Artificial intelligence (AI) is a technology that enables machines and systems to learn and work on their own. This vast growing technology is being used in different sectors all over the world. A lot of countries and businesses are currently investing in AI technology companies. AI is changing daily, providing different solutions and risks. Below are the benefits and risks of artificial intelligence.
Benefits of artificial intelligence
1. Improves accuracy in work
AI continues learning and providing ready solutions for past challenges, unlike humans who are prone to error. AI improves accuracy in a lot of fields like in the medical sector.
AI accommodates large data and information from patients. This information delivers better healthcare and at lower costs. Furthermore, AI in healthcare leads to predictive analysis. Using patient data sets, AI uses patients’ insights. Insights help in knowing important things that need improvement. Also, AI can help the healthcare sector in early diagnostics.
The business sector is not left behind. Artificial Intelligence monitors consumer habits which help in predicting market behaviors. Moreover, those in the financial sector can use AI to detect fraud and enjoy AI-based process automation.
2. Reduce operational costs
Artificial Intelligence does repetitive work efficiently. It uses deep learning and neural networks which reduces the need to write new code for certain tasks. These two methods help AI in learning from inputs where they provide a possible outcome/output. AI uses both methods to give solutions to problems that require a lot of workers to solve.
3. Improve processes
Artificial intelligence has the ability to improve processes in any organization. Like in the banking sector, credit services have benefited. It is possible for machines to use your financial status in different banks to determine your interest rates.
In manufacturing and assembly companies, machines use artificial intelligence to determine what goes where. Like in car manufacturing companies, machines assemble parts from start to finish. Such a process reduces the time used in crafting and curving different parts of the car.
4. Reduce human risks
Machines using AI take a lot of risks in place for humans. Scientists have used these machines for the exploration of other planets like Mars. Also, AI is used in defusing bombs.
Miners have used AI to predict the outcomes of different scenarios of the methods they use in mines.
5. Virtual assistance
In the internet world, AI is used in communication with people. Many organizations are using chatbots that talk with customers. Some chatbots provide solutions to you which reduces the need to visit the organization. In the same line, AI helps patients in diagnosis using symptoms and provides possible infections and diseases.
6. Opportunities for students studying technology-related courses
The rise of AI has created jobs for students in the technology sector. People studying BSC in applied business information systems as taught by GCU get opportunities to practice what they learn in school.
7. Fastens decisions
Machines using AI predict possible outcomes which are used in decision making. Evaluated outcomes reduce the period of thinking about a solution. A fast decision is needed in any company to implement its plans.
Risks associated with Artificial intelligence
1. Environmental damage
Machines using artificial intelligence depend on very many rare minerals. A mineral like lithium used in batteries is very hard to find which poses a major impact on the environment. Selenium, a mineral in computer chips, is also rare, which has as much effect on the environment as lithium.
Further, AI depends and consumes a lot of power. Many power plants don’t have the capacity to power such machines, putting a lot of pressure on them. So, power plants are forced to exploit the environment excessively.
2. Lesser job opportunities
AI is advancing and it is being incorporated in a lot of organizations. A lot of workers have been replaced. A place like job sign-in is now done through biometric machines which pose a risk to receptionists.
3. A threat to humanity
Continuous learning of AI poses a threat to humanity. Machines gain their ‘own brain’ which formulates new commands that may be destructive to humans. Additionally, when a machine using AI is given a command, it works to complete the task.
This may pose a problem because the machine will use all means possible to do the said task. In cars, when you command it to drive you using the shortest time possible, it may overspend and put your life in danger.
Besides, when AI is misused, it presents a threat. In the wrong hands, AI can be used to harm other humans.
4. Data discretion
AI contains a database of human data. The law of privacy is not adhered to by AI machines which leads to misuse of personal data.
Artificial intelligence has a huge impact on the world now. As it is growing new algorithms are being discovered. Machines continue to provide more solutions for different world problems. But, AI has severe risks to our world today and new risks crop up like the benefits.