Give Us 8 Minutes, We’ll Give You the Truth About AI for Small Business (INFOGRAPHIC)

Pros and Cons of AI for Small Business

The great potential of artificial intelligence (AI) comes with some dire warnings, both real and imagined.

With the goal of applying AI technologies to achieve extraordinary good, is presenting the good and bad side in a new infographic.

Pros and Cons of AI

With such an ominous title, “AI The Dark Side versus The Force for Good” you would think the bad news is worse than it is, but the infographic is cautiously optimistic about the technology.

This bodes well for small businesses who are looking to implement AI as part of their daily operations. And as more small businesses increase their digital presence, the benefits of AI will be more impactful for the organization as whole.

The infographic says, “There is a lot of talk about the potential evils of artificial intelligence – but in the right hands AI can do extraordinary good.”

The Potential of AI

According to the McKinsey Global Institute, AI has the potential to deliver around $13 trillion in additional global economic activity by 2030. This is around 16% higher cumulative GDP compared to September 2018 when the report was published.

McKinsey says the size of the impact will be determined by micro and macro factors as organizations and countries adopted the technology. How public and private sectors go about implementing AI will in great part dictate how far it goes, both for good and evil.

AI For Good

On the good side, AI-gathered data will dramatically reduce waste, increase efficiency, deliver higher crop yields and improve the global environment.

On a personal level, AI is going to give physically challenged individuals more access whether they are blind, deaf or have limited mobility.

AI will create millions of jobs. Some of these jobs include programmers to teach AI systems, technology go betweens, and ethic controllers to ensure the integrity of AI systems.

When it comes to data scientists and data engineers, the infographic says it expects a 39% growth by 2020.

Artificial intelligence will also increase human potential by freeing up creativity because there will be a shift in how many hours Americans spend on their job as automation handles more tasks.

The issue of automation has 37% of people worried their jobs is at risk. However, an overwhelming majority or 73% said technology can never replace the human mind.

The problem is it doesn’t have to replace the human mind to take their jobs, which is where people see AI as evil.

AI for Evil

By the mid-2030s, the report says 38% of all US jobs will have the potential for automation.  This includes 53% of manufacturing, wholesale and retail trade (51%), construction (34%), human health and social work (28%), and education (12%).

A quick look at the top three industries, and you can see these are segments which generally have a large percentage of their workforce made up of low-skilled workers.

This will leave less educated workers behind, and by the mid-2030s workers with lower median levels of education will be twice as likely at risk of having their jobs automated.

Executives in the report (86%) said workers will have to change their skill sets in the future in order to address these challenges and avoid the impact of automation.

Outside of the business world, AI will create more targeted attacks in propaganda. The technology will make it much easier for privacy invasion and hacking, autonomous wars, and prop authoritarian rulers while at the same time being able to create political instability.

You can look at the infographic below for more of the ways AI will improve our lives.

Pros and Cons of AI for Small Business


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Michael Guta Michael Guta is the Assistant Editor at Small Business Trends and currently manages its East African editorial team. Michael brings with him many years of content experience in the digital ecosystem covering a wide range of industries. He holds a B.S. in Information Communication Technology, with an emphasis in Technology Management.

One Reaction
  1. AI has truly changed the way business is done. I am glad that we are now in an age where business presentation is now different.