Apr 11, 2021
Could Artificial Intelligence become Frankenstein’s Monster?
Artificial Intelligence is one of the greatest technological developments of our times with unimaginable potential. However, there are growing concerns about the ethics and capabilities with regards to safety and privacy of the public. It made me think, could AI really be Frankenstein’s Monster?
According to PwC, Artificial Intelligence could add almost $15.7 Trillion to the world economy by 2030. This shows that businesses are starting to realize that AI can have significant contributions to their growth.
The AI industry is unregulated with no barriers to it leading to terrorist groups using AI technology to carry out attacks which is a grave concern. Creating ethical, unbiased and regulated AI is a requisite to ensure this technology doesn’t back fire on its creators.
Artificial Intelligence gets smarter every single time it interacts with a customer. It is estimated that 40% of the work during the sales process can be eliminated through the use of current AI solutions. Utilizing AI can enhance productivity amongst workers since 51% of workers in the United States do not feel engaged at their jobs. In my opinion, with the integration of AI and machine learning, repetitive and mundane tasks can be relegated to machines and leave the creative and decision making tasks for their human counterparts.
Let us look at some pros and cons of AI marketing to help you better understand.
Pros
More Sales
Personalized Customer Experience
Higher Website Conversion Rates
Optimize Time and Costs
Cons
Lack of Human Touch
Algorithms Can Fail
High Cost and Maintenance
As a marketer I appreciate the assistance AI provides for segmentation and targeting. According to a Forbes article, 40% of tasks in the sales industry can be automated with AI leading to higher productivity amongst workers and 51% of workers in the United States do not feel engaged at work, which I think is due to the fact most of the day is spent finishing mundane tasks (Ricard, 2020). With the integration of AI and machine learning, less significant jobs can be relegated to AI, with humans focusing on decision making and enhancing the organisation’s overall performance. Despite its advantages, the AI industry is still comparatively unregulated, with terrorist groups utilising AI technology and robots to carry out attacks and which could prove to be a formidable threat. Creating ethical, unbiased and regulated AI is a requisite to ensure this technology doesn’t back fire on its creators.AI will be a reflection of those who create and use it. We must ask and stop ourselves when we are crossing the ethical barrier of targeting customers.
