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AI Myths and Misconceptions

The AI Myths and Misconceptions that are Hurting your Business

The course of history has shown that technological shifts are inevitably accompanied by grand predictions both about how the new technology in question will improve our lives beyond recognition, and about how it will be the downfall of humanity.

However, the course of history has also shown that the truth about new technology usually lies somewhere in the middle ground between humanity’s savior and humanity’s downfall. In that spirit, today we’re unpacking some of the most common myths surrounding the next big technological frontier: Artificial Intelligence.

Myth #1: AI can replace human interaction

There’s a lot that AI can do to help augment your company’s customer service options, but the keyword here is augment. AI cannot currently, and will not (at least in the near future,) replace the essential human touchpoints between brand and consumer.

Using AI to fully replace human-powered customer service is likely to alienate large segments of your audience. Though there’s survey data to suggest that some consumer groups prefer AI-powered customer service tools to the more old-fashioned method of getting on the phone with a company representative, there are some complicated customer issues and requests that will likely always require a human touch. For this reason, AI should augment, not replace, human-powered customer service.

Myth #2: AI can solve all my data problems

Yes, AI is incredibly powerful when put to good use, but that fact alone doesn’t mean it can solve all of your company’s data problems. AI isn’t a magic wand that can wave away existing issues with data. Many companies, for example, may not have enough quality historical data to power machine learning. Moreover, AI systems need to be fed with the right kind of data. In other words, the data that provides the answers to whatever question we’re asking the AI to answer on our behalf.

Don’t assume AI can be effective if it’s not powered by quality data. Invest first in data collection techniques, and second in AI systems to process the data that’s collected.

Myth #3: AI doesn’t affect my business sector

It’s easy to look at something as high-tech as AI and assume that it doesn’t affect more traditional business models. But ignoring AI, or failing to appreciate how it impacts every sector of business, can put your company behind the eight ball in the long run.

It’s essential to consider the potential implications of AI on your industry. Are there areas that could be disrupted by AI technology? Are there ways your competitors are beginning to deploy AI that may give them an edge? These are questions you need to ask before dismissing AI as not having a meaningful impact on your particular business sector or industry.

Myth #4: I can’t afford to incorporate AI into my business

A lot of businesses that understand the game-changing nature of AI technology still shy away from it due to the belief that it’s too cost-prohibitive to implement. It’s true that certain large-scale AI deployments can only be properly executed at great expense, but that doesn’t mean there aren’t ways to weave AI into operations strategically without breaking the bank.

Certain AI implementations are less expensive than others but can still generate a good return on investment. Process automation, for example, is on the lower end of the spectrum in terms of investment but can go a long way to improving operational efficiency.

Takeaways

It’s human instinct to be wary of change, and few technological changes have caused more general wariness than the rise of artificial intelligence. There’s a lot of misinformation out there about AI and it can be difficult to sift through it all to find the truth about what capabilities currently exist and what implementations make the most sense for your business. We’re here to help navigate this constantly changing landscape, so feel free to get in touch!

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