It seems that in this golden age of technology, advancements in computer science are progressing faster than businesses can keep up with. The most recent craze for business technology? Artificial intelligence.
What is AI?
AI stands for Artificial Intelligence. It refers to the simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using that information), reasoning (using rules to reach approximate or definite conclusions), and self-correction.
Now what if I told you that the explanation itself was written purely by AI in under 3 seconds?
AI is continuously progressing and increasing its ability to perform complex tasks. So what does this mean for businesses?
Businesses can use AI for a range of different things, such as:
- Production of reports, plans, and presentations.
- Creation of written content for websites.
- The creation of specific and unique images.
- Cybersecurity and fraud management.
- Multi-language content.
- Automatic customer services.
AI can be a very useful tool for businesses, and in some instances, AI tools have been shown to streamline business operations and improve the customer experience. When used correctly, AI can drive innovation and lead to increased business growth.
But like all other business practices, AI comes with potential weaknesses or risks.
Ongoing costs: AI can be a costly tool for smaller businesses. Not only is there the initial cost of the AI infrastructure, but also ongoing costs such as hiring specialised staff, maintenance, and training.
Data quality: Some AI algorithm tools can rely heavily on data for their training and decision-making. Which means that if the data that the company provides is inaccurate, limited, or false, then the outcome of using the AI tool will be biassed and inaccurate.
Technology dependence: Over-reliance on AI technologies can lead to complacency and a loss of human input and skills. Businesses must be able to find the right balance between AI and human influence. Without human influence, businesses can lose their humanistic voice, appear robotic, and lack values and soul. Also, like any computer, AI can make mistakes, whether that’s because of limited data or simple mistakes like creating content with US spelling in the UK.
Security risks: AI systems can be vulnerable to cyber threats and attacks, meaning sensitive information that AI has access to could possibly be breached by online hackers. There is also always the risk that something goes wrong with the AI’s functioning and information is lost.
Lack of human voice: Especially when it comes to customer service, AI is unable to provide emotional response and empathy like a human. Although AI is great for automatic responses to simple questions or situations, customers may feel that more complex situations are better handled by humans, knowing that they are able to explain complex situations better and get an emotionally positive response.
How should businesses balance AI and human practices?
By combining the strengths of human work with the strengths of AI, businesses are able to achieve greater innovation, efficiency, and effective business practices. Using a hybrid of both styles allows businesses to minimise the limitations and risks associated with relying solely on one particular method of practice.
Humans possess qualities that AI is not able to learn but only mimic. Human interactions and input allow for creativity, empathy, and intuition. Humans are also able to look at complex problems from a range of different perspectives, using critical thinking and a broader context. Whereas, AI decision-making is based mainly on data-driven decisions, and as mentioned before, data can be incomplete and lead to inaccurate decisions.
AI can be a fantastic tool, but for businesses to use this tool successfully, they should be aware of the benefits and weaknesses that are included. Most businesses will tell you that success with AI comes from striking the right balance with human interactions. All businesses are different and will find that there is a varied balance that is best suited to fulfilling their unique needs.
