With the rapid advancement of technology, there’s been a lot of talks about artificial intelligence. From Amazon’s Alexa to Tesla’s self-driving cars, it’s clear that AI technology is advancing at breakneck speeds. However, it’s hard to deny that many arguments against AI are generally driven by fear. From machines taking over the world to taking away our jobs, many are saying that AI has changed the world for the worse. Is this really the case? In reality, artificial intelligence as we know it is still in its infancy. On top of that, there are many benefits of artificial intelligence that far outweighs the perceived risks.

What are the Benefits of Artificial Intelligence?

What are the Benefits of Artificial Intelligence

If you’ve ever used predictive search on Google or inquired about the weather via Siri, then you have used AI. However, the advantages of using AI are more than these simple queries. Here are the benefits of AI that you should know:

1. More Productive Businesses

More Productive Businesses

Sage has conducted a survey and found that the average small business spends around 120 days doing basic administrative tasks. That’s about 1/3 of the year just doing admin tasks. Adopting AI technology can make businesses become more productive by cutting down the time spent on administrative tasks. Just imagine how much a business could grow if entrepreneurs can redirect their attention to work that provides real value to the business itself and the customers.

2. Adds Jobs and Strengthens the Economy

Adds Jobs and Strengthens the Economy

We have heard that speculation that AI and robots will take over our jobs, with the belief that machines will make human output obsolete. Well, this fear is more rooted in fiction than fact. In reality, AI will promote the gradual evolution of the job market. It’s true that AI will eliminate the need to dedicate man hours for repetitive tasks. However, AI technologies in the workplace are designed not to replace but to support and create. AI development is still a work in progress, so the human workforce has plenty of time to adapt, train and grow alongside this technology.

3. Elevates the Condition of Humankind

Elevates the Condition of Humankind

Technology is there for us in order to solve problems, answer questions, and innovate in a level that is far beyond than the capacity of the human brain. Sure it can be used for good or bad but if history is any indication, the development of AI will elevate mankind’s condition. This will allow us to focus on things of the higher order which could only lead to improved quality of life.

4. Data Management

Data Management

AI does a great job of gathering and analyzing big data. This results in incredible efficiency and personalization. According to Project Deepmind by Google, using AI technology in the healthcare industry can lead to benefits like improving the speed of care, improving equality access to care, facilitating continual learning and improvement, and opening up new methods for diagnosis.

5. Benefits the Consumers

Benefits the Consumers

When a business uses AI for operations, consumers stand to benefit too. According to analyst firm Gartner, it is expected that by 2020, 85% of all customer interactions will take place without human interaction. With AI technologies, customer wait times will be reduced significantly.

6. Error Reduction

Error Reduction

One of the best benefits of artificial intelligence is the ability to reduce human error. This is always a factor when well, there’s a human involved with any type of operation. AI technologies are not only designed to reduce human error but also for a chance to reach accuracy to a greater degree of precision. One of the best examples of this is space exploration. Since machines are more resistant and have the greater capacity to endure the space atmosphere, it is less likely to be modified or break down.

7. Improving Daily Lives

Artificial Intelligence

Now, this is a benefit that most of us can relate. With the help of your smartphone, computed processes like learning, automated reasoning, and perception, are all accessible with just a few taps. Personal assistants like Siri, Cortana, and Alexa have been used from asking about the weather to adjusting the thermostat. Even the predictive text that you use while sending a message is an example of machine intelligence that makes our daily lives better.

Does AI Benefits Outweigh the Risks?

It’s hard to ignore the potential risks of AI. Even prominent tech figures like Stephen Hawking, Bill Gates, and Elon Musk have given out warnings about artificial intelligence. Thus, it’s easy to see AI as a “double-edged sword.” However, as mentioned earlier, AI is still in its infancy. Far cry from the robot overlords that are depicted in science fiction works. True, human-like machine intelligence doesn’t exist yet and it’s still unclear if it’s even possible in the future. In its current state and application, we believe the benefits of artificial intelligence far outweighs the risks.

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