Artificial Intelligence (AI) has raised a lot of curiosity and excitement in recent times. What used to be a topic of discussions in academic institutions has now become a buzzword with everyone talking about it. Various industries have shown interest in adopting AI and its development is happening at a brisk pace. In addition to the interest in the technology, a lot of myths of AI have surfaced leading to misunderstandings and confusions surrounding it.
Here are the top 5 myths of AI;
AI Works Like a Human Brain
AI comprises of software tools, math, and logic that works to solve a problem. Current AI is nowhere near or equivalent to human intelligence even though some forms of AI give this impression. The AI that is been developed nowadays can perform only a specific task. But if the conditions change it fails. For instance, the AI developed to perform image recognition cannot be used to perform other tasks like solving math problems.
Intelligent Machines Cannot Be Biased
AI machines are trained using data generated by humans and they perform tasks based on rules created by humans which again influences the behavior of every algorithm. Hence, AI is going to be intrinsically biased. Companies must ensure to eliminate social bias from the data used for training Machine Learning algorithms. Also, they should ensure diversity in teams developing AI and have a peer review system to significantly reduce AI bias.
AI Will Replace Only the Manual and Repetitive Jobs
In addition to automating the mundane tasks, AI can also carry out technically complex works which are generally reserved for highly-trained professionals such as doctors, financial analysts, lawyers, and others.
In the field of radiology, there have been instances of imaging AI identifying diseases quickly than the highly-trained radiologists. AI has also entered in the legal field where it is used to scan a large number of documents to present the facts and points relevant to an ongoing case.
AI has surfaced in the financial and insurance sector as well where it helps to detect fraud and advise on wealth management. But AI is not going to completely replace the human efforts but rather it helps to enhance the work and leave the unusual tasks to be carried out by humans.
Super-Intelligent Machines Will Outpace the Humans
When it comes to calculation speed and recall capacity, machines can easily outpace humans. But, when you consider strategic thinking, emotional ability, and creative intelligence, machines are nowhere near humans. Moreover, machines can only be as intelligent as the data that is available to them.
When pursuing the best possible answer, machines pursue infinite possibilities and may end up in a proverbial rabbit hole without the possibility of coming out of it. Humans, on the other hand, pursue the countless possibilities and if something doesn’t work, will pause and reconsider their strategy and will pursue a different path.
Not Every Business Requires an AI Strategy
AI is a transformative technology that can do wonders for your business. It can help you focus on your core business objectives and help you gain a competitive advantage. But if you decide to have a no AI strategy, then you should make this decision after enough research and consideration. The decision should be revisited regularly so that you are not left behind in the competitive market.
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