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5 AI myths you need to stop believing immediately

Will the development of AI really lead to more humans being put out of work? Does the average person actually care about using AI? We take a look at some common AI myths and why they shouldn’t be believed.

1) AI will steal your job

One of the most common-held beliefs is that AI, and AI-powered robots, will replace us in the workplace. After all, it will save businesses money, right?

While AI has the potential to save companies millions, it doesn’t mean that everyone is suddenly going to be out of a job. AI is designed to free workers up from menial, laborious tasks, so they can focus on the more creative or personable aspects of their role, and it’s this increased efficiency which will save so much money.

Deloitte believes AI could free up to 30% of government workforce’s time within five to seven years, as long as there was adequate investment and support available. This could save “billions of dollars annually”, money which could be better spent on vital services, such as education and healthcare.

There may be some roles which eventually become obsolete over time, but that’s only natural – when did you last meet a candlestick maker? Here at Feefo, we believe AI will create more jobs than destroy existing ones. Read more here.

2) Consumers aren’t ready for AI

Google Home

It’s not about being ready; whether you realise it or not, AI has already become a big part of your daily life and it’s never too early to start making the most of the technology when it comes to your business.

Chatbots are regularly used to supplement busy customer service teams, and Outlook’s Clutter feature keeps email inboxes everywhere relevant and tidy. In addition, devices like Amazon Alexa and Google Home are now welcome members of our households, offering to help us with a number of tasks, including ordering pizza, finding a favourite song and doing the weekly shop.

3) You need a huge budget and team of experts to implement AI

If your business has smaller teams and limited budgets, you may think that you can’t afford to invest in such an advanced technology, but it’s simply not true. There is a growing number of ‘off-the-shelf’ solutions available, designed to help you with specific tasks and areas of your business. Whether you’re considering using chatbots to improve your customer service, or need a tool that will help build trust and boost sales, there’s an easy to use AI solution out there for you!

According to our research, 24% of organisations are planning to acquire off-the-shelf solutions, in a bid to overcome their AI skills gap. At Feefo, we currently offer two AI-powered products: Performance Profiling and Smart Themes. No additional coding is required to implement either of these technologies, and they give businesses unrivalled insight into product and service performance.

4) Businesses don’t believe AI is important

Outside of the likes of Microsoft, Amazon and Google, businesses don’t really believe AI will have a big impact on their business, or their industry, right? Wrong. In fact, Feefo research shows 96% of senior IT decision makers believe the technology will have a positive effect on their organisation’s customer engagement, and 66% think a failure to adopt AI would lead to a loss of competitiveness.

AI isn’t just for the big guns. If you want to stay competitive, you need to look into how your business can best utilise AI now.

5) AI will provide immediate results

Handshake between robot and man

Even off-the-shelf solutions aren’t going to magically fix a business issue overnight. Artificial intelligence only works when it is fed a constant stream of quality data. The more data, and the wider the variety, the better!

Smart Themes, for example, continually learns what shoppers are most interested in by analysing every Feefo review. It then creates ‘topics’ based on what those customers are talking about, allowing fellow consumers to look up reviews about specific product features, such as a smartphone’s camera, battery life, or screen. The more reviews are collected, the more accurate and therefore helpful these topics will be.

AI: separating fact from science fiction

There may be plenty of scaremongering when it comes to AI, but the truth is no one knows just how significant a role it will play in our lives in the distant future. What is evident right now, is that AI has a huge potential to boost efficiency, cut costs and improve customer relationships. That’s something worth investing in.