Artificial Intelligence (AI) has the potential to revolutionize many aspects of human lives from health care to transportation to manufacturing and entertainment. For example, AI has drastically improved traveling, now with the help of maps and directions on our mobile phones and vehicles we can travel conveniently. and the use of AI chatbots in companies to reduce the time and stress of dealing with customers online.
However, the rise of AI also comes with dangerous impacts on employment. Adding to the increasing rate of inflation and unemployment, AI is going to become more prevalent and take over most jobs.
Here are some of the benefits and drawbacks you need to know about AI.
BENEFITS OF ARTIFICIAL INTELLIGENCE
- Efficiency: One of the main benefits of AI is its ability to generate data quickly and accurately. AI can process data quickly and provide more precise information than human beings sometimes. Most companies tend to rely on AI as it assures significant improvement in efficiency.
- Improved customer satisfaction: AI-powered chatbots use natural language processing and machine learning algorithms to understand customer requirments, and thereforth provide satisfying and quick responds to customers. AI also assists business in understanding the needs and requirments of their customers through producing insights.
- Medical Advances: The healthcare industry is using AI solutions more and more commonly now. AI might takeover whole of the healthcare sector soon. The value of artificial intelligence in the global health care sector is expected to reach 23.85 billiom USD by 2025, according to a report published by Mordor Intelligence.
- The benefit of AI in our daily life: Our daily life is already impacted by AI in a number of ways. For instance unlocking your phone , social media algorithms generated by AI which provide content and ads that are relevent to you only. GPS systems which provide navigation and many more.
DRAWBACKS OF ARTIFICIAL INTELLIGENCE
- Job displacement: Job displacement is one of the key factor and major threat from AI against Human resources. As AI is being used more commonly and human resources are being replaced with AI many of the people are losing their jobs. For example; customer service is gonna be replaced with chatbots and customer service agents.
- Dependance: As we become more dependant on AI we will slowly lack our ability to think on our own and come up with new ideas. For instance, if we depend on AI to perform tasks like driving we may eventually forget how to drive.
- Biased and discriminatory algorithm: AI has the potential for biased and discriminatory algorithm. The bias and discrimination is based on race, gender, color, culture etc. for example, a facial recognition AI could be trained to recognize white person more easily than black person.
- Lack of creativity: The master mind behind AI itself is human mind, so that itself says conveys that no other technical system is capable of coming up with independant idea like human mind. AI is an automated artificial intelligence and it doesn’t know to think outside the box. It can generate data and collect data from other sources and provide it for you in an instant but it doesn’t have the ability to think creatively or come up with new ideas like human mind.
Thus, AI can have a significant impact on the job market and the economy , as majority of the people are losing their jobs. In fact while developing AI, it should be noted to maximize the advantages whilst minimizing its drawbacks.