This piece by Robbie Morrison , CEO of Velosio , was initially published on Forbes.com. Check out the original here.

One of the most hyped technologies in recent years, artificial intelligence (AI), has emerged as a disruptive force for businesses, the likes of which we haven’t seen since the emergence of cloud technology. The global AI market is growing like wildfire, with projections suggesting it could reach over $1.8 trillion by 2030.

Much of what I can tell you about AI today, I wouldn’t have been able to say six months ago, and what I tell you is overhyped may be possible in six months—that's how quickly the technology is changing. There are a lot of myths and misconceptions floating around when it comes to AI, which may be holding business leaders back from adopting it.

AI Is AI—It's All The Same

Some people think that AI is the same as the other types of AI: generative AI, machine learning and deep learning. The truth is that AI is a broad field that encompasses the development of computer systems capable of performing tasks that typically require human intelligence. These tasks include visual perception, speech recognition, decision making and language translation.

On the other hand, generative AI, a subset of AI, refers to the ability of AI systems to generate new, original content, such as text, images, videos or audio, often in response to prompts. Machine learning (ML) and deep learning (DL) are interconnected fields representing different layers of data processing and automation. ML is a subset of AI that involves algorithms learning from data to make predictions or decisions without being explicitly programmed for the task.

DL, a further subset of ML, uses neural networks with many layers (hence "deep") to analyze data, allowing the machine to perform complex tasks like image and speech recognition. Are you confused now? Wait until the next big AI development arrives—general AI, which aims for a machine with a consciousness that can exhibit self-awareness and emotional understanding.

AI Is Going To Take Over My Job

There’s a misconception that AI will take over everyone's jobs. The truth is that AI still requires human intelligence to be effective and will enhance people’s jobs instead of replacing them. AI has the potential to automate up to 70% of employees' time spent on repetitive tasks, which can significantly boost productivity across various sectors.

At Velosio, we are looking at ways to use AI in our back office to automate tasks like collections further. That doesn't mean we will no longer need a collections manager, a controller, a staff accountant or an operations manager. We need those roles filled to interact with AI, and it allows our team to become more efficient so we can scale and grow faster.

The fear that AI could take three jobs and combine them into one is understandable. However, AI's role is to support and augment human tasks, not render them obsolete. By utilizing AI to automate repetitive tasks, employees' time is freed up to focus on higher-value, strategic tasks that will ultimately drive growth through innovation.

AI Doesn’t Require Training

Some people think anybody can use AI and get the same results, but that is not the case. For instance, generative AI combines multiple sources of information into one train of thought—but then you need to determine if it’s a valid response. After all, it’s still a computer on the other end, so you need expertise in the best ways to ask the right questions—also known as prompt engineering.

For example, when you talk with someone for the first time, you must determine how to communicate with them. Will you speak English or French? Will you speak to them like you would speak to someone with a Ph.D. or a sixth grader? It's the same with generative AI—you need to determine how to best interact with it, and a knowledgeable person can interface with it at a much higher level. This takes time, but there are also training courses on prompt engineering to get you there faster.

Quick Tip: Increase the effectiveness of your AI interactions by starting with clear and simple prompts. From there, it gradually builds complexity. This approach sets a strong baseline for your queries and will improve your skills with prompt engineering.

AI Won't Work For My Business

AI has the potential to help any business process across all industries where there are repetitive processes, undocumented processes or procedures or anything that requires hands on keyboards. Also, think about anything you currently outsource to a third party—it may make sense to let AI handle it, saving you money. For every $1 a company invests in AI, they realize an average return of $3.50 within 14 months, according to a recent study conducted by research firm IDC and sponsored by Microsoft.

Think about ways to glean more information from your data. AI could have the most impact on data analytics, and I’m excited about what some of our clients are doing in this area. AI can tap into various data sources to streamline workflows and improve sales response times. Salespeople can access the app on the go for complete customer information.

The bottom line is, don’t let myths and misconceptions hold you back from adopting AI. As it advances, the potential applications for AI in business are expanding, promising to deliver significant competitive advantages to those who adopt it. I don’t want you to miss out on efficiency gains within your company by failing to embrace the new technology.