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Artificial intelligence used to be the work of science fiction, but nowadays, it is seen as very real and a possibility for businesses of all types. There are benefits to artificial intelligence, but it could also create problems in the future. Let’s take a look at some of the pros and cons of AI.

A Brief Definition of Artificial Intelligence

Artificial intelligence is when you have a computer perform a task rather than a human being. Artificial intelligence programs are good at analyzing patterns and potential outcomes in data; they then use this feedback to act. This is often how image recognition processes take place. It’s AI in action!

AI can be used in several different types of technologies, and it has a broad range of applications.

Advantages of Business AI

Here are some of the primary benefits of AI for business:

Business pattern optimization

Consider how much data your business generates every day and think about analyzing all of it for patterns, opportunities, and inefficiencies. It is impossible without the help of AI. Using this technology, AI can look at data and deliver predictions and look for opportunities to address concerns, maximize revenue growth, condense sales cycles, and improve return on investment.

Cost reduction

AI also makes a case for automation, meaning that the costs of labor-intensive tasks can be completed automatically, yielding lower prices and increasing revenue in the process.

Revenue Increases

You can also improve processes regarding your human resources by identifying new opportunities to bring in more revenue using the data and analysis performed by AI. This technology can also be used to optimize external processes, like your marketing strategies.

It’s not all sunshine and roses for AI, however.

Disadvantages of Business AI

Let’s break down some of these drawbacks:

Fear and misunderstanding

AI is seen as a threat in pop culture, and when it’s not, it is often seen as the end-all-be-all for problems that must be solved. The reality is that neither of these is an accurate representation of AI. The truth is that AI has definitive limitations placed on it that keep it from solving all our problems and dominating the world.

The data required

An automated system is great and all, but it can’t get anything done without the data it’s referencing or analyzing. Plus, the amount of data required is staggering, and managing this amount of data can be difficult.

How to explain AI

Some AI systems don’t fully explain how they reached their conclusions, something that can become a significant problem if things start to go awry.

Is AI a Good Tool for Businesses?

In some ways, AI is perfect for businesses, but only for those who want to put in the effort to understand its limitations and risks. AE Technology Group can help your organization improve its processes, including automation. To learn more, reach out to us at (516) 536-5006.

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