The market for AI is growing at an unprecedented rate. Market Watch released a report last year showing that the market size is growing about 55% a year over the course of the decade between 2016 and 2025.
The sudden growth of AI is not at all surprising. Businesses in all industries are starting to realize the potential AI (artificial intelligence) can bring to their sectors, strengthening decision-making while automating complex and time-consuming tasks.
Through the power of artificial intelligence, businesses can help to streamline their operations, increasing efficiency and overall productivity. Companies are now increasing the adoption of this technology in a range of different industries, which covers diverse sectors such as healthcare, finance, marketing and more. Through the incorporation of AI, industries have seen major shifts in how they run.
While the true potential of AI is now being recognized by businesses from all different sectors, many myths have floated around causing scepticism and unnecessary fear over this transformative technology. If AI is to reach its true potential in businesses across all industries, it’s important to explore, and further debunk, these common misconceptions.
Myth – AI Will Steal Our Jobs
Perhaps one of the most well-known fears surrounding AI – the idea that it will take over jobs and render people useless in the working world. Former U.S. presidential hopeful Andrew Yang is one of the alarmists that said AI would steal jobs. This was the entire basis for his universal basic income platform. He even penned an article saying “Yes, Robots are Stealing Your Jobs” in the New York Times.
While it is true that AI could potentially be used to take over some of the more complex, laborious tasks, improving accuracy and efficiency, it does not negate the human working professional.
Many businesses adopt AI technology not to replace but rather to support members of the company’s staff. They have found it is invaluable for automating the more tedious, time-consuming work and freeing up the employees’ time to be spent on other productive tasks. By handing the more complicated and repetitive tasks over to AI tools, this also enables members of staff to focus more on human-exclusive tasks involving creation and sophisticated decision making.
Myth – AI Is Hard to Integrate with Business
Given how complex AI technology can be, it’s understandable that many businesses feel it would be difficult to integrate AI technology into their workforce. However, as many AI tools are designed to help ease a business’s burden and streamline operations, integrating these tools is actually much simpler than many fears.
Many of the AI companies and tools out there have been designed with user experience in mind, meaning they are often easy for businesses to integrate using APIs and can be effortless for employees to operate. In addition to this, the companies providing these AI tools often have customer service departments, providing businesses with expert advice on any related issues.
There are a number of AI companies that specialise in building AI models and implementation including Optalitix, Phrasee and Relative Insights.
Myth – Businesses Don’t Need AI
This is perhaps one of the biggest myths currently circulating around industries today, limiting businesses from unlocking their true potential. AI technology is increasingly becoming a part of daily life, especially in the business sector, boosting its productivity and furthering its growth and success.
Companies everywhere are using AI to gain a competitive advantage, helping their business to work smarter and faster than those around them. Recent reports have shown that an overwhelming amount of companies are investing in AI tools to further the success of their business, one from PwC showing that 72% of decision makers in business felt that AI helps to provide a competitive edge.
AI is a Net Positive – Not a Destructive Force to the Economy
We have seen a number of changes brought by artificial intelligence in recent years. We need to consider the impact of these changes. However, it is also important to accurately understand the nature of AI. You don’t want to fall victim to these misconceptions. You can make more informed decisions if you understand the truth about AI and the changes that it is bringing to the modern economy.