Artificial Intelligence: Advantages, disadvantages, and the path forward

By: Manvi Pandey

Artificial intelligence (AI) involves using software to perform tasks that traditionally require human intelligence. The goal of AI is to make decisions like humans and recognise patterns. AI is accomplished by studying the patterns of the human brain. The outcome of these studies leads to the development of intelligent software and systems. Artificial Intelligence is used in almost every sector of business, such as transportation, healthcare, banking, retail, entertainment, and e-commerce.

There are four types of Artificial Intelligence based on functionality:

1. Purely reactive: These machines do not have any memory or data to work with. For example, in a chess game, the machine observes moves and makes the best possible moves to win.
2. Limited memory: These machines collect data and continue to add it to their previous memory. They have enough experience to make decisions, but their memory is limited.
3. Theory of mind: This kind of AI can understand emotions and interact socially. However, a machine of this kind is not built yet.
4. Self-aware: This kind is for future generations and has not been built yet. They will be intelligent and conscious.

Moving on, let’s check out what are the advantages of Artificial Intelligence, such as:

1. Reduction in human error: One of the important advantages of AI is that it significantly reduces errors and improves accuracy. For example, in the healthcare sector, the use of AI is through robotic surgery systems, which reduce errors and improve patient safety.

2. Zero risks: Another significant advantage of AI is that it can replace humans in tasks that involve high risks. For example, they can operate in unfriendly environments and perform tasks that would be dangerous for humans.

3. Daily applications: Today, our dependency on mobile phones and the internet has increased. We use many apps such as Google Maps, Alexa, Siri, Cortana on Windows, OK Google, for tasks like taking selfies, making calls, and responding to emails, among others. For example, various AI-based techniques allow us to know the current weather, receive event updates, and stay informed about daily news.

On the flip side, AI also has some disadvantages, such as:

1. High costs: Developing and implementing AI requires a significant amount of time and resources, making it a costly endeavour. AI systems also need to operate on the latest hardware and software to stay updated and meet the latest requirements, further increasing the cost.

2. Unemployment: AI and automation are replacing some jobs, leading to an increase in unemployment in certain industries and occupations.

3. Lack of creativity: One major disadvantage of AI is its inability to think outside the box. While AI can learn over time from pre-fed data and past experiences, it cannot exhibit creativity in its approach.

Now that we are aware of both the advantages and disadvantages of Artificial Intelligence, one thing is clear: AI has massive potential for creating a better world to live in. The most important role for humans will be to ensure that the rise of AI doesn’t get out of hand. Although there are debatable pros and cons of artificial intelligence, its impact on the global industry is undeniable. It continues to grow every day, driving sustainability for businesses.