“Technology is going to disrupt the future of work, perhaps sooner than we thought.” This famous quote by Brian Cornell can be interpreted in lots of ways. There are many opinions pertaining to AI in the minds of people, some good and some, well, not so good. Although we have to admit that AI is among the few subjects in technology that is gaining extensive exposure. My friends who are not techies are as involved in AI trends as I am and there is a good reason behind that. AI has the potential to elevate, revolutionize and transform all facets of human lives.
If you ask us what we collectively think of it, we think AI has the magnitude of making a difference, a positive one of course! It is crucial to understand how you can build value in your business through the use of AI. Like every technology available to mankind, AI too has some limitations but that does not undermine the amazing benefits it has to offer!
There are many myths surrounding AI in mainstream media. Some speculate Robots taking over the world while some think AI has nothing special to offer, the truth lies somewhere in between, we just got to dig deep! So here are some of the misconceptions about AI that we are going to debunk today:
· Will AI take over our jobs?
This is the most common myth about AI in my opinion. We are pretty sure you have been around a Sad Sally complaining of how petrified she is of losing her job to a robot. Well, we do agree that with the progressions in AI, a lot of facets have been automated but that does not translate to the fact that we could transition from humans to machines right away! There is also very little evidence to back up the fact that AI can ever replace humanity totally. Although, through automation, we can boost our economy, simplify tasks, increase efficiency, and foster results. To sum it up, AI is used in automating human work but only to an extent, it rather focuses on complementing humans in achieving tasks that are unachievable through our cognitive capabilities.
· Are Machine Learning (ML) and Artificial Intelligence (AI) the same thing?
We hate to break it to you but no, they are not. AI is a massive concept that includes a lot of facets. It aims to create intelligent machines that can stimulate and mimic human thinking, capacity, and behavior. Machine learning on the other hand is a subset of AI that enables machines to learn from data without being programmed explicitly. We understand why it can be confusing as both these technologies are related in some ways but in reality, are very different.
· AI will destroy mankind and take over the world
As thrilling or scary as this may be to people, we can unanimously agree that this seems like it was born right off an Alex Garland movie. We live in a world that is full of possibilities and unpredictability. Even great techies like Elon Musk have said that AI may come with some danger in the future but obviously not to the point of wiping out the entire human race. No one would think of creating an automated machine with the agenda of battling humans and no “Robot” would inculcate malicious instincts to do so without a human taking the robotic control so the possibility of human extinction will only be limited to Sci-fi movies.
· Is it important for my business to have an AI strategy?
A lot of businesses think they don’t need an AI strategy due to endless reasons. We can go on and on about how imperative it is for a business to formulate an AI-based strategy and leveraging technology. To avoid any disruptions, in both long term and short term, Integrating AI into your business is a must.
· AI is a very expensive affair
AI is such a vast approach that categorizing all AI aspects as one is like calling all shades of neutrals — beige, there is so much more to it! I agree that some technologies in AI commit to a level of spending but there are also loads that are free on the internet. Some of the AI integrated tools are right in the middle wherein you don’t have to burn a hole in your pocket to use them but are highly efficient and can enhance your revenues. So no, AI is not an expensive affair, you just have to research the right kind of tool suited to your business and budget.
So now that we have busted some myths regarding AI, we would love to hear any bogus and bizarre myths that you have heard with regards to technology and AI.