AI has gained a lot of hype and popularity and for good reasons. Today, we will address the top pros and some cons of AI to help you effectively use AI to augment your business.
Over the years, AI has gained a lot of hype and popularity, and for good reasons. Almost every day, we hear about new advancements in robots, automobiles, and platforms or software technologies.
From a business point of view, many companies are investing heavily in AI technology in one way or another. And that includes startups, small businesses, and large-scale companies. According to Statista, the global AI market will reach a staggering US $305 bn in 2024, and that number will rise to over US $700 bn by 2030.
So, if self-driving cars, digital assistants, AI creator tools, and other AI-related thing intrigues you and you want to use AI such as ChatGPT to augment your business, this blog is for you. We will highlight some of Artificial Intelligence’s important pros and cons for small and medium-sized businesses.
Pros of Artificial Intelligence (AI)
AI is helpful in more ways than one, but only if you use it correctly. Here are the top advantages of AI in business.
- Less Error in Work
One of the biggest advantages of AI is that it minimizes errors and significantly improves accuracy and precision in work. It gathers information and learns from data (and previous work) through a range of algorithms, and applies that in real time. A great example of this is the application of AI in medicine where doctors and specialists use AI to perform surgeries. It overcomes the risk of human error and enhances patient safety at every stage.
- Minimal to Zero Risks
Another important benefit of Artificial Intelligence is that it can help mitigate risks and eventually remove their chances of happening. It has versatile applications in the modern day, including in healthcare, space science, bomb defusal, paramedics, nature exploration, industrial, and environmental. AI can carry out big responsibilities with greater accuracy and can do it all day without stopping. One of the examples of this is an automatic production and labelling line in manufacturing plants. AI and robots perform all duties from loading material to final packing and labelling of products. It eliminates the chances of risk, production break, and injury or accidents.
- Works 24/7
It is impossible for a human to stay productive for straight 8-9 hours, let alone all day. Humans need tea breaks, time off, vacations, and holidays to establish a work-life balance. On the other hand, AI and robots can work all day and with the same efficiency and consistency. One of the great examples of this is AI customer support representatives or chatbots. They can aid and guidance to customers no matter what time, day, or place. Moreover, they can answer common queries, resolve problems, forward complex issues to human agents, and provide round-the-clock service globally.
- Can Act as an Assistant
Many companies use AI digital assistants to interact with customers, clients, and employees. It not only removes the need for a human assistant but also streamlines the work. Moreover, it can conversate with customers to help them with their search in a more or less human tone and style. For example, businesses opt for AI chatbots for their websites to provide extensive assistance to their customers. Also, an internal AI agent can help manage meetings, projects, and other business-related tasks.
- Updates and Advancements
Nowadays, AI is involved in almost every field and niche. It is the driving force behind many innovations and is continuously going through updates and advancements to become more helpful and versatile. A few examples of this include:
- Self-driving cars that can even park themselves and move people around with advanced collision and environment detection.
- Drones that can now deliver packages and medicines to areas inaccessible on foot or in vehicles.
- Doctors and nurses can now use heart rate or other medical detector attachments to record readings from a distance and act before matters become worse.
- Advanced designing and AI logo maker tools are available that help a single person start a whole business.
It is a great technology with high scalability that small and medium-sized companies can easily use.
- Automation and Learning
There are many tasks and work in a business that are too repetitive, boring, or time-consuming. These include checking meeting schedules, documents, and emails to name a few. You can use AI to easily automate such tasks and use that time to focus on matters more, that is, scaling your business. It also eliminates the need for humans to do boring jobs like sending thank you messages to customers and gives them more time to focus on actually writing one.
- Daily Use
Today, computers and mobile phone devices are part of our daily routine. For example, almost every day, we use tools and apps like Google Maps, Siri, cameras, WhatsApp, Weather Apps, Alarms, and more. All these use the power of AI in some way and help make our daily lives easier. If you go 20 years past, before planning a trip you had to ask someone for advice who has travelled to your desired location. Now, you just have to ask Google and it can give answers to all your questions including where to book tickets, where to stay, and what to eat.
- Management and Handling
There are many risky, tedious, and dangerous tasks that you can let AI handle. For example, you can assign AI robots to clean windows on large buildings, diffuse a bomb, or make presentations for next meetings based on the requirements.
Cons of Artificial Intelligence (AI)
AI is not all sunshine and roses. There are also a few disadvantages linked to using AI in your business. These are as follows.
- Higher Costs
Although integrating chatbots is not that expensive, much bigger and more advanced AI technologies cost a lot. Meeting the hardware requirements and specifications to run the latest and most powerful AI software and technologies may increase costs and expenses.
- Less Creativity
AI has no creativity, well not now at least. Although AI can learn over time, analyze data, and give ideas based on the latest trends and techniques, it cannot think like a human. It needs a human to feed its data and show a direction, and it will work with maximum efficiency and consistency.
- Decreases Job Opportunities
AI can handle multiple jobs simultaneously without stopping or taking a break. This may mean that it can organize incoming projects, schedule them according to priority, collect orders, and give replies. Also, it can sort equal amounts of product in a production line and automatically pack, seal, and label the packaging under the eye of a single incharge. It all may reduce the need for human workers.
- No Emotions
AI cannot feel or show human-like emotions and expressions. Although it can work more efficiently and effectively, AI cannot coordinate or communicate like human employees.
Conclusion
Now that you are aware of the potential benefits and drawbacks of implementing AI technology in your business, you can make a comfortable decision based on your needs and demands. Although there are both advantages and disadvantages, there is no denying that AI is here to stay and is doing massive work.
However, no matter which aspect of AI you use, it is best to keep track and monitor it’s working. In short, work alongside AI to reap great rewards and consistent results.
Also, keep an eye on the latest updates and trends in AI to stay up-to-date with the market and utilize AI to augment your business.