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?

Modern 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.

A beautiful future with AI

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.

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thoughts and reflections on digital-first marketing from NYUSPS Integrated Marketing Grad Students

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Aum Mohak Raghuvanshi

Aum Mohak Raghuvanshi

Pursuing MS in Integrated Marketing from New York University

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