Top 11 Benefits of Artificial Intelligence (AI)

Artificial Intelligence (AI) has been around for quite some time now. AI is increasingly becoming a part of our daily lives, from search engine suggestions and auto-focus in smartphones to robot greeters at shopping malls and vehicle cruise control.By integrating AI solutions into every aspect of the business, organizations can optimize operations, gain a competitive edge, and ultimately accelerate growth. The scope for innovation and development in AI is enormous, and it will continue to change the world in diverse ways in the future.

AI funding projections paint a $46 billion spending spree by 2023. Billions in cash, coupled with rapid technological breakthroughs, give us a future where AI seems plausible. Superintelligence may or may not happen, depending on which expert you ask. Today, we’re using some form of artificial intelligence to power our daily tasks. Smartphones have AI that helps with routines, search, and taking photos. Vehicles also come equipped with a form of AI that assists with parking, collisions, pedestrians, and even cruise control. Despite the fears about artificial intelligence taking over humankind or simply not happening, there is one takeaway from all this: The technology has many benefits and near-endless applications.

What is Artificial Intelligence?

From Cortana to autonomous vehicles, the rapid progress of AI development is showing no signs of slowing down. Artificial intelligence can encompass nearly anything, from search engine algorithms to robotics. Here’s a more detailed definition of AI: Artificial intelligence (AI) is an interdisciplinary branch of computer science that builds smart machines. These machines are capable of performing complex tasks, even ones that require human intelligence. AI uses a variety of approaches, such as deep learning and machine learning, to make jobs easier to do. The vast improvement of these two capabilities has caused a paradigm shift in all sectors of the technology industry. There are two types of artificial intelligence: narrow AI (weak AI), and general AI (AGI or strong AI).

Narrow Artificial Intelligence

This type of AI is what everyone is using today. The design parameters for narrow AI are that it can only perform a “specific small task.” For instance, facial recognition software is “only” used to identify faces, not cars or other objects. This type of AI can outperform humans at specific tasks such as chess, but nothing else.

General Artificial Intelligence

General AI (AGI) is what every researcher is aiming to create. While narrow AI deals with specific tasks, AGI has a much broader reach. This type of artificial intelligence will blow humans out of the water when it comes to cognitive tasks. Think of androids or robots that look and act human, but are smarter, faster, and stronger.

Benefits of Artificial Intelligence

Artificial intelligence holds both great promise and many benefits.

Below are the 10 most remarkable benefits of Artificial Intelligence that are helping to reshape the world that we know of today.

1. Automation

Automation is one of the most commonly cited benefits of AI technology, and it has had significant impacts on the communications, transportation, consumer products, and service industries. Automation not just leads to higher production rates and increased productivity in these sectors but also allows more efficient use of raw materials, improved product quality, reduced lead times, and superior safety. Automation can also help to free resources that can be used for more important things.

2. Smart Decision Making

Artificial Intelligence has always been used for making smarter business decisions. AI technology can coordinate data delivery, analyze trends, develop data consistency, provide forecasts, and quantify uncertainties to make the best decisions for the company. As long as AI is not programmed to mimic human emotions, it will remain objective and assist in making the best decision to support business efficiency.

3. Enhanced Customer Experience

AI-powered solutions can help businesses respond quickly to customer queries and grievances and address the situations efficiently. The use of chatbots that couple conversational AI with Natural Language Processing technology can generate highly personalized messages for customers, which helps to find the best solution for their needs. AI tools can also help to reduce the strain from the customer service staff, which will lead to better productivity.

4. Medical Advances

The use of Artificial Intelligence solutions in the healthcare sector is becoming increasingly popular these days. Remote patient monitoring technology, for instance, allows healthcare providers to perform clinical diagnoses and suggest treatments quickly without requiring the patient to visit the hospital in-person. AI can also be beneficial in monitoring the progression of contagious diseases and even predicting their future effects and outcomes.

