Artificial Intelligence (AI) has now become a part of our day-to-day lives. The scope for innovation and development in AI is enormous and will continue changing the world in diverse ways in the future.
As with everything else, there are positives and negatives that come with AI. Here are some remarkable benefits and risks of Artificial Intelligence that continue reshaping the world of today.
Leads to higher production rates and increased productivity as well as allowing for more efficient use of raw materials, improved product quality, reduced lead times, and superior safety.
Smart Decision Making
Coordinate data delivery, analyse trends, develop data consistency, provide forecasts, and quantify uncertainties to make the best decisions for the company in an unbiased manner.
Enhanced Customer Experience
Businesses respond to customer queries and grievances quickly and address the situations efficiently through tools such as chatbots.
Speed up the process and analysis of data gathered and create predictive models and algorithms to process data and understand the potential outcomes of different trends and scenarios.
Managing Repetitive Tasks
No need for manual effort, automate interactions between different business systems and make the tiresome work easy for the business.
Automation would impact low-wage earners. Jobs with repetitive tasks are the most vulnerable, but as machine learning algorithms become more sophisticated, jobs requiring degrees could be more at risk as well.
Privacy has been invaded through the use of facial recognition technology in offices, schools and other venues for surveillance.
Malicious Use of AI
As AI is so powerful and can easily take control of many things, experts have found that malicious use of AI technology could threaten our digital, physical, and political security.
If left unchecked and a human error occurs, it’s possible for AI’s imperfections to cause physical harm. Furthermore, technology is prone to failure.
Fairness & Bias Concerns
While there is no human bias, AI system’s decisions are only as good as the data it is trained on. If anything is underrepresented in the data used to train the machine learning model, the output could be unfairly discriminatory.
At Cyber Science 2021, there will be a range of panels discussing a variety of topics that relate to artificial intelligence.
If you are interested in learning more, you cannot miss Cyber Science 2021. Register today!