Business

8 Biggest AI Myths in Traditional Business

8 Biggest AI Myths in Traditional Business

From virtual assistants to driverless cars to chatbots, Artificial intelligence is prevailing everywhere. Many of our routine task like sending emails or scheduling a meeting is getting managed AI.

Whether it is a tech startup or an old, well-established development business, all are now offering Artificial intelligence services to some extent or preparing to incorporate them into their next digital product. However, some still consider as a danger and do not want to believe that AI can help them in their work.

For analyzing that whether machines can think, Alan Turing, in 1950, run the test called ‘Turing test’ in which a user asked questions to the ‘cognitive’ system in the handwritten text form. The person had to differentiate between the human and machine response in order to make the machine pass the test.

But do you think that machines can pass such a test? Most probably no. Up till now, devices cannot communicate the way actual humans do. Virtual assistants in our mobile phones may have such conversational capability to be like humans. Still, it requires complicated algorithms and code logic to understand the natural human language and reply accordingly with high accuracy. The working mechanism is mind-boggling to tech enthusiasts who are looking to AI for a significant period.

Myths can easily distract and creates misconceptions among business leaders. There are too many myths related to AI, out of which we will discuss a few in this article.

Myth 1

AI will make people jobless.

Reality

Business leaders or managers who believe that AI will take people’s jobs away hesitate to step into the innovative automated world.

The truth is AI modifies the working dimensions of any company. AI is not here to make people’s job position; it is here to assist humans by making them more efficient and increasing performance in work.

The vision of AI is to automate the traditional industries which totally rely on the manual workforce. The concept is to make people smart with intelligent tools, focusing on bigger goals and getting rid of manual, repetitive tasks.

Myth 2

AI will replace human communication.

Reality

AI can augment the customer services of the company in many ways. Focus on the augment. Artificial intelligence will not be going to replace the interaction between a human and a company. There will be human involvement always.

If anyone thinks about replacing human-based customer operations with AI entirely, it will lose many of its potential customers. A large part of the customer base prefers to talk with actual human rather than a machine. You may call them old-fashioned baby boomers, but the reality is we have to consider customer preferences always on top. Besides, sometimes some complicated disputes occur that need human involvement necessarily to take legal decisions. So, AI is here to aid, not replace.

Myth 3

AI is intelligent than humans.

Reality

AI intelligence depends upon how intelligently you have programmed it. In few words, AI is the collection of algorithms with information. Humans program it, feed data to it and develop decision-making ability in it.

Although AI possesses the power to make decisions faster than humans, it does not mean that these decisions are always right. AI is not aware of the social norms and ethics. There are some decisions which the only human can make based on their intuitions and emotional intelligence.

Myth 4

AI consists of human attributes.

Reality

AI is smart enough, no doubt, but not more than humans (yet). Artificial intelligence service providers utilize large data sets, create advanced algorithms, and perform deep analytics to make a digital product that can learn, understand, and think. For making it close to humans, data sets require an enormous amount. But still, they can’t be capable more than actual human beings.

The decision to invest in AI is worthy because it will aid humans to make better decisions and automate tedious, repetitive tasks.

Myth 5

We get results spontaneously with AI.

Reality

It requires substantial time and hard work to make a successful AI path. It is not about technology. An intelligent approach along with the strategic framework requires preventing random, disconnected AI solution sets. The idea of achieving success in one shot often leads to failures. It happens because of a lack of grip on ground concepts.

Do not mistake AI with magic. There is a requirement of logic, hard work, long-term planning, and most importantly, patience to achieve the expected outcome.

Myth 6

Our business does not require AI, or we are not ready for it.

Reality

Some people think that they do not need AI in their processes as everything is aligned and going smoothly without any issues. They have to realize that Artificial intelligence opens doors of innovation and makes things possible that seemed impossible in the past.

Several organizations are revamping themselves with AI power. Implementing AI in the enterprise’s core can deliver unimaginable perks to them and create a win-win situation. It gives them a margin over their competitors in the market.

A company’s internal processes like logistics planning, forecasting, or budgeting can significantly be improved with the right AI solutions.

Establishing the business result is vital rather than only going for the artificially created intelligence. But always make sure that it gives a business a valid and sustainable impact.

Myth 7

AI is the same as Machine learning.

Reality

People put AI and Machine learning on the same ground. They believe AI to be cognitive processing, deep learning, and natural language [processing (NLP). We must understand that Machine learning and all other mentioned techniques come under the umbrella of AI.

AI lets us train the models by supplying them with the relevant data sets to learn and improve by themselves. AI is a broad tree consisting of many branches. Each branch tends to solve some specific set of problems and improve the overall efficiency of systems.

Myth 8 (Bonus)

AI will conquer humanity.

Reality

Machines do not have the power to imagine things like we humans do and hardly be taught to do. Alternatively, AI-based computer systems will support the world and its people in their particular operation areas. It could be developing business models, automating tasks, or any other thing. One thing to notice is that AI advent will automate some laborious tasks and do the job without the human presence. In many scenarios, it is already happening. However, simplifying it in terms like machines will take over humans, and their jobs will be wrong and unjustifiable. We should consider AI as an opportunity to level up the skillset and get assistance with machines to perform the tasks more smartly and quickly.

Bottom Line

Needless to say, but the conclusion is that do not believe in the myths. They are myths without any factual support and proof. Put believe in AI and its power to evolve the world. Organizations should adopt its capability to serve their customers better and improve their working mechanism with automation. There are also opposing sides of this technology, like everything, but the positive aspects are much more significant.

There are already existing AI solutions that are helping numerous organizations to prosper. So, now it is your turn.

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