The Pros and Cons of Artificial Intelligence

Technology is an integral part of economic and societal growth. AI is at the forefront as an enabler of digital transformation. From Machine Learning (ML) and smart robots to self-driving vehicles, it has become a part of our everyday lives. As a trending debate topic, technical experts often come across questions about the pros and cons of Artificial Intelligence.

Is Artificial Intelligence a threat? Some perceive it as a disaster, while others believe that the limitations of Artificial Intelligence exceed its positives. Nothing could be further from the truth, considering the increasing dependence on AI and its application, especially in business.

So, why AI is good? Here’s one of the key reasons. It leverages ML and Natural Language Processing (NLP) that enable machines to sense, understand, act, as well as learn. Consider the well-known examples of Siri, Alexa, and Google Assistant. These digital voice assistants utilize ML and NLP to operate effectively and improve performance over time. They offer the convenience of daily life by carrying out standard, personal tasks with advanced efficiencies. Whether we have recommendation engines to help us choose specific products, Google Map analyzing options for the best routes, or AI answering abstract questions, one thing is clear. AI is paving the way for greater efficiency and productivity.

Now, let’s have a look at the benefits of Artificial Intelligence.

Reduces Human Error

As humans, it is easy to make mistakes from time to time especially if we are exhausted, stressed out, or aging, and these factors directly reflect on our decision-making. For instance, a doctor or pilot operating in time and mission-critical scenarios may make fatal mistakes that lead to tragedies.

If we program AI computers properly, they are error-free. These computers make decisions based on previous data records they collect by using a specific set of algorithms. These minimize errors and increase the chances of reaching accuracy with remarkable precision. You can solve problems involving complex calculations without any scope of error. Also, artificial thinkers do not display human emotions, which means they reach logical conclusions with zero distractions. This makes them more efficient as they can make rational decisions in minimal time.
This is useful in industries that must ensure a high level of correctness in their daily operations. Eliminating costly errors leads to higher output and saves money in the long run. Let’s look at two common examples. In the customer service sector, companies use digital assistants to interact with users efficiently. When it comes to weather forecasting, AI reduces human error and increases accuracy. Let’s not forget the forex and stock markets where applying AI has become a common practice. AI-driven machines work with scores of data points in real-time to identify relevant patterns and facilitate profitable trades.

Zero Slowdown

Machines do not get tired even if they function for continuous hours. This is a major benefit over humans who require rest to maintain efficiency. Let’s look at some statistics. An average person can work at least 4-5 hours a day excluding breaks. We have to take some time off for work or refresh ourselves every once in a while. Then, we prepare ourselves for a new day of work while keeping our personal and professional lives separate. With AI, we can make machines work 24 x 7 and unlike us humans, they do not even get bored.

What happens when AI augments human capabilities? Its computing power bypasses humans in both speed and quality of work. This is because AI is stronger in terms of modeling, forecasting, and combining massive data sets. Let’s look at some examples. Artificial Intelligence reduces the time of evaluating insurance claims. Instead of having an insurer take days to reach a decision, an AI system can manage within minutes. Moreover, the oil and gas industry uses AI applications to digitize records, tackle exploration or production challenges, conduct precision drilling, improve productivity with predictive maintenance, etc. Not to mention how helpline centers leverage AI to manage bulk queries and issues.

Lessens Routine Chores

We perform repetitive tasks in our routine, such as making calls, sending emails, verifying documents for errors, etc. These can be monotonous and time-consuming, so why not let AI handle them? We can productively automate such tasks and free ourselves for more creative projects or assignments. There are lots of options to explore. For example, Apple, and Google offer free access to assistants that can take care of basic tasks for busy people.

Some AI assistants can even interpret the context of a request and synchronize information across various devices, including smartphones, cars, TVs, refrigerators, etc. Users can easily control them from any location inside or outside the house. Look up AI-powered smartphones that reduce energy and water consumption, and improve our overall lifestyles.

Let’s look at some applications. With just a single tap, Siri listens to us and performs a task, and GPS helps us reach an out-of-town job interview. When we use our mobile phones, AI predicts the words we are going to type, and even uses autocorrect if we make an error. What about banks and financial services that review customer documents to approve loans? More often than not, this can be a repetitive task for professionals who would rather convince customers to buy bank products or apply for credit cards. Using cognitive automation, banks can speed up document verification processes to save time for everyone.

AI

Improves Customer Experiences

Many companies leverage digital assistants to interact with users to eliminate the need for hiring, onboarding, and training human resources. eCommerce stores also use digital assistants on their websites to guide users and help them with the product selection process. Let’s consider an example.

