Artificial Intelligence (AI) is growing rapidly, from SIRI to self-driving cars, the ideas seem limitless. While fiction depicts AI as robotics with human-like attributes, AI systems can encompass almost all aspects of human life, for example, Google’s algorithms and autonomous weapons. Artificial intelligence investment companies are constantly looking for new opportunities and evaluate risks to make a safe investment. AI investment has grown significantly in recent years due to the vast developmental opportunities. However, like every other thing in this world, AI also has a fair share of risks present. Potential investors need to take a look at some of these risks and opportunities before making artificial intelligence investments in any AI tech startup or company.
AI today is termed as “Weak AI” because of the design that focuses on narrow usage (self-driving cars or facial recognition only). However, that long term goal of developers involved is to make it a strong AI with the ability to cover all the fields of human life. For this purpose, making an AI investment needs careful research and planning to pursue. Let us look at some of the most prominent opportunities and risks associated with AI development.
Due to self-analysis and recommendation features, AI has become an important tool for marketing activities. Using these features, AI programs make recommendations to potential customers based on their interest and search histories, opening an opportunity for a new sale. Those planning to make an artificial intelligence investment see this as a low cost yet effective marketing opportunity. AI platforms help in managing marketing operations across various channels like Google, Facebook, and Instagram, etc.
For successful business growth and development, it is essential to keep track of your competitors and their activities. An unfortunate aspect is that most businesses fail to make such analysis due to busy schedules. AI investment comes in handy as its sophisticated tracking algorithms can easily identify and track the patterns of competitors and make predictions about their next move.
Make Use of Big Data
Big data analysis has become a huge part of today’s digital activities, and it is of no surprise that every organization wants to use both online and offline information to make a data-driven decision. These informed decisions help businesses grow and develop and also to provide data-producing workflow. Artificial intelligence investment companies have considered this factor to make use of big data techniques and reap the benefits it possesses. AI tools integrate and analyze the data across various platforms to achieve time-saving analytics and provide suitable reports.
Integrated Customer Support
Integrated customer support is another opportunity that AI investment gives to a business. Automated chat systems, responsive interfaces, and other features are all part of giving an optimal customer experience and of helping the support team in providing prompt response to any issue. Whenever an AI integration is used, it indicates a significant reduction in handling time as well as improvement in the overall response rate.
Risks in AI Investment
Not so Advanced Computing Systems
Traditional computing systems used by businesses may not be able to handle the advanced operations of AI programs and requires a lot of processing power. Make sure to have a powerful computing system before making an artificial intelligence investment to mitigate the risk of a system crash. As the data volume goes up, more storage space along with parallel processing systems will be needed.
Many people do not trust the decision made by a machine rather than a human, and as such trust factor becomes a major challenge for someone deciding to make an AI investment. Hence, AI systems have a lot more to do in terms of generating trust among the masses, and those associated with a technology need to create an awareness that the system works.
Privacy And Security
A decision is made by AI systems based on learning from packets of personal information and data present. Hence machine learning is dependent on data that is both sensitive and personal. These systems are very much prone to data breach and other vulnerabilities. Artificial intelligence investment companies need to lay emphasis on the security and privacy issue before jumping in to fund a certain startup for the service.