Will AI end up helping or hurting us? At Omega, we believe AI will create countless opportunities. Let’s walk through some artificial intelligence pros and cons.
Artificial Intelligence Pros and Cons: Explained
We’ve all heard the narrative that artificial intelligence (AI) may eventually create robots that can outsmart humans and wipe out all of mankind. However, the question remains: is that simply the plot of a pessimistic sci-fi movie, or is AI really something to be embraced?
Before we dive head-first into the world of AI, we need to define it. What exactly is artificial intelligence? Simply put, AI is the use of computers and technology to complete a task (physical or cognitive) that would otherwise require human intelligence. At first, the majority of AI programs were only able to perform one routine or repetitive task, but now as we move towards more advanced AI, that is beginning to change.
A key factor in artificial intelligence becoming more powerful is the development of machine learning (ML). ML is a subcategory of AI that describes programs that learn how to perform a task from data as opposed to explicit instructions from a program. These AI systems can perform certain tasks such as recognizing patterns and identifying objects incredibly quickly while also eliminating human error. For this reason, AI programs have begun to replace humans in certain fields.
A subset of Machine Learning is Deep Learning (DL), including subfields such as reinforcement learning and federated learning. Deep Learning takes Machine Learning to the next level by training Neural Networks. These neural nets can rapidly learn and become exceptionally good at things that we normally associate with human expertise. The famous example of AI defeating the world’s best Go player is illustrative.
As most of you know, the true potential of AI ranges far beyond hardware and software. We’ve all seen the news about Elon Musk, self-driving cars, and chess playing robots. While the possibilities are exciting, what about the other narrative of AI destroying the world?
In reality, none of us really know where AI will take us, but it’s nearly certain that it will change almost every facet of our lives. Let’s discuss some of the advantages and disadvantages of the upcoming AI revolution. What are some artificial intelligence pros and cons?
Let’s start with the good stuff. The potential of AI is almost incomprehensible, but let’s try and pinpoint three key benefits.
1. AI is Efficient
The main reason AI is so incredible is its ability to reduce the time necessary to complete a task. Especially when it comes to things like sorting data, identifying objects, or dealing with massive amounts of information, AI flourishes in ways human intelligence never will. Plus, the programs are able to work with laser-sharp precision 24 hours a day without ever taking breaks. This allows humans to more easily access data that they can actually understand!
2. AI Improves Access
Not only is it efficient, but AI also allows previously underprivileged individuals to access new opportunities! For example, AI is currently being used to connect small businesses with large-scale markets, provide educational services to low income areas, and even increase access to water and electricity! AI does it by optimizing how resources are allocated across complex ecosystems. This is something very hard and complex for humans to do.
3. AI is Versatile
The power of AI, as previously stated, is nearly limitless. While one AI machine might autonomously play bridge, another could be identifying tumors, or revolutionizing customer service. AI is used in your Google Map, in your Instagram feed, and even in digital marketing and advertising. What is AI is a constantly evolving frontier.
On the flip side, we’ve all heard the fear mongering about AI replacing human workers and wiping out mankind. The latter is actually extremely unlikely due to the fact that there are still major areas where human abilities far surpass technology. What are some disadvantages of AI?
Machines, as previously mentioned, are able to perform the same task 24/7 with incredible precision. This development sometimes leads to companies deploying an AI robot to replace a human worker. An example of this would be chatbots in the customer service industry. Some large companies require digital assistance because it would be unsustainable to employ the amount of people they would need to efficiently communicate with their customers. So, if AI takes care of smaller issues, the company can deploy their people to deal with more complex problems, which saves the consumer time, saves the company money, and makes for happier employees! In short, AI automates the mundane, freeing up people to do more high impact work.
However, AI still has a long way to go. In fact, most programs still lack skills that come easily to most humans. Most AI today is narrow in its capabilities. For this reason, the most logical answer to the future of AI is that the programs that succeed will work with humans, not replace them. If this is the case, technology will improve efficiency in some areas while human intelligence provides insight in others. AI is powerful, but it’s quite far from working alone!
What about Omega?
We could discuss pros and cons of artificial intelligence for days, but we also need to talk about what’s being done to ensure the pros outweigh the cons! That’s where Omega Venture Partners comes in. As we said earlier, we believe that the AI companies that will succeed are those that use technology to help humans, not replace them. At Omega, we are dedicated to ensuring that the companies that flourish are those with an honorable mission, those attempting to use AI to benefit mankind.
Why is Omega uniquely equipped to guide the AI revolution? For one, we have an incredibly experienced leadership team. The firm’s managing partner, Gaurav Tewari, has over 15 years of experience leading well known venture capital firms. He was the valedictorian of the MBA program at the Wharton School of Finance at the University of Pennsylvania. Thomas Malone works alongside Gaurav providing key insight and perspective. Malone has co founded three different software companies, and is also affiliated with the Massachusetts Institute of Technology (MIT). You can read more about Omega’s team here!
With Omega’s incredible team comes our mission: to maximize profit while ensuring we fund companies with the potential to benefit all of mankind. This philosophy ensures that our team makes cutting-edge financial decisions while also creating a portfolio we’re proud of: one with the potential to make all lives a bit better.
At Omega, we truly care about making this world a better place; we care about ensuring the pros of artificial intelligence outweigh the cons. If you want to learn more about us, feel free to check out our site. If you want to read more posts like this one, our Alpha Blog is being constantly updated with new AI-related content. Thanks for reading!