Businesses and organisations are often not able to reap complete benefits of Artificial Intelligence because of the cloud of misconceptions surrounding it. The leaders are often not clear about what Artificial Intelligence can do for them, hence they are not able to utilise it. Experts opine that the business leaders must clear the myth about Artificial Intelligence because this is the reason Artificial Intelligence is still not a big part of strategies in companies across the globe.
Top 7 myths surrounding Artificial Intelligence are:
(1) Artificial Intelligence is the same as Robot
Robots and Artificial Intelligence are interrelated but Robots are just a small part of Artificial Intelligence. Robotics and Artificial Intelligence have different objectives. Robots are programmable machines that perform a certain set of activities autonomously or semi-autonomously. The thinking part of robots is supported by Artificial Intelligence. On the other hand, Artificial Intelligence are computer programs designed to complete tasks that need human intelligence.
(2) Artificial Intelligence replicates the human brain completely
Machine Learning, a branch of Artificial Intelligence, is based on the functioning of the human brain. However, it can never be equal to the human brain. The working of the human brain is complex and Artificial Intelligence is a set of tools used for problem-solving based on the working of a human brain. Being a computer program, Artificial Intelligence can adjust only to a certain set of instructions and backgrounds. If the conditions change, AI may not be able to perform beyond a point. However, the human brain has the capacity to respond to any situation whether or not it has faced a similar thing before.
(3) Artificial Intelligence will only replace jobs involving mundane chores
It is true that most of the companies are replacing repetitive jobs with AI-based machines. They are going for automation instead of recruiting humans. Artificial Intelligence is advancing every day hence it now has improved capacity to study and analyse data, performs problem-solving, and makes accurate decisions based on predictions, classification and clustering. As a result, even the work of business leaders can be done by Artificial Intelligence. Therefore, they are also at equal risk of being replaced.
(4) Every business doesn’t need to adopt Artificial Intelligence
Automation has its own set of advantages as well. It leads to economies of scale and gives a competitive advantage to the organisation. By being indifferent towards Artificial Intelligence, companies can lose out on a lot of opportunities and improved process management. If the decision is to not include AI in the business strategy, there must be a concrete reason behind the same. In the age of advanced technology, the power of AI must be harnessed for solving complex problem and accurate decision making. Every company must reconsider its strategy to include AI as a core element.
(5) AI improves automatically
Many people think that AI and ML get updated automatically. However, the truth is that these models are based on historical data and they perform their actions on the current set of happenings. Whether or not they are performing well depends on a lot of analysis. In case there is a need for the models to adapt themselves more on fresh data sets, the models need to be retrained. This has to be done by engineers and data analysts to make it more effective.
(6) AI algorithms can work even on muddled data
The algorithms of Artificial Intelligence are built on a humongous amount of data sets. Hence, for the algorithms to be effective, it is very important that the data sets are of superior quality. What is important for any AI tool is not just the presence of mere data, but the right data. Faulty data sets do not produce impactful AI algorithms. It is also a myth that the algorithms can auto-correct themselves and find their way out even if the data is messy. However, the truth is AI is nothing but a program and for running properly it needs high quality of data.
(7) AI will complete dis-place human employees
No that is far removed from the truth. To a great extent, Artificial Intelligence will support humans in completing their business. A survey by Raconteur shows that 70% of the employees of global organisations believe that AI will be extensively used for process related functions, which will leave more room for them to participate in more strategic functions. However, 11% of organisations believe that automation will replace job processes to a considerable extent.