Artificial Intelligence Benefits and Drawbacks

With the entire buzz around Artificial Intelligence (AI) – robots, self-driving vehicles, and so on – it’s tempting to believe that AI has no influence on our daily lives. In actuality, most of us come into contact with Artificial Intelligence on a daily basis in some form or another. AI has fast infiltrated our daily lives, from the time you wake up to check your phone to viewing another Netflix recommended movie. According to Statista, the worldwide AI industry is expected to increase at a rate of 54 percent every year. But, exactly, what is AI? Is it genuinely beneficial to humanity in the long run?  Well, there are several benefits and drawbacks of AI, which we will examine in this post.

What is Artificial Intelligence?

Artificial Intelligence (AI) refers to a computer program’s ability to think and learn on its own. Artificial intelligence is the copying of human intelligence (thus the phrase “artificial intelligence”) into computers to do jobs that would normally be handled by humans. The three main types of AI are weak AI, strong AI, and super AI, which differ in their capabilities.

Weak AI – Is unable to perform beyond its capacity since it focuses on a single task.

Strong AI – Can comprehend and learn any intellectual job that a person is capable of

Super AI – Surpasses human intellect and can outperform humans at any task.

Benefits of Artificial Intelligence

1. Human Error is Reduced
   One of the most major benefits of Artificial Intelligence is that it can drastically minimize mistakes while also increasing precision and accuracy. The knowledge obtained before and a set of algorithms are used to guide AI’s judgments at each phase. If carefully coded, these errors can be avoided.
2. There Are No Risks
   Another significant benefit of AI is that it allows people to avoid numerous dangers by delegating them to AI robots. Machines with metal bodies are tough in nature and can endure adverse atmospheres, whether they are defusing a bomb, travelling to space, or exploring the deepest depths of the oceans. They can also deliver more precise work with higher responsibility and are less likely to wear out.
3. 24×7 Availability
   According to several research, humans are only productive for 3 to 4 hours every day. Humans require breaks and time off in order to maintain a good work-life balance. AI, on the other hand, can work eternally without taking a break. They think far faster than humans and can do many tasks with precise precision at the same time. They can even complete monotonous, repetitive chores with ease thanks to AI algorithms.
4. Digital Assistance
   Almost all large companies now utilize digital assistants to connect with their consumers, reducing the need for human personnel dramatically. You may use a chatbot to connect with them and ask them particular questions. Some chatbots have progressed to the point where you won’t be able to tell if you’re speaking with a machine or a human.
5. Innovative Concepts
   In practically every sector, AI has aided in the development of innovative ideas to address complicated challenges. Using powerful AI-based technology, a recent invention has assisted doctors in predicting early stages of breast cancer in women.
6. Decisions made without bias
   Emotions influence human behavior, whether we like it or not. AI, on the other hand, is emotionless, and its approach is extremely practical and reasonable. Artificial Intelligence has a significant benefit in that it is free of bias, allowing for more accurate decision-making.

Drawbacks of Artificial Intelligence

1. Costs are really high.
   Building a system that can simulate human intellect takes a lot of talent. It takes a lot of time and energy, and it may be quite expensive. AI also requires the most up-to-date gear and software to stay current and fulfil the most stringent criteria, making it highly pricey.
2. No creativity
   One of AI’s biggest flaws are that it can’t learn to think creatively. AI can learn over time by employing pre-programmed knowledge and prior experiences, but it cannot be creative. Quill, a machine that can create Forbes earnings reports, is a famous example. These reports only contain data and information that the bot already has. Although the ability of a bot to produce an essay on its own is amazing, it lacks the human touch found in other Forbes pieces.
3. Unemployment is rising.
   One of the most serious drawbacks of artificial intelligence is that it is gradually replacing humans with bots for a variety of monotonous activities. As the need for human involvement has lessened, many professional opportunities have vanished. A simple example is the chatbot, which is beneficial to businesses but a pain for employees. According to a McKinsey study, AI will replace at least 30% of human labor by 2030.
4. Humans are made to be lazy
   the bulk of laborious and repetitive operations are automated by AI technologies. We use our brains less and less since we don’t have to memories stuff or solve riddles to get the job done. Future generations may face challenges as a result of this AI addiction.
5. There is no code of ethics.
   Morality and ethics are crucial human characteristics that might be challenging to include into artificial intelligence. The fast advancement of AI has sparked fears that it could one day develop uncontrolled and finally wipe mankind entirely. This period of time is referred to as the AI singularity.

The Bottom Line on Artificial Intelligence

Artificial intelligence has enormous promise for making the world a better place to live. Humans’ most essential responsibility will be to guarantee that the rise of AI does not go out of control. Artificial intelligence has an unquestionable influence on the global industry, despite its arguable benefits and drawbacks. Every day, it grows, ensuring the long-term viability of enterprises. To succeed in many new age occupations, AI literacy and upskilling are unquestionably required. The AI and Machine Learning certification course from Intelligence Gateway will help you advance your AI career and prepare you for one of the most interesting careers in the world. This course covers AI fundamentals as well as advanced subjects including deep learning networks, natural language processing, and reinforcement learning. Get started on your AI career immediately by enrolling in this course.