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5 common myths about Artificial Intelligence that are holding you back from increasing your profits
What do you think when you picture Artificial Intelligence? Maybe it’s a nebulous web of tangled computer wires or a talking robot. It may seem impossible to picture these data processes that you can’t see with the human eye.
And if picturing AI seems impossible, we can only imagine how you feel about incorporating this technology into your day-to-day business operations.
When we discuss the possibility of automation with business leaders, we often hear some of the same key themes: AI seems complicated, I need a Ph.D. to understand what it is, I bet it’s really expensive. And the list goes on.
We agree that it can be challenging to know where to begin and how to implement AI without background knowledge or guidance. As AI democratizes, it becomes increasingly popular, easier to attain and better understood among innovators. Whether you’re a computer science expert or a beginner interested in learning more, AI truly is for everyone!
Before you turn your back on an AI project, ask yourself if you’ve ever used one of these myths as an excuse to push Artificial Intelligence to the back burner of your business.
1. Myth: only large companies can incorporate AI. False! AI comes in all shapes and sizes. It’s about utilizing technology to meet your business needs and eliminate obstacles that prevent you from increasing profits. It’s important to have a strong strategic plan in place, a leader who believes in innovation, and the willingness to use technology to mitigate risks. Businesses of any size can benefit from incorporating AI. The technology may even help you scale faster than you imagined.
2. Myth: Artificial Intelligence is too expensive; our company definitely couldn’t afford to implement it. False! As automation becomes increasingly popular, data sets become cheaper and more easily accessible. There are many databases and use cases readily available, as well as proven software that is already on the market. Does a complex, customized AI solution cost a lot of money? Perhaps, but not all AI is created equal. An impactful solution off the shelf may only cost a few thousand dollars a year.
3. Myth: I need a Ph.D. in computer science to understand AI and what it is doing.
4. Myth: AI is the magic bullet for all of our company problems. False! We recommend taking the words “AI” and “technology” off the table until you have a better understanding of your business needs, pain-points, and the obstacles that stand in the way of your business goals. Prioritize these items based on which are most important for you to address. Then, determine which of those AI can feasibly and realistically bring value to your problem. Take on the quick wins first.
5. Myth: AI is going to replace my hard-working employees and take over my company. False! AI won’t replace as many jobs as you think, but it will make your employees’ jobs easier. AI can process hundreds of data points in seconds, allowing your employees to make more informed decisions and draw more accurate conclusions. According to the World Economic Forum, 58 million new jobs will be created worldwide by 2022 as a result of the increasing use of AI. Machine learning will free up much more of your employees’ time for other, more important responsibilities now that they have fewer tedious tasks to do!
As you can see, incorporating Artificial Intelligence into your business isn’t scary at all. At Louder Co., we work with many clients who come to us thinking that an AI project would be “too far over their heads”, but after a conversation or two with our team, soon realize that AI is just what they needed to achieve better operations.
We hope this article gives you courage and empowers you to try something new!