The pandemic has highlighted the significance of Artificial intelligence in almost all aspects of human lives from banking to education to healthcare and numerous other businesses as well. Realizing the potential of AI technologies to solve complex business problems, companies are speeding up to provide AI solutions in their businesses. PwC, one of the big four accounting firms in their recent report has noted that Artificial Intelligence will be a game-changer of this era and is expected to contribute around $15.7 trillion to the global economy by 2030.
Despite the incredible outcomes Artificial Intelligence exhibit in businesses, the pandemic has highlighted some of the problems in using this technology such as privacy and security risks, accuracy, and explainability. There are no strict measures for ensuring the security and accuracy of the data generated, train AI models effectively to support businesses in solving complex problems. Inefficient use of AI-driven technologies not only harm businesses but also put lives at risk. Thus it is critical to know the limitations of AI so that businesses can develop a framework and guidelines for the effective use of AI.
The pandemic has made businesses hugely rely on AI to improve their operations. The key concern AI adoption raises is the pre-existing prejudices in the decision-making process against a specific section of people using the AI models. This can be largely attributed to the humans involved in training those data that finally comes as AI judgment. It is because the AI model used to recognize people are trained only on a specific data set not diverse in castes, genders, races, and people of different communities that get reflected in the decisions made by the facial recognition systems. These biases can harm other sectors like making employment decisions, provide healthcare services, etc. Thus to avoid these biases, developers need to understand the intention for which the model is created and then curate relevant data to train those models. Another concern is the lack of reliability of data. So businesses need to make sure that the data fed to the AI model is sound and relevant. Added to this AI is also raising privacy concerns as companies use customer data to advance their AI systems.
AI indeed has the potential to transform human lives and businesses but the challenges and limitations of AI models need to be addressed and necessary guidelines and framework has to be created for its ethical usage.
