With recent advancements in artificial intelligence, people are increasingly worried that powerful technology may eliminate several jobs in the future. The worry stems from the idea that technological breakthroughs tend to disrupt traditional industries while creating new ones, and AI is no exception.
Fortunately, there are ways to mitigate the adverse effects of technological disruptions and keep your business moving in the right direction. For instance, many industries rely on a combination of human and machine labor to complete their operations efficiently.
The best way to ensure that your company is well-equipped to withstand this trend is to understand which jobs will be affected by automation and which will be created. This can help you plan your workforce accordingly and determine whether reskilling or hiring is the best solution for your organization.
One of the most important things you should remember about AI is that it will significantly impact the economy in the long run. This means that the number of jobs lost by automation will be offset by creating new, high-impact jobs.
While some jobs will be eliminated, others will be replaced by more advanced and higher-paid roles that require more human skill. This is why experts say that reskilling is an essential part of the AI revolution and a must for any business looking to reap the benefits.
Another factor that needs to be considered regarding AI is its effect on wages and job opportunities for workers across all income levels. AI is expected to boost productivity, improving wage rates and making it easier for workers to get better-paying jobs.
Moreover, AI is also expected to reduce costs in the long run by automating processes and increasing efficiency, thereby lowering the total cost of operations. As a result, it could lead to savings of over $15.7 trillion worldwide by 2025.
According to the report, this could be a massive boost for the world’s economy and significantly impact job creation. In addition, it claims that AI could be used to build operational software for businesses at a fraction of the cost and time it would typically take.
This type of technology uses algorithms to learn the functions most important for a particular industry and then builds a business app based on those functions. For example, a real estate company can use generative AI to build an operational app automatically assigns and tracks tenants.
As a result, it will be easier for companies to find the right tenants for their properties. This will also lead to more efficient rent collection, as tenants are less likely to leave if they know their property is in good hands.
Although there are a lot of challenges to overcome in this field, including the need for labeled data and difficulty generalizing machine learning models, AI is a promising technology that can have an enormous impact on the economy. It has the potential to generate $9.5 to $15.4 trillion in business value, according to Accenture.