Artificial Intelligence (AI) is transforming the world we live in and with more forms of AI becoming widely available to us, it’s important to make informed decisions and incorporate AI into business operations in a responsible way.
With that being said, let’s take a look at some of the benefits and risks of using AI for business:
Benefits of Using AI for Business
Increased Efficiency and Productivity
One of the main benefits of using AI for business is increased efficiency and productivity. AI is allowing more routine tasks to become automated, saving time and freeing up employees to focus on more complex work. For example, generative AI can be used to communicate with customers in the form of chatbots, reducing the need for customer service staff.
Improved Decision-Making
AI can also help businesses make better decisions by providing insights and predictions based on large amounts of data. AI-powered analytics tools can analyse customer data to identify patterns and trends, allowing businesses to make more data-driven decisions.
Cost Savings
By using AI to automate more routine tasks, businesses can save money. Automating tasks reduces the need for manual labour and increases productivity and output with fewer resources used.
Risks of Using AI for Business
Job Losses
Because AI has the power to automate routine tasks, reducing the need for manual labour, there is a significant risk of job losses. As AI takes over, tasks that were previously carried out by humans may become permanently automated. This can lead to unemployment and economic disruption. Take BT for example, who have announced over 55,000 job cuts by the end of the decade with plans to replace customer service staff with AI.
Bias and Discrimination
If the data used to build AI algorithms is biased, the AI will be biased too. This can lead to discrimination against certain groups of people.
Lack of Transparency
AI algorithms can be complex and difficult to understand. This lack of transparency can make it difficult for businesses to fully understand how AI is making decisions and predictions, leading to a lack of trust in AI and its recommendations.
As with any new technology, there are many benefits and risks when it comes to using AI for business and in this blog post we’ve only scratched the surface! For any business intending to implement AI into their business operations, it’s important to do the right research and make informed decisions.
Will your business use AI? Perhaps you’re already using it!