Will AI Takeover the Entire Human Workforce?
How to Prepare For Its Effects in Future
The rise and increased use of artificial intelligence (AI) in businesses greatly impacts business operations. AI simulates human capabilities such as reasoning, learning and solving problems by use of well designed algorithms. The need for AI in organizations results from its ability to handle risky tasks such as default and crime prevention in financial institutions. Delivering of timely and error-free solutions cannot be an exception when it comes to AI too.
As tech innovation fuels change occur in enterprises, working conditions change making employees feel threatened.
Will the change cause a decline to your role in the organization? You might find it hard to handle the change but with the right and timely strategy, you will have no worries.
AI technology has evolved significantly. Currently at the Industry 4.0, the need for more efficient processes in meeting the increasing demand has seen the implementation of Artificial Intelligence (AI). Organizations have been on the forefront to automate processes in a pursuit to meet customers demand, achieve a competitive advantage yet managing costs.
This tech advancement comes in handy to avail efficiency in organization operations thus increasing productivity. According to the McKinsey study on AI adoption organizations in high tech, financial services and telecommunication industry have taken strategic measures to up-skill and retrain their employees. In house capabilities have also been enabled.
Despite AI’s positive contributions to business production, job market seems to change drastically to accommodate the change.
Benefits of AI in Organizations
Accuracy, efficiency and effectiveness of operations are significant in organizations. Consumers need timely and accurate information that sometimes overwhelm the human capabilities as they are prone to errors. However, AI programs are well designed ensuring accuracy of execution of operations.
Use of AI in business processes has seen introduction of bots that handle data entry tasks, reply customers’ inquiries, and aid in interviews thus offering online assistance to clients. The increase in demand prompts enterprises to increase working hours. As producers and consumers require timely response for their needs, AI enables 24/7 service availability. For instance, online learning can be automated to process test results and assign grades. Furthermore, AI assists in quick decision making due to its high accuracy as they are not easily exhausted.
Additionally, organizations are having an ample time meeting targets that could not be handled by employees. Use of robotics creates extra time for human labor force to contribute to creative aspects of business operations as AI programs handle repetitive tasks. Regular tasks such as data entry, invoicing and verification of personal information slow down processes. Enterprises that have adopted this technological advancement realize high returns as employees shift to more productive tasks.
Technological advancements comes with both negative and positive impacts and so is AI. Accounting tasks can be fully dedicated to programs that retrieve customer transactions from organization systems, invoice them and prepare monthly reports, for example.
Shortcomings of AI in Business Enterprises
Despite its advantages, AI has drawbacks both to employees and the organization that adopts it. Organizations incur high costs when implementing AI programs due to need for employees’ training, maintenance and regular updating of the system.
Organizations are made up of employees with different learning abilities thus limiting their ease of adapting to technological advancements. It requires adequate implementation measures to achieve the set goals when making use of AI in the given organization. Ensuring all employees understand the nuts and bolts of the AI program, enables efficiency in performance of the program.
As technology advances, the job market experiences significant changes that leave a portion of working population jobless as their expertise becomes obsolete. The Mc Kinsey research shows that about 2000 activities can be automated decreasing the number of workers required in any given business enterprise.
The outdated cable communication network serves as a good example when it was overtaken by wireless communication means. Employees in those organizations lost their sources of income while the change creating opportunities for other enterprises. Would the organization take the necessary measures, new technology could not affect continuity of the organization.
Measures Necessary to Overcome the Future Effects of AI
Both employees and organizations need to strike a deal that enables them remain updated on the dynamics of technology and easily adapt to the new measures. AI continues to pose a huge challenge to the organization’s human resource departments.
Nevertheless, gradual change of occupation, acquisition of highly cognitive and technical skills such as programming and machine learning can serve better to enable workers fit in the new job market. The required skills calls for retraining of current employees. A 2019 study by IBM Institute for Business Value shows that over 120 million employees require retraining to counter the effects of AI on job market.
Consequently, pressure to acquire new skills will increase demand for trainers hence creating job opportunities for tutors. Demand for middle skill occupations such as accounting and other data entry occupations may decline completely due to the shift. Additionally, low and highly technical jobs may be left for human workforce to execute since they require creativity and more reasoning that machines may not be able to handle.
Besides the expectation of AI to takeover most of the available employments, other opportunities will be available to replace the gap created. Robots will not be able to completely replace the position of human beings in production as they cannot supervise themselves, schedule operations or run independently.
The advent of AI and its full adoption in business enterprises will increase efficiency hence triggering productivity but not render massive population jobless. People will quickly adapt to the changing job market and secure new opportunities as they acquire new relevant skills. Those well prepared will find it easy transitioning as they would have attained the necessary skills.
Bottom Line
Advancement in technology instills fear to persons inadequately equipped to face the inevitable changes in businesses enterprises. However, there will be adequate opportunities for the job-ready ones.
Therefore, organizations will need to offer training to its employees or have new recruits that have high cognitive skills. Alternatively, governments need to redesign education system to prepare the current generation for the future dynamic job environment. Personal will in acquisition of new skills also significantly plays a major in getting prepared for the future dynamism.