Not long ago, forecasting website traffic levels or customer buying preferences were based on experience. Business analysts learned from past experiences to make judgments. Although this still happens, enterprises are most likely to factor AI into their calculations. Today, most businesses have dedicated customer support teams for answering customer queries, resolving complaints, or clarifying doubts. Using AI, organizations can set up chatbots or voice bots to manage customer questions, and these are common on mobile applications as well as websites.

Furthermore, Artificial Intelligence decreases costs, improves agility, promotes productivity, minimizes failure, and enhances customer satisfaction. Consider how the ability to predict customer preferences and behavior represents a competitive edge. AI algorithms can predict what a specific customer is most likely to purchase, as Amazon has shown us. The giant uses Machine Learning to predict consumer behavior and this is one of the reasons behind its incredible success today.

This is not all. AI maintains top quality standards, making it possible to reduce waste and boost customer happiness. Related Innovations deliver more value with less input, allowing businesses to achieve sustainable growth.

Medical Applications

Artificial Intelligence powers creativity and innovation in the medical field which is one of the best things during these difficult times. This enables doctors and nurses to resolve complex and possibly life-threatening problems. Let’s look at a scenario. Doctors review the health risks of patients with machine intelligence. Applications educate machines about the side effects of different medicines which is a good practice in prescribing medicines. Artificial surgery simulators also use applications for tasks like detecting and tracking neurological diseases and stimulating brain functions. This is useful in practical situations such as radiosurgery.

Other than identifying potential neurological disorders and cancer risk, what is the impact of Artificial Intelligence on society? Let’s approach it in the context of the COVID-19 pandemic.

AI-based technologies allow healthcare specialists to share critical data about the pandemic. This includes information related to clinical trials, insights into how the virus is developing, etc. Now, it is possible to share real-time details with medical staff, research labs, and scientists across the globe. Healthcare practitioners from virtually anywhere in the world can access databases and have all the latest insights within seconds. AI solutions also contribute to vaccine development by identifying molecules, compiling data about related diseases like SARS and test subjects, etc.

How AI Transforms Business Models

The digital world is witnessing remarkable changes in how startups and enterprises operate. For example, practically every industry has transitioned from a paper-based economy to comprehensive process automation. With just a few clicks, customers can make the most of E-commerce shopping and receive their orders at their doorsteps conveniently instead of visiting brick-and-mortar stores. Technology has increased the ease of doing business and expanded the market opportunities and possibilities for SMBs as well as enterprises.
As we know, companies such as Microsoft, IBM, Netflix, Amazon, Apple that have been quick to capitalize on digital transformation are leading the market. The adoption of automation, cloud computing, Artificial Intelligence (AI), and Machine Learning (ML) solutions have enabled them to stay ahead of the competition.

Leveraging the Power of AI

Some businesses are not utilizing the benefits of Artificial Intelligence (AI) to their fullest. Globally, experts are coming up with ideas based on data-driven strategies and predictive models. Once you understand how AI can help your company, you can transform each process to ensure ROI like the industry giants we mentioned above. In this case, it is all about utilizing the power of predictive analysis, business analytics, and business intelligence (BI). Reviewing data from mobile devices and customers’ online search results also play an integral role in improving future business strategies for successful outcomes.
Let’s take the example of retail business players like Amazon and Alibaba. Their current business model is based from end-to-end shopping to delivery.. Customers order products online and receive them at their required address. With AI, these giants are thinking about reversing their model to delivery then shopping. This means customers will be given suggestions to the products they may need or would be interested in, eliminating the need for extensive research at their end. Though, it would only be possible when the AI and systems of these companies can accurately predict the products your customers are expected to purchase before you buy anything.

It is nearly impossible to not leverage the power of AI in today’s world. According to a report, AI will be increasing businesses’ productivity by a massive 40% in the year 2035.. AI in business 2020 will also be about revamping the business models as more data pools would increase the accuracy of predictive analytics

Let’s dive into the impact of AI on the business models. While we use AI to improve customer service, management, and ROI, more companies are looking towards it to transform business. The technology gives you access to information that you never had before. You can tap into new opportunities, niches, and market segments by leveraging continuous data streams through various connected devices. Once you extract the necessary information for targeting new customers and business segments, you can easily revamp your business model. Also, with real-time analytics and predictive analysis, you can change your business strategies and view results instantly.

Into the Future

Now, let’s discuss the future of AI. With the Internet of Things (IoT) and AI’s increasing power, the amount of data that businesses will have access to is expected to increase in the coming years. Organizations can make more accurate predictions and bring necessary changes in business models and procedures. Beyond working smart, increasing efficiency and productivity, AI algorithms proactively work 24/7 to eliminate the aspect of human error. In the coming years, there will be even more sophisticated methods to profile customers, personalize customer experiences, improve risk management, prevent frauds, and more.

