Let’s start with the numbers. According to the McKinsey Global Institute report, almost half of all the work we currently do can be automated by 2055. But does it mean that AI will cause an increase in unemployment? Okay, let’s dig a little deeper.
The same report shows that AI can replace as many as 30% of the current work in 2030, which means we can lose the top 800 million jobs throughout the world on automation. So, back to the question: Does it have to produce more unemployed?
No, not at all.
While AI will make a specific role disappear, we cannot forget this only natural development in the labour market. Many tedious and tiring tasks can be done by the machine, freeing people to focus on more mission-critical items.
Also, the machine is better on recurrent tasks that need a little complicated or creative input. And they work better with large data sets: Actually, they are more capable than most in carrying out complex mathematical operations.
However, we must recognise that the technology is not yet autonomous. It still requires human support and verification elements, which is why we don’t have to see technology as ‘threatening our work.’
Instead: this presents the opportunity to develop new, more ambitious, more creative projects, such as those confirmed by research that describes the way, with the appropriate investment and infrastructure:
AI can do millions of new jobs.
According to a PWC study: AI will move 7 million jobs between 2017 and 2037 while producing around 7.2 million, which are new during the same period. As a result, it will cause a net growth of 200,000 jobs.
How can AI increase productivity at work?
As we have seen, AI helps people work more productively. But how technology uses artificial intelligence and machine learning helps in daily work? Well, a lot depends on the industry – but there are several areas where the most effective AI:
As we know, people don’t like to wait. When a customer sends you a question, the faster you can respond, the better, no matter the time of day. To prove the point: Oracle reports recently showed how more than 50% of people expect the business to be opened 24/7.
But the reality is: most of the customer query is the same, so it automatically automates a response is a natural step and clear. That’s why cross-sector businesses apply smart chatbots that don’t just answer questions. They perform tasks such as sending tips and instructions, scheduling meetings, providing product information, and processing refunds.
For many people, Chatbots are clear answers to meet customer expectations for immediate responses. And that is why, according to Opus Research, the company will invest $ 4.5 billion in Chatbots in 2021.
The further benefit of chatbots is that they allow them to focus on essential tasks to win customers with unique problems who are not satisfied by taking the burden off the employee’s shoulder.
Analytics & Decision Making
Data is everywhere in the world today. But does the company know how to use their information? The answer: Not so much – although extensive data and data analysis offers a perfect opportunity to make business decisions that are smarter, faster, and better.
Machine learning allows you to analyse data from every part of your business. And if it is properly implemented, it can give you important insight into how your customers behave or how they buy and decide based on this information.
If you try to replicate the analysis manually, it will take longer (and very dull). Whereas by automating the process, you can both produce insights in minutes and give your team the freedom to work on a more creative task – such as planning marketing activities based on software output.
Reduction & Labor Optimization
If you are an employer, you may have heard of labour-management software (WFM). In recent years, this term has gained popularity, with Marketsandmarket estimates the global WFM market value will increase from $ 6BN to $ 9.3 billion over the next five years.
The WFM solution aims to enable the highest level of efficiency and competence in the workforce by estimating staff demand and managing the work schedule needed for the team to complete its task.
In short, WFM includes many HR processes, including:
- Budgeting, estimates, and planning
- Generation Report
- Creation of Tim Schedule
- Time tracking
- Employee Productivity Analysis
- Salary management and benefits
- Staff vacation management
- Recruitment operation
Because you might have guessed: this software uses machine learning algorithms to process extensive datasets, then act on output.
When technology develops, so cybercrime. And if your data is not protected adequately, there is every opportunity it will fall into the wrong hands, be competition, government, anyone.
But organisations that have had to ask for specialists to trawl through system log files for problems can now use ML-based tools to do the same. And this solution does not only protect business 24/7; They immediately identify and improve threats – all-the-while analysing the possibility of problems with your IT network performance.
Artificial intelligence and machine learning can protect your data, ensure peace of mind, and free your TI team time.
As you can see, AI will not only endanger your business but can bring many benefits and take your business to the next level.