Artificial Intelligence (AI) is a buzzword today. Business executives want to transform their organizations by tapping into the power of AI. However, AI is not a fit for every situation. There are some situations where it pays to NOT invest in the technology.
But, how do you figure out if AI is the right fit for your needs?
I recently published an article in Entrepreneur that throws light on the 5 situations where you should not invest in AI. Here’s a summary and a few key takeaways from the article.
Not every business problem is complex enough to demand powerful algorithms. In many instances, businesses can choose simpler solutions that will get the job done effectively.
Today, AI algorithms require a high volume of data to spot patterns and gain intelligence. Unfortunately, large volumes of data is not a luxury every organization can afford. If you have low volumes of data, you must choose simpler techniques.
AI research is progressing rapidly. However, there are several areas where AI works well only in carefully controlled scenarios. By all means, you must experiment with AI. However, check if the technology is ready for primetime, for your area of application.
You must balance the costs of building and maintaining AI with the business ROI you are likely to get from it. If the total cost of ownership of AI isn’t favorable, don’t make the investment.
When it comes to user interactions, empathy and care are critical. AI is great at pattern spotting and making predictions, but it doesn’t really ‘understand’. When you need emotional intelligence, you need greater human involvement.
Check out the article published on Entrepreneur to find real-time examples that detail the points mentioned above.
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In situations where ethical or legal concerns arise, such as in the case of biased or discriminatory algorithms, it may be appropriate to avoid using AI altogether. Just an add-on suggested. Thanks, Ganesh for writing on a such a unique topic.