Six AI Myths Debunked

To generate value, leaders must fully understand how AI works and where its limitations lie. Myths include, “Artificial intelligence (AI)I will automate everything and put people out of work.” “AI is a science-fiction technology.” “Robots will take over the world.”

- Jennifer Lee

The hype around AI has produced many myths, in mainstream media, in board meetings and across organizations. Some worry about an “almighty” AI that will take over the world, and some think that AI is nothing more than a buzzword. The truth is somewhere in the middle.

“Throughout the COVID-19 crisis, the majority of organizations have been maintaining or even increasing their investments in artificial intelligence,” says Saniye Alaybeyi, Senior Director Analyst, Gartner. “However, only half of these projects ever make it to production.”

AI is not only augmenting mundane jobs. IT leaders need to create value for AI by establishing business benefits such as cost reductions and operations improvement by providing practical applications of the technology.

MYTH NO. 01:

AI IS AN UNNECESSARY LUXURY IN TIMES OF THE COVID-19 PANDEMIC

AI is emerging as an important enabler of cost optimization and business continuity during the COVID-19 crisis. Contrary to the misconception that AI is an unnecessary luxury when enterprises are struggling with cash flows and uncertain economic conditions, AI is generating revenue. It is improving customer interactions, analyzing data more quickly, generating early warnings about upcoming disruptions and automating decision making.

MYTH NO. 02: