Many of the myths about AI stem from our fascination with technology.
Artificial Intelligence, and how it will affect the workplace, has become a hot topic — undoubtedly sparked by our love of science fiction and the deep history of films that portray how AI might change society.
While historically technology has typically created more jobs than it has destroyed, it remains a topic where people speculate that this time, this technology is“different”.
The potential impact of artificial intelligence (AI) in the workplace is being hotly debated by the media and many expert commentators.
Although there is no doubt that AI will be a transformative force in business, the recent attention on the subject has also led to many common misconceptions about the technology and its anticipated effects.
Disproving Common Myths About AI
This infographic is by Raconteur and it helps to paint a clearer picture of the nature of AI while attempting to debunk various myths about AI.
AI is going to be a transform and probably far quicker than we realise. Early predictions are that it’s expected to create a $15.7 trillion economic impact globally by 2030.
But understandably, many people feel nervous about how it will affect the workplace – jobs in general, roles, skills… This has led to some scary media headlines and many misconceptions about the technology and what it will do in the workplace.
Demystifying Myths About AI
Here are the eight myths about AI debunked:
1. Automation will completely displace employees
Truth: 70% of employers see AI as supporting humans in the workplace not replacing them. Currently, only 11% of employers believe that automation will take over their work to a “great extent”.
2. Companies are primarily interested in cutting costs with AI
Truth: 84% of employers see AI as obtaining or sustaining a competitive advantage, and 75% see AI as a way to create new business models. 63% see pressure to reduce costs as a reason to use AI.
3. AI, machine learning, and deep learning are the same thing
Truth: AI is a broader term, while machine learning is a subset of AI that enables “intelligence” by using training algorithms and data. Deep learning is an even narrower subset of machine learning inspired by the interconnected neurons of the brain.
4. Automation will eradicate more jobs than it creates
Truth: At least according to one recent study by Gartner, there will be 1.8 million jobs lost to AI by 2020 and 2.3 million jobs created. How this shakes out in the longer term is much more debatable.
5. Robots and AI are the same thing
Truth: Even though there is a tendency to link AI and robots, most AI actually works in the background and is unseen (think Amazon product recommendations). Robots, meanwhile, can be “dumb” and just automate simple physical processes.
6. AI won’t affect my industry
Truth: AI is expected to have a significant impact on almost every industry in the next five years.
7. Companies implementing AI don’t care about workers
Truth: 65% of companies pursuing AI are also investing in the reskilling of current employees.
8. High productivity equals higher profits and less employment
Truth: AI and automation will increase productivity, but this could also translate to lower prices, higher wages, higher demand, and employment growth.