One major advantage of AI is that it decreases human error. AI is devoid of emotions and highly rational in its approach, which makes it more accurate than humans.
However, there are some disadvantages. The most glaring is that algorithms can perpetuate and amplify biases. This can lead to discriminatory loan denials, unfair insurance rates, and biased investment recommendations.
1. It decreases human error
Human error is the leading cause of business failure according to research from Vanson Bourne. AI decreases this risk by automating time-consuming, repetitive tasks and taking on complex data processing duties.
AI is also less prone to human biases than traditional programming. Traditionally coded programs encode historical human biases into the models they use and can lead to biased decision-making. AI, on the other hand, is able to perform more objective analysis of data and is better suited to unstructured data like images, videos, and natural language text.
This is due to the fact that AI uses regularization techniques, such as dropout and weight decay, to reduce model complexity and prevent overfitting. It also leverages cross-validation and optimization processes to identify the optimal parameters for a given model. AI Is More Fun Now, But Not For Everyone.
2. It increases productivity
AI can perform tasks more quickly than human workers, and can make decisions faster. This can increase productivity by freeing up human time and resources to focus on other projects.
But, for the gains from this to materialize, AI programs will have to be widely adopted by companies and organizations that use cognitive labor across the economy. This will take some time.
Unlike humans, AI doesn’t consider emotional ramifications when making decisions. It can also perpetuate bias and discrimination if the data it’s trained on is biased or it doesn’t have quality checks in place.
Additionally, machines degrade over time and can break unless they are properly maintained. This may decrease productivity as well. However, some AI systems can be programmed to self-maintain. This could help to increase efficiency and reduce costs.
3. It decreases costs
Companies using AI can save on costs by automating processes and streamlining tasks. They can also use data analysis to identify problems early and make improvements to avoid expensive repairs and downtime.
The downside to this is that AI can also eliminate jobs. For example, AI is already being used to replace human QA testers. However, it can also create new jobs such as data analysts.
Another concern is the potential for AI to be abused by governments and hackers. For example, some people fear that AI could be used to develop autonomous weapons that would kill people without human intervention. It can also be used to track and monitor people’s movements, which raises privacy concerns. It can also be hacked to manipulate algorithms and cause catastrophic results.
4. It increases creativity
While AI can’t do everything that makes humans creative, it’s increasing its capacity in many fields that previously had to be uniquely human. For example, while famous artists like Vincent Van Gogh and Piet Mondrian died penniless, today’s AI software is creating digital artwork that sells for eye-watering sums.
The same is true with writing and music. AI software can create poems and songs that sound genuine, but it doesn’t have the ability to make them meaningful. This is because AI models are based on data sets, which come with built-in biases that humans may not notice.
These biases can be dangerous, especially when applied to predictive policing algorithms that are influenced by arrest rates and often disproportionately impact black communities. They can also be used for voice cloning, helping criminals to commit fraud and scams.
5. It creates new jobs
Unlike traditional programming that relies on structured data and struggles to process unstructured information, AI systems can “teach” themselves and are better suited to processing massive amounts of unstructured data. This can help with things like examining satellite photos or weather reports to predict a potential disaster.
However, this technology can also be dangerous if it falls into the wrong hands. For example, AI-enabled facial recognition software can be used to discriminate against certain ethnic groups and target dissidents. And military AI can even be used to make weapons more effective and deadly.
Despite the many benefits of AI, it’s not a panacea and can still have negative consequences for the workforce. The key is to make sure it’s being implemented correctly, and that human workers are ready to adapt.
