How AI is Changing the Business World

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Victoria Smith

Artificial intelligence (AI) is a technology that invokes strong emotions in people. For some, artificial intelligence is a tool that is the herald of a better tomorrow. For others, it is the harbinger of doom, signifying the end of human life as it is currently known. The truth is that artificial intelligence is having a powerful and predominantly positive impact on the way that people live and work. Far from robbing humanity of jobs, it is changing and improving the way that people work.

Business Applications of AI

AI has the power to learn from and identify data patterns. This information is translated into useful technologies. AI has proven itself to be an indispensable tool for many modern businesses. This is seen in fields that range from marketing to healthcare. The power of AI to impact business was clearly seen during the coronavirus pandemic.

AI-powered machines were used to sanitize hospitals in the United States and the United Kingdom. They served to transport lifesaving blood samples and other medications. They cleaned restaurants in other areas so that employees stayed safe, customers felt comfortable, and everyone’s risk was mitigated.

The impact AI has on business will long outlast the COVID-19 pandemic. By 2025, it is expected that the AI business will be worth $390 billion. This represents a 46 percent increase since 2019.

Executives and C-suite leaders see positive results from AI adaption. They are interested in increasing the amount of money they will spend on AI over the next few years.

Some are concerned that this means that automated machines will replace the jobs done by humans. There is a special concern in the manufacturing sector. Some statistics predict that AI could replace approximately two million workers by 2025.

However, while AI may change how humans approach work, it is improbable that AI will replace humans entirely. One simply needs to look at how AI and machine learning are already affecting businesses to get a glimpse of how they may positively impact work and employees in future years.

Artificial Intelligence and the Current Workforce

More employees are working from home than at any other time in modern history. The reason why this is possible is thanks in part to artificial intelligence and deep learning algorithms. For example, intelligent video allows people to move around in their workplace and still be available for meetings. Automated debriefs and real-time meeting transcriptions are tools that work-from-home employees are currently using to simplify the jobs they do and improve their efficiency.

These tools are making it possible for human workers to make better use of their time. AI makes it possible for people to connect from wherever they are safely and securely.

Artificial intelligence is driving the business concept of productivity away from the concept of efficiency. Now, productivity can be achieved with adaptability, collaboration, and leveraging collective strengths. The fact that AI will play a bigger role in business by 2025 is all but unchangeable. This is why business leaders need to educate their employees on how these technologies work and how they will improve their work environment.

The time has come to put the utopia/dystopia dichotomy away when discussing artificial intelligence. Instead, businesses and employees must realize the positive impact artificial intelligence, machine learning, data labeling, and deep learning are having now and then shape how the technology is being used in the future so that it enhances the work done by humans as opposed to eliminating it.

Improved Staff Engagement

According to Gallup’s report, millennials feel worried that their jobs will be replaced by automation. Anxieties of this sort do not stimulate performance. In fact, they can hurt employee engagement.

Employees who fear the inevitability of AI grow less concerned about their personal assignments or individual responsibilities. This could result in decreased performance and motivation.

Combating this disengagement requires management to improve staff engagement. Keep teams working efficiently and communicate clearly about upcoming AI initiatives. Address these concerns upfront, and help employees understand how their role in the company relates to these new AI initiatives.

Conclusion

AI is impacting and will continue to impact business. Today's business leaders and those of tomorrow need to help employees adapt to these changes and appreciate the positive impact artificial intelligence has on their work.