Technology exists to solve problems and enrich our lives, but progress isn’t always straightforward. The rapid rise of Artificial Intelligence (AI) in everyday tools like search engines, virtual assistants, and chat bots highlights both its benefits and risks.
Here’s a quick look at how AI is improving our lives, but where we also need to take a step back to be more cautious. Know these pros and cons before jumping into ChatGPT:
The upside of AI: Empowering efficiency
- Instant access. Unlike humans who are prone to distractions, emotions, or getting tired, AI runs 24/7 and stress-induced human errors are virtually eliminated.
- Faster data processing. Large datasets can be analyzed in mere seconds, helping us focus on big-picture thinking and quicker decision-making. Tasks that would take a human hours, if not days, are reduced to just a few moments. In that short time frame, AI can pinpoint inconsistencies, outliers, and trends within the data.
- Task automation. AI automates time-consuming and repetitive work, freeing time for more complex tasks. It’s also always available – wherever you have an internet connection.
- Inspiration. AI can quickly identify trends and insights, summarize long text, aid in brainstorming, generate both templates and images, and much more.
The downside of AI: Tread carefully
- Blends fact and fiction. AI may sound confident, but it might not be based on the latest information and can be inaccurate. Fact-checking cannot be ignored.
- Limited creativity. AI’s output is based on a library of existing data. It repackages and organizes information, so don’t expect innovative and original thinking.
- Watch for plagiarism. AI doesn’t care if the information it creates is owned by someone else. This plagiarism can happen when creating music, text, voiceovers, and other forms of creative expression.
- Data privacy. Be cautious on what personal information you share with AI.
- Not a legal or tax expert. Relying on AI for legal, tax, or other professional advice can leave you in hot water. While AI may be appropriate for initial research on a particular issue, remember that AI itself isn’t a registered attorney or tax preparer. Continue to rely on the knowledge and experience of a true professional.
The verdict: AI has the potential to complement our capabilities but is still far from perfect. Use it as a helpful tool, not a replacement. Like any emerging technology, approach AI with curiosity and caution.
Note: AI is complex! Head over to AlloySilverstein.com/recordings to view our “AI and Tech Trends” webinar replay.
