Artificial Intelligence - Blessing or Curse?

Nearly ten years ago one of the hottest buzzwords was cloud computing.  Every service that was outsourced was using the term, whether it was actually cloud computing or not.  Now the newest buzz word is AI or artificial intelligence, something that’s a lot harder to impersonate.  The reason for such the hype is that in the last year or two there have been tremendous breakthroughs; so much so that businesses are adopting a structured approach to AI by developing policies.  One such sore topic is the use of AI in academia.  Schools are either taking a hard stance against AI and not allowing students to use it at all for research purposes, or they’re embracing the inevitable and encouraging a common-sense approach.

 

Define Artificial Intelligence
To understand how to effectively use AI, one must first define it.  In its most simple form, Merriam-Webster defines artificial intelligence as “the capability of computer systems or algorithms to imitate intelligent human behavior”.  The next level of AI is called Generative AI, which is AI that can create new(ish) content in various mediums such as images, music, text, applications, etc.

 

Practical Applications
Because of there are so many applications that can benefit from AI, most people have experienced AI without even knowing it.  For example, the newest iterations of Siri use AI to make user tasks easier and learn from user preferences.  Different industries are already embracing AI technology to fill a gaps in processes or risk management.  For example, in the financial industry, banks are using AI for fraud detection, risk management, and automated trading.

 Car companies are using AI for self-driving vehicles or the ability to detect events before they actually happen such as crash avoidance.  Companies across different industries are able to run what-if scenarios based on real-life events to predict how a specific change in their product or market will turn out.  Healthcare is another big beneficiary of AI; being able to input symptoms and receive a personalized medication plan based on the person’s health history is just one small part that AI can play in healthcare.

 

Associated Risks
Just with everything, especially newer technology, there are risks involved.  One key function of an AI user, whether it be a person or company is to minimize risk.  Before accepting AI output as gospel, consistent verification and testing needs to be performed.  Understanding that AI needs to get information from somewhere, and if the original source has misinformation, then the output is going to be wrong as well.  The old adage, garbage in, garbage out, applies more here, than ever.

AI can give wrong information, and although you may be able to correct the model, sometimes that correction gets override by the original source of incorrect information.  The important thing to remember is that AI is a computer, and sometimes computers are wrong, especially when the information source is wrong.  Even with Generative AI, where they’re basically creating something from nothing.  For the most part you can tell the difference between Generative AI and a skillful experienced artist.  AI hasn’t quite gotten the hang of hands and fingers yet.

 

Bottom Line
Business or individuals that put their head in the sand and try to ignore AI will get left behind.  AI is the future.  That’s why it’s important to understand the benefits and risks associated with its use.  Businesses should have a thorough understanding of what AI is, what they believe is acceptable use of the technology, and develop a living policy around it.  Individuals should exercise caution when using it and understand that it can be wrong sometimes.  But the most important thing is use it, understand it, and know that it’s continuing to improve.  The AI we know today will not be the same AI of next year.