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As we embrace the new frontiers of AI and consider the pros and cons it is timely to remember that Technology has advantages when used for positive purposes! 

Already AI has found many applications in our world today, often in such subtle ways that it goes unnoticed, despite its widespread use. From Smartphones, security cameras and the invisible algorithms that control our Internet devices our lives have been transformed for the better, providing greater ease and convenience. 

It’s been adopted across Industries such as Finance, Retail, Transportation and Healthcare and into processes, products and services as a tool for improving efficiencies and solving complex problems.

With the progress and surge of rapid advances in Technology you may be asking how does and will they affect me, my Business!  Could we, will we be taken over by robots and avatars!

Let’s get started by getting to know more about AI!  

What is AI?  

AI is a branch of computer science dedicated to creating computers and programs that can replicate human thinking. In simple terms, AI, Artificial Intelligence is the simulation of human intelligence processes by machines, particularly computer systems. Specific applications, components, include natural language processing, speech recognition, expert systems and machine vision. 

How does it work?  

AI systems generally work by ingesting large amounts of labeled training data, analyzing it for patterns and correlations, then using those patterns to make predictions about future states. Chatbox is an example that if fed the information is creating realistic images, text boxes and music. 

Why is it important? 

It has the potential to further change our lives and has been used effectively in Business to automate tasks undertaken by humans, such as, quality control, customer service work and fraud detection. Where the task is repetitive, and detail orientated its capabilities include completing jobs quickly and with few errors when analyzing large numbers of documents.  

Other advantages include unbiased decision-making and systems 24/7 availability.

AI Examples & Trends - How Businesses can improve and optimize their operations: 

• Healthcare: uses AI to improve diagnosis and treatment of diseases and help Providers make more informed decisions.
• Enhance Customer service: Language translation to improve the customer experience such as Chatbox which provides quick and convenient assistance and support at any time.
• Software development: to create new products and services, such as AI powered digital assistants to help people with disabilities undertake tasks.
• Voice Assistants: Instagram and YouTube home pages use AI to create personalised content for their users.
• Automate routine tasks: Performs repetitive jobs quickly and efficiently, that are otherwise mundane for humans
• Streamline operations: AI can be implemented to improve productivity, reduce waste and enhance processes such as used in manufacturing to detect defects. 

Issues, Disadvantages: 

• Cost requirements: Upfront, implementation comes with a cost, $, depending on the product and resources.
• Insufficient or low-quality data will jeopardise performance.
• Lacks creativity and emotion that humans have.
• Can’t think outside the box.
• Outdated infrastructure: can become outdated, wear, and degrade overtime
• No improvement, can’t learn from its own experience or mistakes
• Unemployment, threat to jobs, displaces humans
• Automated applications can make humans lazy as it stops us using our brains, to memorise and solve problems

Future fears!

Privacy violations are a major challenge. The issue is the ethical question about its use and continued growth, particularly with concerns raised around consumer data privacy. With its ability to recognize patterns it can gather personal information without having direct access. Keeping systems secure is a major challenge that we need to address. 

Ethics and morality are important human features that can be difficult to incorporate into an AI. Humans must retain control of AI and autonomous systems, particularly in the context of security.  

Ultimately mankind must be smarter, ethical and wiser than its creations!