Hey Siri, what’s my today’s schedule, Hello Google read up my meetings for today, Hey Alexa, play songs of One Direction, maybe these will be the words that will be uttered in the near future or maybe some of us do that nowadays also. The machines or I would say the Artificial Intelligence hasn’t taken over yet but we can all agree on the fact that they are gradually seeping their ways into our lives, affecting how we work, live and entertain ourselves. Whether those are voice-powered assistants such as Alexa and Siri or maybe these are highly advanced self-driving vehicles.
The time is not far when we will replace our beloved pet animals with a brainy little metal body which will demand nothing but a battery to be alive. These are just a few examples of AIs which will affect the lives of individuals.
Think of an organization where AI automates scheduling, resource allocation, and reporting, taking administrative and time-consuming tasks of managers’ shoulders. By the looks of the advancement of technology, Artificial Intelligence will enter business en masse. But unlike prior waves of new technology which have largely rattled blue collar and service jobs, recent advancements in AI will affect all levels of management, from the C-suite to the front line.
AI not only presents unprecedented opportunities for value creation, but also daunting challenges for executives and managers. It will force them to reconsider their own roles and redefine the fundamental operating principles currently guiding their organizations. Division of labour will change, and collaboration among humans and machines will increase. Companies will have to adapt their training, performance and talent acquisition strategies to account for a newfound emphasis on work that hinges on human judgment and skills, including experimentation and collaboration.
FUTURE OF ARTIFICIAL INTELLIGENCE IN BUSINESS
An article on the MIT’s web page, notes that Professor Winston predicted that the scientific breakthroughs of AI are still in front of us:
“‘Assuming that the science of AI is a 100-year enterprise that began in 1950, 2000 will
be the halfway point . . . “Molecular biology reached its halfway point when Watson and
Crick discovered DNA. That discovery shifted everything, it changed the world. We’re
waiting for the DNA equivalent in Artificial Intelligence. The goal of AI in the business
world has changed over the past decade, moving away from the old idea of “replacing
humans” to the higher-impact idea of “making people smarter.” AI will become an
“essential element in mainstream business systems” of the future’”
The prediction is quite accurate if we look today at the advancements and growth in the technology other than the fact that by the looks of the advancements in technology we will be surrounded by the AI within a span of ten years and it will not only affect the business but our lives as well.
Impact of Artificial Intelligence on the workplace
Yes, it’s true that both blue-collar and white-collar sectors will be affected. The faster the process of the division of labor and the single working or process steps can be described in detail the sooner employees can be replaced by intelligent algorithms. One-third of current jobs requiring a bachelor’s degree can be performed by machines or intelligent software in the future. Individual jobs will disappear completely, and new types of jobs will come into being. It must be noted in this regard, however, that no jobs will be lost abruptly. Instead, a gradual transition will take place, which has already commenced and differs from industry to industry and from company to company.
Artificial Intelligence – risk or opportunity for the future of employment?
The question arises as to how to assess AI in the form of autonomous operating systems, production and auxiliary robots or self-driving cars from a labor law perspective.
Artificial Intelligence Risks:
For the staff of a company, AI will entail short-term disadvantages. In the low and medium qualification sectors primarily, several million jobs worldwide are under threat, and it is not at all certain that they can be regrouped to other areas. There may not be employment opportunities in other sectors for these employees because they lack sufficient training.
Owing to the introduction of ever more new machines and intelligent IT systems, humans will become increasingly irrelevant for work processes.
Artificial Intelligence creating Opportunities:
At the same time, AI opens new opportunities for companies and individuals. Humans are adaptable and will create new jobs. The use of intelligent IT systems helps decrease the time required for the product or the service, and the associated costs as well. The time saved, especially for dangerous work, can be used by human beings for other work or for leisure. AI should thus result in a growth of prosperity. This applies especially to high-wage countries where it is possible to produce at lower cost owing to production robots.
Moreover, technical developments will lead to a situation in which older employees and employees with disabilities can be better integrated; while machines can perform dangerous work. Despite occasional gloomy forecasts, it can be expected that the greater part of jobs will be shifted to a different area of work. The new job models that will become common as a result of AI, digitalization and the global integration of workers will be a chance for the younger generation to have more free time and to create an individual working atmosphere. Even if some of these new jobs (e.g. crowd working or some sharing-economy jobs) will mean a loss of tax revenue and social security, they will at least help to avoid unemployment.
While in the past humans participated actively in production, they will now supervise it. In this sector, AI is thus to be considered an enhancement of the technical opportunities. The humans who become superfluous will make greater use of their time to develop and perform innovative services. They can focus solely on their core competence, this has meant adapting to the environment and learning
Artificial Intelligence is going to take over the market very soon and will definitely eradicate millions of jobs (definitely the routine jobs) in the market but on the other hand, it will give birth to new jobs which will be requiring new kinds of skill sets and intelligence. There will be so many problems which the industries are going to face in fourth industrial revolution and I think the underdeveloped nations are going to be the ones who are going to suffer a lot because of not matching the advancements in technological upgrade and on the other hand the developed nations are going to gain from the Industrial Revolution 4.0 because of the technological advancements and they already have a great amount to invest in the new technologies. So, if I want to conclude I would say AI will be the future of Business.