Ihor Bauman, founder and CEO of employee.
Who would have thought that 2023 would be the year of amazing technological breakthroughs? If someone had told me about it beforehand, I would have joked about how it looked like something out of a sci-fi movie. But here we are, on the cusp of a world where AI and robots are poised to take over. Although, let’s face it, artificial intelligence has been around for a while, but it’s only recently that people outside of the tech bubble are waking up to its ubiquity.
AI algorithms have gone far beyond simple tasks like browsing the web, shopping online, or navigating a new restaurant. We’re seeing remarkable results with conversational AI tools like OpenAI’s ChatGPT, Bard AI, and DialoGPT in generating everything from code to social media content. These technical tools can handle both creative and everyday things. As a user, I am impressed with what these tools are capable of.
Modern companies, including mine, are now integrating generative technologies for the benefit of customers and business. But what does this mean for the current working population?
Are we all going to lose our jobs to shiny robots?
In my opinion, the rise of AI will cause job losses. No one knows how many jobs these machines will take away, but some studies claim that By 2030, 45 million Americans could be unemployed. That’s about a quarter of the total U.S. workforce.
Globally, the next decade could see the possibility of 1 billion people losing their jobs to AI. At the same time, an additional 375 million jobs are at risk of becoming obsolete due to the impact of AI automation.
With this said, it’s important to emphasize that estimates vary wildly depending on who you ask. Research from the University of Oxford and other institutions say that from somewhere 9% to 47% of jobs can be taken over by AI.
Does this mean that AI is only bad news?
Despite the potential job losses, I believe that artificial intelligence has a lot to offer the modern workforce.
It can open up new job opportunities for those looking to expand their expertise. More people will see the need to join forces with AI and learn how to use the smart algorithm to work for them, which could offset potential job losses.
Let’s not forget one of the main benefits in terms of increasing efficiency and productivity. According to an Accenture study on why artificial intelligence is the future of growth, AI could increase labor productivity by up to 50% 40% by 2035 by taking over stressful and routine tasks, allowing people to focus on more strategic and creative work. This saves time, reduces errors and increases overall accuracy.
On the bigger picture, economists predict that AI will create 97 million jobs and will benefit the economy by $15.7 trillion by 2030.
Sure, we’re all a little worried about how AI will shake up the job market, but let’s not forget the silver lining, folks. AI has enormous potential to bring about beneficial outcomes for businesses and workers, as long as we can channel the capabilities of this technology to create a brighter future for the modern workforce.
Where can we expect changes?
With all this in mind, I think these areas can expect major growth from taking advantage of the use of AI:
1. Customer Service: AI can significantly improve customer service by providing 24/7 support and answering common customer questions quickly and accurately. This can reduce the workload on human customer service agents, increase customer satisfaction and improve customer retention.
2. Content Creation: AI can be used to generate content ideas, assist with research, and even draft full articles or blog posts. This can save content writers time and provide a valuable resource for consistently producing high-quality content.
3. Data Analysis: AI is already used to analyze large amounts of text data, such as customer feedback or social media comments, and to identify patterns and trends. This can provide valuable insights into customer sentiment and preferences, which can inform business decisions and improve product or service offerings.
At the same time, I believe people will always pay extra premium for uniqueness. Covid brought people online, layoffs showed that freedom is possible when you operate as an individual company, and now AI is forcing people to deliver unique value in their work. Modern workforce, we must embrace the fact that AI is here to stay; it’s time to stop fearing “the robot takeover” and use AI to our advantage. With the right training and approach, AI can indeed help us work smarter, not harder.
How can leaders benefit from AI?
Companies that can figure out how AI can boost internal processes and improve the customer experience for them hold a key to growth and scale. To start:
1. Start with a clear strategy. Before we dive into AI initiatives, it’s important to have a clear strategy that outlines the goals and objectives of using AI. This strategy should align with the company’s overall mission and vision.
2. Create a dedicated team. It’s a good idea to assemble a dedicated team of experts to lead the AI initiatives within the company. This team should have a mix of technical and business expertise to ensure that AI projects are aligned with business objectives.
3. Seek outside help. Depending on the level of expertise within the company, it may be necessary to seek external help from AI professionals or consultancies. When seeking outside help, companies should look for individuals or companies with experience in their industry and a proven track record of successful AI projects.
4. Focus on data quality. AI relies on high quality data to function. Therefore, it is important for companies to focus on data quality and ensure they have the necessary infrastructure in place to support the collection, storage and analysis of data.
5. Emphasize ethics and transparency. AI can raise ethical concerns, so it’s important for companies to prioritize ethical considerations and ensure that AI models are transparent and explainable.
The global workforce should expect major changes over the next decade, and I believe people will lead those changes.
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