Artificial intelligence (AI) is on the rise both in business and in the world in general. How beneficial is it really to your business in the long run? Sure, it can take over those time-consuming and mundane tasks that are bogging your employees down, but at what cost?

With AI spending expected to reach $46 billion by 2020, according to an IDC report, there’s no sign of the technology slowing down. Adding AI to your business may be the next step as you look for ways to advance your operations and increase your performance.

To understand how Artificial Intelligence will impact your business going forward, Here we will discuss 7 key points (By Forbes Technology Council):

1. Enhances Efficiency And Throughput

Concerns about disruptive technologies are common. A recent example is automobiles — it took years to develop regulation around the industry to make it safe. Artificial Intelligence today is a huge benefit to society because it enhances our efficiency and throughput while creating new opportunities for revenue generation, cost savings, and job creation.

2. Frees Up Humans To Do What They Do Best

Humans not best served by doing tedious tasks. Machines can do that, so this is where AI can provide a true benefit. This allows us to do the more interpersonal and creative aspects of work.

3. Adds Jobs, Strengthens The Economy

We all see the headlines: Robots and Artificial Intelligence will destroy jobs. This is fiction rather than fact. AI encourages a gradual evolution in the job market which, with the right preparation, will be positive. People will still work, but they’ll work better with the help of Artificial Intelligence. The unparalleled combination of human and machine will become the new normal in the workforce of the future.

4. Enhances Our Lifestyle

The rise of AI in our society will enhance our lifestyle and create more efficient businesses. Some of the mundane tasks like answering emails and data entry done by intelligent assistants. Smart homes will also reduce energy usage and provide better security, marketing will be more targeted and we will get better health care thanks to better diagnoses.

5. Increases Automation with AI

There will be economic consequences to the widespread adoption of machine learning and other AI technologies. AI is capable of performing tasks that would once have required intensive human labor or not have been possible at all. The major benefit for business will be a reduction in operational costs brought about by Artificial Intelligence automation — whether that’s a net positive for society remains to be seen.

6. Solves Complex Social Problems

Much of the fear of AI is due to the misunderstanding of what it is and how it should be applied. Although AI has promise for solving Complex Social Problems, there are ethical issues and biases we must still explore. We are just beginning to understand how AI can be applied to meaningful problems. So as our use of AI matures, we will find it to be a clear benefit in our lives.

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7. Benefits Multiple Industries

Society has and will continue to benefit from AI based on character/facial recognition, digital content analysis and accuracy in identifying patterns, whether they are used for health sciences, academic research or technology applications. Artificial Intelligence risks are real if we don’t understand the quality of the incoming data and set rules which are making granular trade-off decisions at increasing computing speeds.