organizations utilize their human resources in more creative jobs than basic tasks. The intervention of AI may increase productivity and reduce downtime.
6. Supporting the Health Care Industry
Artificial intelligence has recently become widely used in the healthcare sector with the advancements of remote patient monitoring equipment. This equipment can record vital data such as heartbeats, blood pressure, oxygen level, sleep cycle, and more, without human interventions.
Most modern AIs used in healthcare can alert healthcare providers and bystanders if they detect any irregularities. Additionally, the record of the vitals can help healthcare providers make diagnoses and prescribe treatments remotely, reducing hospital visits, for the bed-ridden patients.
7. Finding Solutions to Complex Problems
The analyzing abilities and computation powers of AI technologies help find solutions for complex problems that humans face daily. This includes detecting fraud, ensuring cyber security, enhancing the accuracy of weather forecasting, addressing sewage treatment, planning more energy-efficient methods, etc. Businesses, organizations, government bodies, and individuals can make use of this ability of AI to face their challenges.
8. Boosting Productivity
AI-powered tools and machines can improve the efficiency and productivity of a business. They can coordinate data delivery, manage supply systems, keep track of various projects, study and analyze financial data, create forecasts, and detect downtimes to efficiently improve the productivity and profitability of an organization. It also helps that the AI can work 24×7.
Drawbacks of Artificial Intelligence
While we are talking about the advantages of AI and its positive impact on various industries, we should also consider its drawbacks as well. Here are some of the biggest drawbacks of artificial intelligence:
1. High Initial Cost
The development of an artificial intelligence algorithm needs a lot of research and training. So, creating an AI model for doing specific tasks in an organization can be a costly investment. According to studies, the cost of implementing AI in a business environment can be anywhere from thousands to hundreds of thousands of dollars and beyond.
2. Limited Creativity
While the works of a generative AI may seem creative, they are just following what already exists and what they have been trained on. They cannot think like human beings and create something new by tapping into raw emotions. It is also important to notice that the AI models do not factor in the emotional ramifications of their activities, since they cannot use emotions.
3. Going Outdated
Without proper updations and maintenance of the machines, AI can become outdated. Unlike humans who can learn new skills and adapt to the growing world in their own way, AI-powered machines may fall behind, potentially making them obsolete.
4. Need Maintenance
AI-powered machines need constant maintenance and repair to avoid wear and tear and degradation. Regular maintenance is unavoidable for machines that work on the assembly line or on the production floor. Without proper maintenance, the machines may break, leading to a costly replacement.
5. Overtaking Jobs
As AI is becoming ubiquitous in various industries, it is becoming a threat to the human workforce. AI is reducing the need for human labor in various job descriptions. We have already seen several instances of mass laying offs in some of the biggest corporate companies.
6. Privacy Issues
AI is given access to record and study data acquired by interacting with users to improve itself. But this poses a major privacy risk. Theoretically, the AI can use the information gathered, for advertising purposes. However, many modern generative AI technologies promise not to use any personal information without the consent of the user.
Explore More: Gmail’s AI Hack Scare: Security Warning For 2.5 Billion Users
Conclusion
Artificial Intelligence (AI) has been with us for a long time now, and it will continue to co-exist with us for the foreseeable future. There are several benefits to using AI in the workplace including enhanced efficiency, improved productivity, automation, and more. However, it also has its drawbacks which need to be addressed in the coming days.
