The Pros and Cons of Using Artificial Intelligence as a Business Tool

We’re already living with a myriad of benefits of artificial intelligence (AI) in our everyday lives, but as AI continues to develop, it’s time to look at the advantages of artificial intelligence in the workplace.

83% of organizations say that AI is a top priority in their business plans.

Many roles already use AI, from writing web copy, calling prospects, and even answering customer issues. Plus with ChatGPT’s latest iteration impressing workplace leaders, we’re seeing more AI investment and faster development.

What AI can truly replace is still up to debate, but as the technology develops, we’re developing a pretty good idea of what AI at work will be able to do and replace.

Before we dive into the advantages or disadvantages of artificial intelligence for your business, let’s take a brief look at what exactly AI is and how we use it.

Note: If you already have a good idea of AI, then scroll to the pros and cons below!

Some AI Basics

There are two types of AI: narrow and strong.

Narrow (or “Weak”) AI includes virtual assistants like Apple’s Siri or Amazon’s Alexa, search engine algorithm recommendations, and chatbots.

Netflix’s predictive nature to suggest another true crime documentary? AI algorithms on social media feeds? Self-driving cars?

That’s all Narrow AI, more commonly known as Weak AI. It’s all around us supporting and influencing our day-to-day choices and making life a little easier.

Strong AI doesn’t exist yet. It would be the equivalent of a supercomputer of human intelligence— think sci-fi movies like 2001' A Space Odyssey or Iron Man. That tech lives in the future many engineers are working toward.

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Are Deep Learning and Machine Learning the Same as AI?

If you’re looking into AI, then you've probably heard machine learning and deep learning used interchangeably. In fact, at your next dinner party, impress your friends and tell them that the two are not the same.

Think of them as a Russian doll: the largest is AI, within that is machine learning, then within that is deep learning.

Machine learning systems use algorithms and analytics to provide predictive models. They build upon experience with you. Think TikTok's 'For You' page, search engine results, or Google Maps. You get results based on who you interact with and your usage.

Deep learning is a subset of machine learning and encompasses everything it does, then takes that to a new level.

Instead of human interaction helping it tweak itself, deep learning uses algorithms inspired by the human brain and huge amounts of big data. So it’s constantly receiving data sets and updating.

Think of Deep Learning as facial recognition apps, personalized shopping on Amazon, and vision for driverless cars.

So, if AI has been all around us, why the hype right now? In 2022, ChatGPT, a chatbot system using natural language processing (NLP) to generate conversations, gained momentum for version 3.5’s personable writing and translating ability.

ChatGPT quickly became a favorite of creators, students, and businesses who loved how easy it was to use and saw strong potential in saving time on repetitive jobs or tasks.

What is All This Chatter About ChatGPT (in Simple Terms)?

ChatGPT blew up the internet recently and lit a match in collective imaginations on the potential of AI. Rather than tell you about ChatGPT. Here’s what it’s up to in its own words:

“ChatGPT is an advanced computer program created by OpenAI that is designed to converse with people using natural language processing. It's called ‘GPT’ because it's based on a technology called ‘Generative Pre-trained Transformer’ that uses machine learning algorithms to generate human-like text based on the input it receives.”

And here, according to ChatGPT, is why it’s so popular:

“ChatGPT has gained a lot of attention because of its ability to generate text that is often difficult to distinguish from that written by a human.”

Thanks, ChatGPT!

As you can see from those very clear, succinct responses, ChatGPT changes the game for commercial use. More businesses now see AI as a viable solution to streamline work or even replace roles.

So, if you’re wondering whether AI is for your business and what the pros and cons of artificial intelligence would be, read on!

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Pros of AI #1: Efficiency

With systems like ChatGPT or Copy.ai, teams utilize copy automation to quickly craft anything from website text, support chats, and prospect emails. This frees up an employee’s time to edit, add personal nuance, and develop a strategy.

Chatbots help organizations with digital marketing, from developing detailed blogs, social media posts, and more, so marketing teams can focus their energy on building a content marketing strategy for their brand.

Chatbots and speech recognition can also make repetitive tasks like answering FAQs or gathering basic information over the phone easier. Customer Experience teams use AI technology to provide customer support, gather needed information on their issues, and direct customers to the right resources.

AI tools even help organizations take advantage of eco-friendly initiatives to make workplaces greener. AI shows where to place wind or solar panels, detects office light use, and tracks your workplace’s emissions so you can provide your environmental impact to conscious consumers.

Pros of AI #2: Open 24/7

One of the biggest advantages of AI: it doesn’t sleep. Available 24/7, AI supports departments within your organizations and your consumers. This is a huge asset for global teams and customers.

For customers on your website, chatbots give 24/7 customer support with real-time, high-quality responses. Investors use AI systems to receive ongoing stock price predictions at all hours, no matter if you’re in Hong Kong or Atlanta.

With remote work, teams around the world will work efficiently with the right AI tools. Malware detection and security keeps their laptop safe for sensitive work. Digital assistants make the day-to-day easier to schedule meetings and keep everyone in the loop on company-wide updates.

Programs like ChatGPT can learn your organization’s core values, brand style, and state of your organization to be a digital handbook for your employees, so everyone can stay aligned, despite being far apart.

Pros of AI #3: Decision-Making

Deep learning systems support many organizations and consumers with decision-making already. Consumers see product recommendations catered to their individual needs and tastes, increasing the likelihood they would purchase.

Stock price predictions make it easier for traders or investors to sleep at night, knowing their systems are ready to buy or sell at certain price caps. AI keeps bank accounts safe with automatic fraud analysis.

Many businesses also use sales or trend forecasting to plan for their quarter or year ahead.

These data-driven insights help businesses and organizations make better decisions and open up potential roles for data scientists in organizations.

Pros of AI #4: Innovation

With AI providing high-quality results, many organizations use AI to replace everyday, repetitive tasks open to human error. This opens up space for innovation and creativity.

ChatGPT itself said that “AI can help drive new discoveries and technologies, such as in healthcare, finance, and scientific research.”

By streamlining information collection and admin work, your people can spend more time on the personalization, connection, and creative aspects of their roles.

For instance, some banks use AI for chief compliance officer (CCO) roles, freeing up General Counsels (GC) to focus on strategic, legal, and risk. McDonald’s human resources used an AI hiring manager called Olivia to interview and hire workers to fill roles when needed.

AI opens doors for organizations and individuals to perform at their peak. However, there are cons of AI we should also understand.

Cons of AI #1: Has a Limit

Anyone who’s been on hold with AI phone support or typed in a complex problem into an AI-powered Support Chat knows AI goes only so far. Cue frustration and desperately asking the bot if you could speak to a human being.

AI has a limit because it depends on the data it uses. Sadly, AI cannot offer an empathetic Customer Experience or Sales Person who can turn that displeased customer around.

AI applications lack the nuance and judgment of human beings. It knows as much information as we provide, so it can’t address complex problems or critically check its responses. Is it personable for the person on the other end? Is it true information?

AI doesn’t know if it utilizes false or biased information, which means there is potential to disseminate fake news, fast.

Cons of AI #2: Ethical Concerns

Machine learning relies on data, and to create those Art AI images or real-time responses, AI needs to pull information and inspiration from somewhere.

On one end, ChatGPT was transparent with their data. They cited sources like Wikipedia, outbound Reddit posts, online books, and a filtered Common Crawl (a huge archive of creative common use from the internet).

On the other end, we have reports of consumer data tracked all over the country to provide product recommendations and human artists concerned over plagiarism for artwork. Images produced by AI artbot Lensa even recreated the artist’s signature in reproductions. So was that reproduced art plagiarized?

If AI is to work properly, it needs to have more data to learn, so where is the line for security, privacy, and ownership?

Cons of AI #3: Bias

AI is only as good as the data we give it, and that brings problems if the data or algorithms are unconsciously biased.

For instance, early on, facial recognition software had a 90% accuracy rate at identifying white, middle-aged men with a disproportionately low accuracy when identifying Black Women.

IBM and Microsoft now look at combating bias by reviewing testing cohorts and widening their data to review demographics, but bias issues are prevalent within AI. A big reason might be the lack of diversity and support for underrepresented groups in high-tech roles and organizations.

A lack of diversity, equity, and inclusion (DEI) in the development team or organization results in less representation when planning, testing, and producing the final version.

While organizations continue to actively fill the pipe with diverse tech workers, companies still need to foster DEI within their organizations to increase diverse employee retention.

Organizations can even create an employee resource group (ERG) to actively support women or people of color in tech.

Cons of AI #4: Job Displacement for Human Workers

While AI makes it easier to replace admin tasks, this means repetitive jobs might replace human workers entirely.

Roles like financial institution's CCOs, sales representatives, investment analysts, and customer support reps are already being replaced with AI technology. As AI develops, more roles will be added to the list.

Replacing human workers with AI could result in an economic downturn and false information, ultimately leading to unfair or discriminatory outcomes and practices.

Where Do We Go With AI?

In our digitized world, utilizing AI makes it easier for our business to run smoothly and more efficiently. AI is already here making our personal lives easier, so it’s time to see where there’s space in our work lives too.

However, don’t forget that along with the tremendous uses, you should still consider the disadvantages of artificial intelligence. Always do your research to ensure you’re using AI responsibly and in the best possible way for your team.

What does workplace engagement look like in a digitized world? Chat with our team to create your strategy!

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