If you’ve read our last blog “What is AI?”, you should have a fair understanding of what AI is and the impact it has on businesses today. Due to the potential risks of AI, many businesses are reluctant to adapt to it. Although CATS Technology Solutions Group is not ready to support or recommend it, we do feel it’s important to educate you on the pros and cons of AI.
What are the Benefits of AI? AI has the potential to change how your business functions, in a positive way.
- Real Time Analytics – AI can give you large amounts of data in real-time and provide high-quality analysis.
- Improving Customer Experience – If your company is available 24/7, chat bots can take the place of your employees during the “off hours.” This can help your employees and keep your customer service seamless.
- Cutting Costs – AI can help you cut costs by continuously monitoring the work process.
- Improved Data Security – AI has the ability to provide security options and detect any fraud attempts.
- Predictive Analytics – AI can analyze a variety of data to make a predictive analysis, which can help business owners make decisions.
What are the Downsides to AI? At this time, AI is mostly meant to be used as a resource and there are many limitations to it.
- Can Make Bad Decisions – Since it is deployed across millions of devices, if something goes wrong, it can make a very negative impact.
- Lacks Creativity – AI is adaptive, but typically can only perform tasks that are a part of their algorithm.
- Can Pose a Risk of Data Loss – Since people become over-reliant on AI systems to manage data, recovering any lost data can be very difficult.
- Doesn’t Improve with Experience – AI cannot naturally learn from its own experience and mistakes, so human intervention will eventually need to happen to help improve it over time.
- Expensive – One of the more obvious drawbacks is the upfront cost of AI. Down the line, as AI is fully implemented, the cost can balance out.
- Security Risks – AI systems can be vulnerable to manipulation or exploitation and launch potential Cyber-attacks.
- Over-Reliance on AI – Without human oversight, poor judgement can lead to harmful outcomes for your business. Ai needs continuous monitoring to maintain a balance.
Although AI is a great resource, it’s important to keep in mind that it does not have the functionality to replace human skills. It’s simply not reliable enough to be used on a continuous basis.
