Artificial Intelligence Myths: Reality check
While the notion of AI is turning into a massive component of business and consumer transformations, its execution is generally stagnated because of some misconceptions associated with it. Here are a few myths.
Artificial intelligence (AI) is competent to have a revolutionary impact on businesses and consumers globally. It is no longer merely about codifying business logic, Instead, more about making tasks effortless, innovative and removing drudgery from human's life.
Very few subjects in science and technology have caused much excitement right now as artificial intelligence as some of the world's brightest minds have said that it's potential to revolutionise all aspects of our lives.
AI makes it practical for machines to understand from experience, act human-like jobs, and adapt to the latest inputs. The concept works by amalgamating enormous data with quick, smart algorithms, and iterative processing, enabling the software to decipher by analysing patterns in the data in an automatic way.
There is science and well thought algorithm behind all the artificial solutions, where you need to set up proper expectations and clarification to avoid any rumours and myths around the outputs.
While the notion of AI is turning into a massive component of business and consumer transformations, its execution is generally stagnated because of some misconceptions associated with it.
Myth 1: AI will deliver magical results…immediately
The path to AI success is hard and takes time, and not just because of the technology. You also need a strategic framework and an iterative approach to avoid delivering a random set of disconnected AI solutions. The temptation is to go for moonshots to deliver the magic, but such projects often fail to live up to expectations because you don't have the basics homework done.
AI is not a magic, it requires rigour, logical thinking and long term strategy with a patience to do multiple iteration to get to the result.
Myth 2: AI Will Replace Human Jobs
Most of the times, management look at AI solutions to replace human and reduce the operational cost, creating a sense of fear among the employees.
So, if you think that AI solutions might strip human from their jobs, then you are undeniably wrong.
Reality is, AI and human need each other. AI is at its most valuable when it augments people's capabilities. It can remove the duplicate work, freeing people up for more strategic activities. That has the added benefit of making people more motivated, productive, and loyal. Enterprise AI also relies on people to feed it the right data and work with it the right way. Often, AI doesn't provide conclusive answers to issues, but rather highly informed recommendations that an actual human can weigh to make the final decision.
Myth 3: AI Implementation Needs Huge Investment
Artificial development's resolutions appear to be tremendously scientific and complicated. This inclination recommends that just a modern tech organisation, including Google, Amazon, or Apple, with an extended team of experts and billion-dollar budgets can pay for implementing AI. In reality, there are a lot of smart tools existing for an enormous variety of organisation, which can be utilised to implement AI in their business procedures.
Myth 4: AI Algorithms are Competent to Process Any Data
Most of you must believe that ML algorithms are one of the most crucial elements in the entire system. An algorithm might appear to be robust and linked with the human brain, which can make intellect of any untidy data.
It is not possible, for algorithms, to make decisions without human intervention as they don't have magic power. It requires a specific piece of data to get impeccable results.
Myth 5: AI will Conquer Humanity
Machines are powerless to imagine similar to people and will barely be taught to do so. In fact, computers are going to have an optimistic impact on the world by supporting people in a lot of fields, building innovative business models, communities, and skills. It's certainly true that the advent of AI and automation has the potential to seriously disrupt labour - and in many situations it is already doing just that. However, seeing this as a straightforward transfer of labour from humans to machines is a vast over-simplification. In fact, a lot of AI focus has been on reducing the "drudgery" of day-to-day aspects of the work. AI gives an opportunity to upgrade your skills and move up in your career ladder at the same time.
About the Author: A technology and product leader, Rahul Kumar is Group Chief Product Officer with HT Media Group. An alumni of BIT Mesra, who later on honed his technology management skills from IIT Delhi, has been leveraging AI, ML and IOT to solve business and consumer problems across technology led startups and conglomerate.