13 Ways That Define How AI Will Benefit Or Harm Society

The adoption of Artificial Intelligence (AI) is growing in every sector worldwide. But, do you know how AI will boost your business in the long run? It is a fact that AI replaces time-consuming and manual repeating tasks. But, at what costs this can be achieved?
After several studies done by IDC, it is anticipated that AI will reach over $46 billion by 2020. By implementing AI strategies, you can boost your business operations and enhance overall performance.
Herein, know how AI will transform your work and its impacts on your business. So, let’s find out the true sense of AI, whether it is benefit or harm to society. Let’s start.

#1 Increases Work Efficiency And Output

It’s a fact that progress in technology is growing. Self-driving cars are the best example. With many efforts, today, technology becomes strong and regulating many industries. In particular, AI is a great asset to society. It can increase efficiency as well as the throughput of every business. In addition, AI gives new opportunities to generate more revenues and reduces costs.

#2 Allow To Do What They Do the Best

Humans sometimes tired of doing routine and repetitive tasks. But, intelligent devices can do this. Machines can perform complex tasks better than humans. The AI-powered machines give a real benefit. AI support employees to do their jobs creatively and efficiently.

#3 AI Builds A Strong Economy

Nowadays, a rumor is spreading in the market that AI and robots will kill over 75% of jobs. But this is not true. Instead of killing jobs, AI adds more jobs in the future. AI technology helps humans to perform their tasks better. Thus, the excellent combination of humans and machines will produce rich results. Hence, an increased contribution from various sectors ensures a strong global economy.

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#4 Leads To Loss Of Control

If machines become smart than humans, then the machines may lose their control. This is a major drawback of AI. It is required to put control over AI machines to use them in the right way.

#5 Enriches Our Lifestyle

The evolution of AI technology improves our lifestyle as well as create more productive businesses. AI assistants can ease marketing functions, like answering emails and data entry operations. Using AI, marketing teams are easily expanding the brand and improving businesses. Another example is Smart homes. These homes need less power and give high security. Thus, the demand for smart homes is rising.

#6 AI-based Telemedicine Service

Thus, AI in healthcare is reaching to its next-level. Healthcare service providers are using AI applications and AI systems to offer the best services to their clients.
For instance, AI supports Telemedicine (a virtual service provided by physicians) services. AI helps doctors to assist their patients who are in remote locations. Using AI-based medical devices like robots, doctors can assist their patients/staff in hospitals.

#7 Offers Accurate Future Predictions

The future of AI has a very broad domain. The existing AI systems use Machine learning algorithms to better predict future outcomes. After being trained with previous data, the ML algorithms can accurately predict the future.

#8 Increases Automation

The companies are investing in machine learning and other AI technologies. AI machines can automate the business process and reduce human errors. Thus, AI systems can reduce labor costs, achieves automation, and improves productivity.

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9. Lift Thinking Power

The advancements in technology are lifting the human thinking power that leads to improving the quality of life. The technology can solve complex issues and give quick response faster than a human brain does. This might be a positive sign for industrial growth. But, AI in wring hands, may harm humans.

#10 Solves Difficult Social Glitches

What is AI? How it is applied? What are benefits of AI?
There is still confusion in the public about AI. We are just a starting stage. More advancements are needed to solve complex social issues with AI. Although AI is solving many social problems, we must explore AI to solve ethical problems. If we have a deep understanding of the technology, it would be better to find a clear benefit and more opportunities with AI.

#11 Avoid Human Errors With AI

Using AI solutions and Apps, the work efficiency of machines is increasing. In addition, AI systems can eliminate the errors that humans actually do. Thus, it’s one of the significant benefits of AI.

#12 Detects Frauds

AI has a great impact on the banking and finance sectors. AI applications in banking detect risks and minimize fraudulent acts. AI tools in finance scan the transactional data to detect irregular behavior patterns. Hence, using smart AI tools, banking and finance companies are protecting their business from breaches.

#13 Encourages Creativity

Numerous AI applications can expand and extend the creativity of human brains.

Conclusion

In this article, we can observe that industries or individuals can gain from AI. Yeah, there are certain risks with AI, but developments in AI will be beneficial to the future of industries. Be updated and aware of the incredible power that AI can bring into the industries.