Artificial intelligence (AI) has taken the world by storm in the last few years, from AI voice assistants like Siri and Alexa to the recent advancements in predictive analytics and generative AI. Artificial intelligence is changing how we live, work, and are entertained. In this post, we’ll explore how AI tech advancements impact the job market and shape the future of work.
AI is having a significant impact on the job market. The World Economic Forum’s “The Future of Jobs Report 2020" predicts AI will replace 85 million jobs globally by 2025. The same report further indicates that AI may create 97 million new roles. But, the types of jobs that AI will create will differ from those that are being lost. For example, AI is already being used to automate repetitive and mundane tasks, such as data entry and processing. This means that jobs requiring these skills will likely be automated in the future. However, machines are less likely to replace jobs requiring human skills such as problem-solving, creativity, and empathy in the near future. As AI evolves, these jobs will be impacted as well, though. The good news is that AI will enhance these jobs and take jobs requiring problem-solving, creativity, and empathy to a whole new level creating new opportunities like never before.
AI’s impact on the job market
One example of a company that has successfully integrated AI into its business is UPS. The global shipping & logistics company has been leveraging AI to optimize its delivery routes, saving them millions in fuel costs. Using AI to analyze factors such as traffic, weather, and package volume, UPS has significantly reduced the time and distance their delivery trucks travel. This has not only saved them money but has also reduced their carbon footprint.
Another way that AI is impacting work and the job market is by creating new industries and business models. For example, the rise of self-driving cars has led to new businesses that use autonomous vehicles, such as ride-hailing services and delivery companies. This has created new job opportunities for people with software engineering and data analysis skills.
The business outlook
Businesses must identify which tasks can be automated and which cannot. This will enable them to create a strategy for adopting AI tailored to their needs. For example, businesses that rely heavily on data entry and processing may benefit from adopting AI to automate these tasks. Companies that require a lot of creativity and problem-solving may want to invest in training their employees in these skills. It also means enterprises that adapt to these changes avoid being left behind. For example, brick-and-mortar retailers still need to embrace e-commerce that has struggled to compete with online retailers such as Amazon.
The future of work
Here are just a few examples of how AI is already impacting work.
Virtual assistants in the workplace – As AI-powered virtual assistants like Siri and Alexa become more advanced, they will become increasingly common. These virtual assistants can help employees to schedule meetings, prioritize tasks, and even manage their email inboxes. By automating these time-consuming tasks, employees will have more time to focus on higher-value work that requires human skills such as creativity and problem-solving.
Predictive analytics for hiring – AI-powered predictive analytics is transforming how companies approach hiring. By analyzing data on job candidates, AI helps recruiters to identify the best candidates for a given role based on factors such as their education, work experience, and skills. This makes the hiring process more efficient and effective while reducing the potential for bias and discrimination.
Collaborative robots (cobots) – Collaborative robots, or cobots, are designed to work alongside humans, automating dangerous or physically taxing tasks for humans, such as lifting heavy objects or working in hazardous environments. By working alongside cobots, humans can focus on tasks that require human skills, such as critical thinking and decision-making. AI will help to create a safer, more efficient, and more productive work environment.
AI has already begun to impact the job and work environment, and this trend will continue. While AI can automate many jobs or make workers more efficient, it also creates new job opportunities. Businesses must be aware of these shifts and adapt their strategies accordingly to stay competitive. Companies will need to invest in new technology and adapt their business models. This may mean retraining employees to work alongside AI or hiring new employees with specialized skills like machine learning and data analysis.
If you want to learn more about how we can help you leverage AI in your business, email us at firstname.lastname@example.org. Intellect Data, Inc. is a software solutions company incorporating data science and artificial intelligence into modern digital products. IntellectDataTM develops and implements software, software components, and software as a service (SaaS) for enterprise, desktop, web, mobile, cloud, IoT, wearables, and AR/VR environments. Locate us on the web at www.intellectdata.com.