Artificial intelligence is a topic receiving a lot of attention at present, with a number of wild statements flying around from business leaders and interested parties. Some are concerned that this kind of development in technology could lead to job losses while others are worried about the implications for human race as a whole.
But what about SMEs? How are they set to be impacted by artificial intelligence and how could it benefit their business? Read on to find out more.
What is artificial intelligence?
By definition, artificial intelligence is the idea that computer systems can be used to perform tasks that would normally require a human brain and capabilities. These can range from speech recognition and translation into different languages, all the way through to visual perception and even decision making.
The advantages for SMEs
Dealing with mundane tasks
For most businesses, one of the biggest problems is having to complete boring, mundane tasks that slow down operations. This is where AI can step in and, with the help of intricate automation, can get those jobs done for you. Repetitive work can starve workers of creativity, so it could be said that AI could help to boost ideas.
Avoiding errors
The phrase ‘human error’ speaks volumes about our tendency from time to time to mess up. Computers, however, don’t make these mistakes because they are programmed not to. A rise in AI could lead to less mistakes being made, which could in turn save SMEs money.
The disadvantages for SMEs
Lack of judgement calls
While artificial intelligence systems can do a lot, one thing that they can’t do is judge situations in the same way that humans can. When things go wrong, we rely on our experiences and intelligence to find the best solution to the problem. AI is unable to do this and it sometimes causes problems.
One example occurred in Sydney, Australia, in 2014 when a shooting drama in the downtown area prompted people to make numerous calls to Uber in an effort to escape the area. The result was that Uber’s ride rates surged based on its supply and demand algorithm. Humans would take into account the nature of these circumstances, something that AI can’t do, and may never be able to.
Taking away the power of people
If you’re running your own company, you want to feel as though you are in control of the decisions that are being made, and many people are arguing that AI is effectively stripping humans of their decision-making powers.