4 AI Myths We Need to Let Go to Harness Its Value
Wed, April 21, 2021

4 AI Myths We Need to Let Go to Harness Its Value

2019 marks the year of AI even as people have dubbed the previous year as the “year of artificial intelligence,” noted by Craig Walker of business news site Forbes / Photo by: sdecoret via Shutterstock

 

2019 marks the year of AI even as people have dubbed the previous year as the “year of artificial intelligence,” noted by Craig Walker of business news site Forbes. For Walker, “it feels truer than ever” as AI is currently as ubiquitous as the internet, powering up productivity tools from 9 to 5, serving up the content we see whenever we log into Twitter, and helping us brush our teeth better. 

Besides, research firm Gartner found that AI will be one of the top invest preferences of more than 30% of CIOs all over the globe by 2020, according to Anshul Sharma of entrepreneurship news platform Entrepreneur. In fact, a lot of organizations are in their initial phase of understanding how AI is scalable enough to grow their business. 

While it is a major component of most business conversations, there are still misunderstandings surrounding the use of this technology. Average people understand very little about it. Hence, business leaders are obligated to differentiate fact from fiction for the sake of employees who may be affected by the advent of AI in their workplace. 

 

Myth #1: AI Will Replace Humans

No discussion about the myths and realities of AI would be complete without addressing this concern. Many people think their career will end because of AI. After all, a precision-driven machine that has “no requirements of advantages” or doesn’t require personal development sounds like a captivating alternative for organizations. 

But it is better to view AI as an augmentation of our skills and capacity, meaning it is useful in aggregating large volumes of data faster than humans. Even if AI could process information in the blink of an eye, we still need a human being’s reasoning and decision-making skills. In Walker’s perspective, our jobs will become more valuable, not less. Paysa, a personal career service, found that automation jobs will put 10,000 people to employment, with large corporations spending $650 million on yearly wages to make it happen. 

However, AI may also make some roles less valuable than others, Denis Kotuseve of American business magazine Forbes explained. For instance, many organizations have developed AI-enabled chatbots to engage with customers and drive product discovery while providing round-the-clock service and immediate responses to customers. 

Even if chatbots are more capable than humans, this doesn’t mean that the value of a customer service agent who can address complex issues is diminished. We have to remember that AI takes execution, improvement, and quality assurance to make it work, which can only be possible with the help of humans. 

No discussion about the myths and realities of AI would be complete without addressing this concern. Many people think their career will end because of AI / Photo by: Rawpixel.com via Shutterstock

 

Myth #2: AI Can’t Decide

On the contrary, in business intelligence and data analytics fields, AI can collect and analyze large datasets to provide insights to analysts and make recommendations. It may not be as creative as humans but it can make logical, data-driven decisions, significantly exceeding the processing scope and speed of humans. To illustrate, AI is leveraged in sales teams, recommending them whether or not following a potential lead is worth it. It is also used to create more accurate quotes and find and prioritize new clients. 

Myth #3: AI Can Process Any Data

While it’s true that AI can quickly make decisions, it doesn’t mean it is competent enough to process just any data you will feed to the model. Machine learning algorithms are crucial as they can sort out untidy data like the human brain. Reality check: Machine learning algorithms are not “load and go.” Algorithms require a “specific piece of data” to obtain impeccable results. Even if you employ a cutting-edge algorithm, it is not going to provide you the most optimal results if you don’t have any high-quality customized data. 

Remember, AI is subject to the rules of GIGO (garbage in, garbage out) as it can turn data into “decision-making mistakes and false truths,” Ayanna Howard stated via MIT Sloan Management Review, a source content platform about how management is transforming the digital age. 

 

Myth #4: AI Is Not Worth the Investment Because It’s Still too Young

AI is still in its infancy but that doesn’t mean you can’t implement it now. There are industries that are leveraging AI in their day-to-day operations as early as now. For example, AI technologies can analyze information and pick up on new trends, helping air traders make better financial decisions. This paves the way for other industries to incorporate AI to analyze and evaluate human behavior.

On the other hand, you might think that investing in AI is costly or only tech giants like Google, Amazon, and Apple with a team of experts are allowed to deploy AI. The truth is AI doesn’t need millions of dollars or considerable connoisseur study. There are smart tools available for organizations, which can be utilized to implement in their business operations. Some examples of these tools are chatbots, fraud detection functions, and more. 

It’s Time to Embrace AI

AI is rapidly evolving and we expect to see more advancement in this area. We have to embrace the technology but that doesn’t mean it’s the perfect panacea for every business. It is also not a plug-and-play answer to “quality assurance complexities and employees.” 

More importantly, we have to let go of the myths that hinder us from harnessing AI’s value in customer engagement, workforce productivity, and more. We can work in conjunction with AI to achieve the best results.