AI and Automation

Artificial Intelligence (AI) is becoming more prominent across the world. It doesn't matter which industry you're in; at some point, you'll likely see it work its way into your business. This is because AI can provide countless benefits, from automation to driving innovation.

As with any new or developing technology, it's critical to understand the opportunities and risks. Going into it with as much information as possible increases your chances of success and decreases catastrophe risk. Continue reading to learn more about AI-driven automation and its risks and opportunities.

Opportunities

Tackling Repetitive Tasks—One of AI's most obvious benefits is the ability to automate repetitive and mundane tasks. For example, a task that requires little human thought but takes up a significant amount of time is the perfect candidate for automation. These tasks can be anything from billing to data analysis.

Customer Service - Chatbots are becoming increasingly common as a customer service form. They work well in retail and any other customer-facing industry. This tool enables customers to get answers 24/7, increasing their overall satisfaction.

Data Analytics—Countless industries have to handle massive amounts of data. AI can streamline this process, as it can churn through data faster than a human. One must train their program accordingly (teaching it Key Performance Indicators, etc.), and it's off to the races.

Document Processing - Industries such as healthcare must process forms, extract data, and consolidate patient information. The correct AI tool can handle all of this, decreasing the need for human interaction or oversight.

Data Entry and Management—As mentioned above, AI can fully extract data from documents. This is beneficial when processing online forms, such as banking and loan applications. It can also streamline college applications and similar lengthy processes.

Risks

Misinformation—When handling AI-generated data and content, it's essential to understand the risk of misinformation. One of the biggest risks of AI misinformation is a hallucination, which is information that sounds plausible but is actually false. AI hallucinations occur because the programming will automatically search for and provide an answer—even when there isn't enough evidence to support an actual answer.

Reinforcing Unintentional Bias—There's another pressing concern to address when it comes to AI-driven data. People like to think there's no bias because a machine collates all the information. Unfortunately, this is not true. AI can only work with the programming given to it—in other words, human biases are inherently written into the code, intentionally or not. These biases will appear, perpetuate, and sometimes even become exacerbated through AI.

Security—Any discussion about AI must consider security. Given the vast amount of data that AI typically handles, the importance of security is obvious. The more data that is located in one spot, the higher the risk. Recent studies have showcased the rising threats of many AI systems as they are developing beyond their security capabilities.

Transparency & Accountability—Another concern to consider is the programming behind the AI. When an AI system is developed, it often utilizes what is called a "black box" system. This is especially true when creating a deep-learning program. A black box in programming basically means that all the decision-making processes aren't visible to the public and thus are not transparent about how decisions are made.

Over-Reliance - AI can and is a powerful tool. That said, there is such a thing as too much. The human impulse may call for us to rely too heavily on AI, which can cause chain effects of failure. In other words, human supervision should always be included in any AI integration. Don't get lazy and assume that everything AI contributes will always be accurate and what was asked for.