Conclusion

AI continues to redefine the way modern companies approach digital transformation and smart projects. We can expect to benefit from further process automation and efficiency and capitalize on new opportunities for growth.

If you want to know how to use AI in your business, look no further. We at FiveRivers Technologies have been at the forefront of innovative AI technologies since 2003, making us the perfect partner to work with. Reach out to us today, and we will offer a personalized recommendation for your business.

Best Online Collaboration Tools For Remote Workers

In the digital world of E-commerce and unprecedented circumstances such as COVID-19, it appears that WFH is the future of work. With businesses going the online route and governments across the world calling for social distancing, businesses must invest in the best online tools for remote workers. This is a critical step towards working smart, improving efficiency and productivity, as well as staying connected even after one moves away from performing their duties on-premises.
This does not mean that working from home is entirely stress-free. There are certain pros and cons associated with it, but taking steps to ensure business continuity and remain competitive goes a long way. All you have to do is invest in the right online tools and technologies that pay off in the long run. Doing so enables your teams to maintain communication, collaboration, and improve data sharing while ensuring transparency. Working remotely brings new opportunities to heighten user focus on deadlines, maintain solid team relationships, cut costs, increase project management proficiency, and engage with clients in a meaningful manner.
Next, let’s have a look at some of the most popular online collaboration tools for remote users.

Slack

It is an online collaboration tool for organizations having multiple teams. You can use Slack on smartphone devices as well as on your PC or laptop. It allows users to login, create online groups, and send messages to each other individually and in groups. You can create different team channels and assign tasks to team members. Project managers can monitor the status of every task and check on progress regularly in a single, intuitive platform. What’s more, you can easily integrate Slack into Google Docs, Google Dropbox to further improve efficiency and productivity.
Slack utilizes cloud space so you need not worry about spending a large amount on installations. Advanced data traceability enables you to closely follow data to track all access and any changes that users apply to it. This, in turn, helps you ensure transparency, compliance, and adherence to regulations across your company.

Microsoft Teams

Employees generally use Microsoft Teams in unified communication and it is known for merging workplace chats with video meetings to provide an end-to-end user experience. You can also utilize it for storing files, sending attachments, and integrating numerous applications. It is a helpful tool for remote workers as they can feel more connected to each other through video meetings. Better communication is the only way to improve your employees’ performance while they work remotely and Microsoft Teams is a secure and investment-worthy option.

How is this so? Firstly, you can enable web conferences on Microsoft Teams. With dynamic audio, video, and chat features, you get access to multiple communication channels for the whole team, making it an ideal online tool for collaboration. As it is a Microsoft product, Office 365 apps can easily integrate into it. Also, you can easily store files on the cloud, making it a feasible choice for any business irrespective of size and industry.

ProofHub

This is a complete management system for online task collaboration. It is an ideal tool for any organization looking to manage their projects remotely. You can manage your business and organize proactively at every stage of your project with ProofHub. It increases productivity and helps meet deliverables within the assigned deadline. It is remarkably easy to assign tasks to your team and even define their roles online. You can also set the dependencies on each task by dividing each project properly among your team members.

Filestage

This is an online tool designed for remote teams that manage content review processes. Primarily, Filestage is a project management platform that makes it easier for project managers and clients to provide feedback on content such as images, videos, documents, etc. In this way, different teams can complete each project while all the stakeholders remain on the same page throughout. As a team, you can easily gain all the necessary feedback regularly from all members. Clients can review and approve tasks in projects and comment on any kind of development or make announcements without having to even register on the platform. Filestage ensures that clients receive the final version of the project after reviewing the process at every step. In turn, this ensures that the deliverables align with clients’ business vision.

TroopMessenger

TroopMessenger consists of multiple functionalities and is a suitable tool for any kind of organization working remotely. There is seamless user navigation in this application and the quality of business chat it provides is unmatchable due to the quality of the communication options. Anyone can easily use this online tool even if the person is not tech-savvy. The user interface is simple, easy-to-navigate, and cross-platform enabled. It supports Windows, Linux, Android, and iOS.

There is an interesting feature in the application known as Orange Member. This allows members not part of the organization to conveniently utilize the application with their public and private email ids.

Conclusion

Whether you run an SMB or startup, you can only achieve business success by effectively catering to the needs of employees as they adapt to a new normal. When they work from a relocate location or from home, they expect more or less the same experience as an on-premises one, and this is where you must take the necessary measures. Moving your business to the cloud or investing in smart online collaboration tools pay off in the long run.
Do you need any help in revamping your IT infrastructure to enable WFH or remote work? At FiveRivers Technologies, our experts understand your unique needs and help you implement your plan reliably. For more details, please contact us, and we will be happy to assist you.