Artificial intelligence - boons and banes

By CIOReview | Monday, December 10, 2018

Artificial intelligence (AI) is the source of both enthusiasm and skepticism. With humans and machines joining in the array, AI promises for immense transformational possibilities. From the need to forecast electricity demands or autonomous cars to customer engagement in industries, the need for AI-adoption is everywhere. However, with the boons also some challenges arise after the adoption.

Challenges:

•  Organizations provide initial outlays for software and costs for cloud implementation, costs for training employees and continue training of the AI system when business processes change.

•  There various types of technologies are available and it is a rigorous job to narrow down which technology matches specifically which job.

•  AI applications rely on huge volumes for decision-making. Machine learning uses sensitive and personal data to learn and enhance itself. This increases the vulnerability of data and the possibility of a data breach.

•  Inability to predict ROI (return on investment) precisely.

Opportunities:

Understanding big data: Big data, after data collection, is analyzed to understand current trends, patterns, and make critical prediction. Big data helps in decision taking tasks, supported by vast amounts of data and enables businesses in predicting, mitigating risks, and personalizing.

Robots: Robots are probing solar system for science of life, building car motors and motor plants or making milkshake in the kitchen or defusing bombs. There are robot astronauts, soldiers who are replaced by drones and robot soldiers.

Understanding emotion: AI has the potential more than only processing requests and synthesizing data. Companies are now developing technologies that can understand sentiments. The idea is that by understanding emotions, AI could predict persons’ needs as humans do.  

AI offers the ability to transform a business by improving its operational efficiencies, generating higher profit margins, and providing insights about the business. The journey of AI implementation can be complicated and risky but at the end, it can be highly profitable. 

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