Ihor Bauman, Founder & CEO at Workee.
Who would have thought 2023 would be the year of mind-blowing 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 verge of a world in which AI and robots are poised to take over. Although, let’s be real, artificial intelligence has been around for a while, but it’s only recently that people outside the tech bubble are waking up to its ubiquity.
AI algorithms have progressed far beyond simple tasks like browsing the internet, shopping online or navigating a new restaurant. We’re seeing remarkable results with conversational AI tools like ChatGPT by OpenAI, Bard AI and DialoGPT in generating everything from code to content for social media. These tech tools can handle both creative and mundane stuff. As a user, I’m impressed by what these tools are capable of.
Modern companies including mine are now integrating generative technologies for the benefits of customers and business operations. However, what does this mean for today’s workforce?
Are we all about to lose our jobs to shiny robots?
In my opinion, the emergence of AI will cause job losses. No one knows how many jobs these machines will take away, but some studies claim that 45 million Americans could be out of work by 2030. That’s like a quarter of the entire U.S. workforce.
Globally, the next decade could witness a possibility of 1 billion individuals losing their jobs to AI. At the same time, an additional 375 million jobs are under threat of becoming outdated from the impact of AI automation.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 anywhere from 9% to 47% of jobs may be taken by AI.
Does this mean AI is only bad news?
Despite potential job loss, I believe artificial intelligence has much to offer the modern workforce.
It can open new job opportunities for those seeking to expand their expertise. More people will see the need to join forces with AI and learn how to use its smart algorithm to work for them, which could even out the potential job losses.
Let’s not forget one of the most important 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 40% by 2035 by taking over stressful and routine tasks, freeing humans to focus on more strategic and creative work. This saves time while decreasing errors and increasing 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 immense potential to bring about favorable outcomes for businesses and employees as long as we can channel the capabilities of this technology to create a brighter future for the modern workforce.
Where should we expect changes?
With all this in mind, I believe these areas can expect big growth by benefiting from using AI:
1. Customer Service: AI can significantly improve the customer service experience by providing 24/7 support and addressing common customer inquiries quickly and accurately. This can reduce the workload on human customer service representatives, increase customer satisfaction and improve customer retention.
2. Content Creation: AI can be used to generate content ideas, assist in research and even draft entire articles or blog posts. This can save content writers time and provide a valuable resource for producing high-quality content on a consistent basis.
3. Data Analysis: AI is already used to analyze large amounts of text data, such as customer feedback or social media comments, and 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 moved people online, layoffs showed that freedom is possible when working as individual business, and now AI is pushing people to deliver a unique value in their jobs. Modern workforce, we must embrace the fact that AI is here to stay; it is time to stop fearing “the robotic takeover” and use AI to our advantage. Indeed, with the proper education and approach, AI can assist us in working smarter, not harder.
How can leaders take advantage of AI?
Companies that can figure out what way AI could boost internal processes and improve customer’s experience for them will have a key for the growth and scaling. To begin:
1. Start with a clear strategy. Before diving into any AI initiatives, it’s important to have a clear strategy in place 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 create 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 goals.
3. Seek outside help. Depending on the level of expertise within the company, it may be necessary to seek outside help from AI professionals or consulting firms. When looking for outside help, companies should look for individuals or firms with experience in their industry and with a proven track record of successful AI projects.
4. Focus on data quality. AI relies on high-quality data to function. Therefore, it’s important for companies to focus on data quality and ensure that they have the necessary infrastructure in place to support data collection, storage and analysis.
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 big changes over the next decade, and I believe humans will lead those changes.
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