Artificial Intelligence and the Future of the Workforce
Artificial Intelligence (AI) is woven into our daily lives but its influence on the future of the workforce has become an increasingly popular topic of discussion. Dubbed by Forrester as the “Cognitive Era,” the use of artificial intelligence in the next decade will be more influential than ever, estimating that 16% of US jobs will be replaced, while the equivalent of 9% jobs will be created — a net loss of 7% of US jobs by 2025.
What is AI?
By definition, artificial intelligence is “the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.” We, like AI, adapt to the advances in technology in which the new quickly becomes the norm.
What does this mean for your business?
One prediction by Gartner Summits states that by 2020, customers will manage 85% of their relationship with an enterprise without human interaction. For businesses, AI can aid in keeping pace with the delivery of information, products or services reducing costs and maximizing efficiency. This will result in a major shift in processes and the creation of new jobs, such as robot monitoring professionals, data scientists, automation specialists, and content curators.
A study by Narrative Science shows that 44% of executives believe artificial intelligence’s most important benefit is automated communications that provide data that can be used to make decisions. This means call centers, cold calling, automated responses - can all gradually learn from the feedback they receive. Just this year, a “Siri for Recruiting” is set to debut.
This type of learning from feedback enables AI software to execute medical diagnostics, stock trading, law, and scientific discoveries. But the shift towards automation is nothing new. When the auto industry first received robotic arms, many labor jobs were extinguished but in the process new, more tech savvy jobs were born. The need for higher education and training was in demand as the world transformed resulting in what is known today as the "Tech Boom" of the 1990's.
What separates today’s AI boom from previous technological advances, is the rate at which we see the growth in artificial intelligence; what exactly that entails remains to be seen. One thing that is certain, is that no matter the advancements in artificial intelligence, humans will still be needed to program, run, and maintain them.