The Role of Artificial Intelligence in Business: Opportunities and Challenges

Thu, 31 Aug 2023 18:00:00 GMT

Business Professional Using a Computer by Andrea Piacquadio

Artificial intelligence has been taking the business world by storm lately, especially with the recent releases of new AI software. Would using AI be a good decision for your business? Let’s look at the pros and cons.

Advantages of Using Artificial Intelligence

Cost Savings

One of the biggest reasons businesses have gotten on the AI train recently is the perceived cost-effectiveness of doing so. Many online businesses have embraced AI services to create website content, develop marketing plans, and conduct research — often without having to hire additional staff.

At the lowest level, some AI software is free, and while there are exceptions, you often get what you pay for. Are these free AI offerings good for your situation? We discuss that along with other disadvantages below.

Reduction in Human Error and Security Risks

AI can reduce human error and security breaches when used properly, though it can also suffer from its own categories of errors. AI might be good for jobs like data entry in fields ranging from manufacturing to pharmaceuticals. In finance, the lower risk of human potential for crime is a plus, though it's not just intentional acts that are costly — accidental inaccuracies can be a big problem too.

Constant Availability

Artificial intelligence systems are available 24/7. You may have noticed that already with increasing prevalence of website chatbots that can answer basic questions and direct customers to the right resources.

Data-Based Decision Making

Without any emotion involved (see more below), decision-making can be purely data-driven. Artificial intelligence is helpful in performing real-time analytics based only on facts and in making predictive analyses for the future.

Pattern Identification

Multiple industries have been using AI for years to help with pattern identification. In medical diagnostics or even astrophysics, this assistance can lead to scientific breakthroughs.

Ability to Perform Boring, Repetitive Tasks

For businesses that have jobs no human wants to do, using an AI system can get around hiring problems and lack of motivation. It’s already used in manufacturing and assembly line work, combined with robotics, which sometimes combines a physical robotic “body” with an artificial “mind.”

The Downside of Business AI

Cost Implementation and Operation

As mentioned earlier, entry-level AI can be free. But for those businesses that need more sophisticated intelligence, the AI systems will likely need to be specialized or even custom-made, which can get prohibitively expensive. And ignoring the initial training process, the operation of complex or high-powered AI can be costly too — out of reach of most companies.

Lack of Creativity and Emotional Input

As businesses have seen with experimental essays and articles written by AI and with AI-created artwork, it is no replacement for the human mind. You might be able to tell a basic story with AI, but having AI create something like a Nobel Prize-winning novel or Oscar-winning film is currently not possible.

Little Improvement With Experience

Subscription AI services, which is what most small businesses are likely to use due to its low cost, often lack the ability to improve with experience. If an artificial intelligence system makes a mistake in generating content for your website, for example, it’s likely going to keep making that error in the future.

Ethical Concerns

There are a host of ethical worries associated with AI. Plagiarism is a top issue, as basic AI software doesn’t always recognize original or copyrighted content and may spit it back verbatim.

For people who aren’t sold on written work produced by artificial intelligence, AI detectors aren’t considered reliable and often mistake human-generated work for AI and vice versa.

Finally, there is the issue of replacing humans with software. Do companies want to take away jobs and livelihoods and replace them with machines? What if they get rid of most of their human staff only to find AI isn’t the panacea they thought it was?

Don’t Trust Your Insurance Protection to Artificial Intelligence

You may be comfortable using AI in a number of capacities, but you should never use it to replace a trusted insurance agent. You’ll never get the relationship, personalization, or intangible extras that you get with the independent agents at Silvermark Insurance. When it comes to your business insurance needs, we’re here for you in ways a piece of software never will be. Call Silvermark Insurance at 425-882-9418 to tell us about your business insurance requirements, or get a quote online at your convenience.

Read the full article at www.silvermarkinsurance.com

Defensive Driving Techniques to Avoid Accidents and Insurance Claims

Thu, 24 Aug 2023 18:00:00 GMT

Man driving a car by JESHOOTS.com

If you want to reduce your risk of traffic accidents and the insurance claims that accompany them — which could cause your premium to go up — you need to drive defensively. Here are some driving tips to help you avoid crashes and stay safe on the road.

Always Assume Other Motorists Will Make Mistakes

Defensive driving means always anticipating that other vehicles will be careless or worse, break the law. So, when you come to a four-way stop, for example, don’t assume other motorists will know the right-of-way laws. It’s always better to wait a few seconds and let others go first than to risk a crash.

Don’t Drive Distracted or Under the Influence

In most places, it’s illegal to have a mobile phone in your hand while driving, whether you’re talking to someone or checking a text. Stow your device, and use hands-free or voice-activated aids if you need to have a conversation or get directions. Or you can pull over if you must manually use your phone.

Other common distractions that should be addressed include:

Kids fussing or fighting
Unrestrained pets
Eating and drinking
Loose items in the cabin
Loud music

Watch Your Speed

Statistically, many accidents in the United States, including those with fatalities, involve operating over the speed limit. Obey posted speed limits, and be especially vigilant in school zones and pedestrian areas.

You may need to drive under the speed limit if traffic is heavy, the weather is bad, the roads are slippery, or there is road construction nearby. Dawn and dusk are also times when you could experience poor visibility, so slow down if necessary and turn on your headlights.

Use Your Turn Signals

Many drivers ignore their turn signals, weaving in and out of traffic and turning without warning. This also contributes to accidents.

Pick the safest lane if you have options, and try to stay in it as much as possible. For instance, if you are on a highway with at least three lanes in one direction, choose the center lane to avoid passing and merging vehicles. When you do need to change lanes, turn on your turn signal well in advance to alert other drivers of your intentions.

Be Aware of the Most Dangerous Driving Scenarios

There are situations where accidents are more likely to occur than others. These include:

Railroad crossings
Highways
High-speed boulevards with frequent traffic signals
Uncontrolled intersections
Left-hand turns
Parking lots
Winding rural roads
Motorways used by large trucks

Be extra careful in these scenarios. Don’t drive too close to semis; if you must pass one, give yourself plenty of space and avoid driving for too long alongside the truck. If a truck is following too close to your bumper (tailgating is another defensive driving no-no), pull into another lane or off the road to let it pass.

Reminder: Always Carry Proof of Insurance with You

Sometimes, despite practicing defensive driving, you can still get in an accident. You must carry proof of insurance with you for these situations or for when stopped by law enforcement. Most states today allow you to have an electronic version of your insurance ID card on your phone, but it’s good to have a paper copy in your glove box.