5 Myths About Using AI In Your Business

Breaking down and debunking common AI misconceptions

We’ve covered what artificial intelligence (AI) is, the benefits of using it in business, and which companies should be using it.

But for many, the question remains: Is AI suitable for my industry or business?

Simply put, yes. That AI is reserved for clandestine government missions or tech-savvy businessmen is a myth. In reality, AI can be used in and can potentially benefit all industries.

Of course, that’s not the only myth surrounding AI technology. Let’s take a look at – and debunk – some of the most common AI beliefs that may be holding you back from using it in your own business.

1. You must be in a specific industry to justify using artificial intelligence in your business operations

When people think about artificial intelligence (AI), they think about Hollywood’s version, which often includes top-of-the-line equipment reserved for the most exclusive industries.

In real life, AI is used far more often than that. In fact, 2 in 5 brands are using it daily.

Most commonly, it can be found in businesses focused on engineering, R&D, manufacturing, or software – but it can also be used in sectors such as retail, academia, and marketing.

Using AI is an excellent way for businesses of all types to stay ahead of the competition, streamline everyday tasks, lower costs, and more.

2. AI and machine learning are the same things.

Remember, AI is defined as the “ability of a digital computer or computer-controlled robot to perform tasks” most often performed by humans. Simply put, AI allows us to create machines that can complete tasks that most often require human intelligence and guidance.

On the other hand, machine learning is when a computer trains itself and learns from an algorithm that data is fed into. Essentially, it is the driving force behind AI.

Bernard Marr, an expert in the field, defines the difference between the two in an easy-to-understand way:

“Artificial Intelligence is the broader concept of machines being able to carry out tasks in a way that we would consider ‘smart.’

Machine Learning is a current application of AI-based around the idea that we should really just be able to give machines access to data and let them learn for themselves.”

If you’re left scratching your head, we recommend checking out our guide to AI and how it works with ERP software in a business setting.

3. AI will replace your employees and reduce your workforce

One of the most significant concerns employees have when it comes to AI is the threat of being replaced. The fear makes sense: Why keep a human on the payroll when a machine can do their job?

In reality, AI is not about getting rid of jobs or replacing humans. Instead, it’s about helping employees do their jobs more efficiently.

AI focuses on reducing repetitive, mundane tasks such as scanning documents for relevant information or for data entry. When these tasks are streamlined, human error is eliminated, operating expenses reduced, and efficiency increased. It also allows for employee satisfaction to grow, as employees can focus on more important tasks.

There is also a popular myth that AI will one day be more intelligent than humans. While AI can handle complex data while completing tasks promptly, it can only do so because humans have created logic and datasets for it to follow.

At the end of the day, think of AI as a coworker who excels in collaboration and allows employees to work more efficiently and accurately.

4. It only helps simplify technical tasks

AI is not limited to technical tasks. In fact, using AI can benefit several business operations, including:

  • Accounting
  • Analytics
  • Customer service
  • Data mining
  • Demand planning
  • Finance
  • Forecasting
  • HR-related tasks, such as matching candidates to open positions
  • Marketing
  • Purchasing
  • Sales automation
  • Warehouse management

5. Your business doesn’t need an AI strategy

Because AI is a transformative technology, every business should consider the impact that AI could have on its strategy and business problems.

There are two key ways AI can transform a business for the better:

By creating intelligent products or services that make a consumer’s life easier, more streamlined, and more connected (all of which are expected from a product in 2021).

By designing more innovative business processes that are automated and optimized for success. The sky’s the limit and could include automatic cost savings recommendations, predictive chat technology, or collecting competitor data.

Your AI plan will depend on your business goals and strategies. Like most things, no two businesses are the same in these, and you need to be clear on what yours are. Only then can you create an AI strategy that works for your business.

At VIRTUTEM, we help our clients create their strategy to improve the operational efficiency of their business. Get in touch to learn more today.

About Virtutem

At Virtutem, it’s all about our clients. We keep our focus on understanding what’s important to you, your business and your success. We build strong relationships based on a deep understanding of what matters to you most. Our strong, client centered approach differentiates us. To be considered your consultant of choice, we strive to understand you, your business and your goals. By sharing the ideas and insight of our most senior professionals, we bring our local and global knowledge and resources to your environment so you feel empowered to move forward with confidence.