An Opportunity or a Threat?

The Future of AI in the Workplace – Studies and Predictions

Let’s start with the numbers. According to a McKinsey Global Institute report, nearly half of all the work we currently do can be automated by 2055. But does that mean that AI will cause an increase in unemployment? Well, let’s dig a little deeper.

The same report indicates that as many as 30% of current jobs could be replaced by AI by 2030, meaning upwards of 800 million jobs worldwide could be lost to automation. So, back to the question: does that have to result in more unemployment?

No, absolutely not.

While AI will make certain roles disappear, we can’t forget that this is just a natural progression in the job market. There are countless tedious and tiring tasks that machines can take on, freeing people to focus on more mission-critical items. Moreover, machines are better at repetitive tasks that require little complicated or creative input. And they work better with large data sets: in fact, they are more capable than most at performing complex mathematical operations.

However, we must acknowledge that the technology isn’t yet autonomous. It still requires an element of human support and verification, which is why we shouldn’t see the technology as threatening our jobs.

On the contrary: it presents an opportunity to develop new, more ambitious, more creative projects, as confirmed by studies that illustrate how, with the appropriate investment and infrastructure:

AI can create millions of new jobs.

How Can AI Increase Productivity in the Workplace?

As we’ve seen, AI helps people work more productively. But how can technologies that use artificial intelligence and machine learning help in everyday work? Well, a lot depends on the industry — but there are several areas where AI is most effective:

Customer Support

As we all know, people don’t like to wait. When a customer sends you a question, the quicker you can respond, the better, no matter the time of day. To prove the point: a recent Oracle report shows how over 50% of people expect a business to be open 24/7.

But the truth is: most customer queries are the same, so automating the response is a natural and obvious step. That’s why businesses across sectors are implementing intelligent chatbots that not only answer questions. They perform tasks like sending tips and instructions, scheduling meetings, providing product information, and processing refunds.

Analytics & Decision Making

Data is everywhere in today’s world. But do companies know how to leverage their information? The answer: not so much — even though big data and data analytics offer an excellent opportunity to make smarter, faster, and better business decisions.

Machine learning enables you to analyze the data from every part of your business. And if implemented correctly, it can give you crucial insight into how your customers behave or how they buy, helping you make decisions based on this information.

Cost Reductions & Workforce Optimization

If you’re an employer, you’ve likely heard of Workforce Management Software (WFM). In recent years, the term has gained popularity, with MarketsandMarkets estimating the value of the global WFM market will increase from $6bn to $9.3bn over the next five years.

WFM solutions aim to enable the highest level of efficiency and competence in the workforce by forecasting the demand for staff and managing the work schedules necessary for a team to complete its tasks.

Conclusion

As you can see, AI will not only not harm your business, but it can bring many benefits, and take your business to the next level.

Frequently Asked Questions