5. Research and Data Analysis

AI and Machine Learning technologies can be used to analyze data much more efficiently. It can help to create predictive models and algorithms to process data and understand the potential outcomes of different trends and scenarios. Moreover, the advanced computing capabilities of AI can also speed up the processing and analysis of data for research and development, which could have taken too long for humans to review and understand.

6. Solving Complex Problems

The developments in AI technologies, from basic machine learning to advanced deep learning models, have made it capable of solving complex issues. From fraud detection and personalized customer interactions to weather forecasting and medical diagnosis, AI is helping businesses across industries to find the right solutions to address their challenges more adequately. Greater efficiency in solving complex problems means increased productivity and reduced expenses.

7. Business Continuity

Business forecasting using AI technology not only helps companies make critical decisions but also prepares them for any emergency to ensure business continuity. As risk management heavily relies on data management and analysis today, AI-powered tools can help organizations respond to crises proactively. AI and machine learning can also create scenarios to help businesses plan for a speedy disaster recovery strategy.

8. Managing Repetitive Tasks

Performing recurring business tasks is not just time-consuming but can also be monotonous and reduce the productivity of the employees over time. AI-powered Robotic Process Automation tools can automate interactions between different business systems and make the tiresome work easier for the company. It can imitate the actions of humans within the digital systems in the HR, IT, marketing, or sales departments to execute any business process quickly without needing any manual effort.

9. Minimizing Errors

Another great benefit of automating regular business tasks using AI tools is that it helps to reduce the chances of manual errors. As Robotic Process Automation tools take care of the data entry and processing jobs, they can make the digital systems more efficient and less likely to run into or create any problems due to data processing mistakes. This can be especially beneficial for businesses that cannot afford to make even the slightest of errors.

10. Increased Business Efficiency

Artificial Intelligence can help to ensure 24-hour service availability and will deliver the same performance and consistency throughout the day. Taking care of repetitive tasks will not make AI tools get tired or bored either. This can help to improve the efficiency of the business and reduce the stress on the employees, who can be re-assigned to perform more complex business tasks that require manual intervention.

11. AI in the Criminal Justice System

As crazy as it sounds, AI has already made it into the criminal justice system. Many police departments and courts are turning to artificial intelligence to mitigate bias. A machine now handles profiling and risk assessment. AI looks for patterns in criminal records and historical data to make a recommendation. The analysis should be free from racial, sexual, or other biases in theory. There have been reports that AI is using data to send people to jail for the wrong reasons. Predicting a person has a “high risk” of future criminal activity without any context is wrong. It’s like the movie “Minority Report,” where people get arrested before they commit a crime. If the justice system is going to use AI for the long term, it has to be 100% vetted and accurate because lives are at stake. One welcome benefit of AI in the justice system is that the retrieval of information is going to be faster. Algorithms can help people check someone’s criminal background or any public documents online. Lines at the courthouse or police department will be shorter, putting less strain on police officers and court officials.

Bad Robot?

Many people are afraid of AI becoming self-aware and wiping out humanity. For years, popular science fiction provided the backdrop for the public’s knowledge of technology. Movies such as The Terminator, I, Robot, and Ex Machina all give a glimpse of what the future with AI could be like. A common theme among these stories is that artificial intelligence can be dangerous if left unchecked. The myths about AI becoming conscious and evil are wrong. Artificial intelligence will become competent, not evil, and its goals will be vastly different from those of humans. While the threat is real, there are safeguards in place to prevent an AI apocalypse from happening. We’re many decades away from a super-intelligent machine, and for now, the benefits of AI far outweigh the risks involved.

Conclusion

There are many more benefits of Artificial Intelligence that span from space exploration to advancements in defence systems and more. Technology is evolving steadily, and it has the potential to be more intelligent than ever. While there is no surefire way of predicting the future of AI, it will certainly continue to benefit businesses and end-users in their everyday lives.

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Prof. Dr. Cebo Daniel

Prof. Dr. Cebo Daniel

Multidisciplinary Scientist • Lecturer • Author • Singularity • Traveler • Scientific Controversy • Transhumanism • Human Engineering • AI/Emerging Technologies