Expect by 2022, the enterprise Artificial Intelligence market to reach over $6 million. This potentially huge and growing market is surrounded by hype and facts; with irrational fears about AI. Discover the real facts from the following myths. Right from the late Stephen Hawking to Elon Musk, futurists have been touting on the effects of an AI-based society. While their concerns are not unnatural, there are certain AI myths that’s fueling the public
AI will cost human jobs
This is one of the most prevalent and often repeated myths surrounding AI. Many believe that the jobs involving repetitive and monotonous tasks will be taken over by AI enabled machines. But the truth is that while the job role may have changed for the employees, the job is still very much part of the businesses.
The workforce can now concentrate on more meaningful tasks with the free time available. They can strategize and optimize on the plans to identify new business opportunities and target audiences. Utilizing the data and insights provided by AI, they can develop more creative and profitable solutions to the problem areas.
AI will take business decisions
Organizations will need leaders with experience and solid business acumen to lead them. Artificial intelligence will be just a stepping stone for them to leverage its insights and take business decisions vital for its success and progress. They will incorporate the AI data into their strategies, understanding the limits and strengths of the AI data.
AI will bring instant results
While it is true that AI will transform businesses, its effects will be noticeable only after some time. Leaders must understand that it takes effort, AI investment and competent workforce to implement AI solutions.
Leaders must set realistic expectations about what the AI technology can do. You can’t expect service providers to just plug in an AI solution and expect it start delivering instantly. Without the support of a dedicated AI team having sufficient backend knowledge and the backing of the business management it is not possible to have continued success.
Only big budget organizations can afford AI
An AI-enabled solution can be beneficial for organizations of any size or budget. The scope of their application will determine the feasibility of implementing the AI solution. Whether the leaders are willing to invest in this futuristic solution financially, and economically, that will decide its overall success. There are multitude of open source tools and platforms available now to set up and start using the solutions.
Separating the hype from the facts will certainly go a long way in making the AI investments pay off. Like any other tools, AI needs to be evaluated on its performance and how it’s used by businesses. By harnessing its power of intelligent automation, companies can have the competitive advantage.
– Shantha Kumari,
Sr. Technical Writer,