Debunked – 5 Myths About Artificial Intelligence (AI)

Do machines have the potential to become more intelligent than humans? It’s a fallacy inspired by science fiction. There’s no doubt that Artificial intelligence (AI) can significantly transform businesses and industries globally. But, classifying business logic is no longer the only focus; it is more about removing drudgery from human life, making tasks effortless and innovative.

What is Artificial Intelligence (AI)

Artificial Intelligence (AI) is the replication of natural intelligence in machines – designed to mimic the actions of humans. These super machines can learn with experience and perform human-like tasks.

AI has slowly permeated our lives and can change it 360 degrees. Globally, AI's hype has generated many myths like AI will take over the world and eliminate human interactions. Well, that's certainly a myth. Let's discuss some of these myths and try debunking them.

MYTH 1: AI will replace regular, run-of-the-mill jobs

Fact: Despite what naysayers have to say about AI and automation, there's inadequate evidence to suggest that mass unemployment of human workforces is likely. There is a possibility that a more productive economy, created by the improved efficiency and reduced wastage that automation entails, will give us additional options for spending our time on fruitful, more yielding pursuits.

Globally, organizations are looking at AI-based technology to boost the human workforce and facilitate them to work in contemporary and more intelligent ways.

AI can disrupt jobs that require a lot of manual labor. Nonetheless, the presumption that humans' work will transfer to machines is a cliche.

MYTH 2: AI demands machine learning experts and huge budgets

Fact: Certain AI applications require scientific experts, but a growing number of business users are gaining access to AI-enhanced software tools.

For example, in recruitment, the innovative AI-powered resume parsing technology has already solved the tricky problem of pre-screening candidates and manually sorting resumes. Increasingly, business users can access HR tools without having to make significant investments.

The process of teaching an AI is somewhat mysterious and considered reserved for data scientists alone. The information used to train AI systems such as chatbots for screening candidates is just the same information call center representatives need to do their jobs.

MYTH 3: AI will quickly surpass and outperform human intelligence

Fact: Do you think that AI will outpace human intellect? There are several different dimensions to measure intelligence. There are areas where computers are already significantly faster than us, for example - speed of calculations. For example, there are others, such as creative ability and emotional intelligence (such as empathy), where they are still miles behind and are unlikely to become so any time soon.

Myth 4: AI strategies are not necessary for organizations

Fact: The Covid crisis caused nearly fifty-two percent of organizations to speed up their strategy for AI adoption, according to HBR.

Dismissing the contrary belief that companies don’t need an AI strategy, no organization or industry will keep away from AI entirely over the next decade.

Wouldn’t you want to stay ahead of your competition? You will be embracing uncertainty if you don’t plan to include AI because your competition certainly will. They will reap the benefits of AI and respond to market changes quicker than you.

MYTH 5: AI will make recruitment decisions and strategies

Fact: It's no secret that recruiters and HR professionals spend most of their time in manual tasks such as resume data entry in the database/ATS. One of the significant efforts of AI is automating the redundant tasks for the recruiters and saving them a few hours in the week.

AI has already made its presence felt with recruitment chatbots and pre-screening the candidates for the open positions. But that doesn't imply AI will take essential hiring decisions. AI can't exhibit human empathy and emotions. Therefore, judging candidates based on emotions is challenging for AI. 

Conclusion

The crux is that while you should not believe the myths, you should believe in AI. It is part of the inevitable evolution of using tools and technology. Your organization needs to plan and explore new methodologies to add efficacy to its operations. Digital workers powered by AI can assist you with existing technologies that use AI. Now we need to take this augmentation to the next level.