Humans have long been obsessed with creating artificial intelligence. Ever since Alan Turing first posed the question – “Can machines think?” in the year 1950, now it appears that the answer is moving towards “Yes”. AI is poised to have a profound impact on our lives and it’s everywhere.
The two biggest developments to bring AI to the forefront are Big Data and Computing Power. AI relies on a vast amount of data to be an Effective and intelligent system. But up until recently, that data wasn’t available and computers couldn’t have handled it even if it was present.
Artificial Intelligence is a software that can be designed to do things that only humans used to be able to do. From robot customer service agents, to chat Bots and autonomous vehicles, AI is almost unavoidable. And we better get used to it because this is one Trend that isn’t going to go away anytime soon. It’s expected to grow 300% this year over last year. AI can now automate everyday tasks, process and analyze huge amounts of data, help with management decisions and put the most effective teams together, converse with customers to resolve customer service issues, create algorithms to forecast growth, help doctors diagnose patients, and much more.
Incorporating Artificial Intelligence in an office is like having your own personal Army of robotic assistance that can assist in streamline nearly any task.
There are both benefits and challenges with AI especially when it comes to the workplace.
Let’s take a look at the benefits
1.) Huge Productivity
Artificial Intelligence is huge for productivity. Imagine a world where you didn’t have to perform the menial tasks of your job because a computer can do things like managing referrals, updating information, and coordinating schedules, thus leaving you free to focus on the big picture strategy. Some studies predict that AI can increase workplace productivity by 300%. And that could be a very big impact on your business.
AI can help with decision-making because machines are clouded by emotions. AI can do things like predicting Financial Trends, pull analysis for rolling out a new product, and solve customer service issues much more quickly and for a fraction of the cost of having humans doing it.
In fact, a venture capital firm in Hong Kong even put a robot on its board of directors, because it could pick up on market trends humans couldn’t see and could quickly make objective decisions.
If you were trying to hire someone only to find out a few months down the road that they just aren’t a good fit for the company. AI can identify success factors and screen job applicants to highlight the people most predisposed to perform well. AI can also help organizations better understand their employees and what they care about and value, in order to deliver more personalized experiences.
Personalization is also very relevant to customers but it can be expensive and time-consuming for humans to deliver on-sight. That’s where AI comes in, for remembering online shopping preferences, creating personalized ad campaigns, or reaching out to customers via chatBots. AI can be huge in turning customizing experiences into sales.
4.) Increased Accuracy
Humans naturally make errors in our work no matter how carefully we check data. However, AI has the potential to be virtually error-free. Experts have already predicted that governments could use AI to reduce fraud and minimize errors and tax collection.
In the medical space, AI is being used to diagnose diseases with nearly 100% accuracy.
AI may sound great. But what about the potential dangers.
1.) Security and Privacy Breach
To be effective AI needs access to lots of information, which means it could be pulling or sharing your employee or customer data without you even knowing it. And so far no one is stepping up to regulate what it can and can’t see and use. This is especially crucial is AI becomes smarter and more self-reliant.
2.) Rules and Regulations are not currently in place
To help control what AI can used for, what AI can control what information it has access to, or what to do when something goes wrong.
3.) Its challenging the Status Quo
After all, implementing AI is a huge transition that can upset many of the established practices and processes inside of our organizations. Many companies just aren’t ready for the switch to AI and could take time before they are in an organizational and cultural mindset to adopt this new technology. This is true for employees and for customers.
How will employees feel, working with an AI co-worker and how will customers feel when they show up to a retail store and are helped by a robot instead of a human lastly is a big question.
4.) Job Displacement
We have a big concern about job displacement. Will AI create more jobs than it replaces, or will it replace more jobs than it creates is still on the minds of analysts.
Of course, Nobody knows the answer to this question and studies and data have pointed out which can justify either outcome. This perhaps the largest issue facing AI today and for good reason, we simply not prepared to live in a world where AI and robots do most of our jobs. And we don’t have any concrete plans in place for how to address this.
5.) It lacks Emotions
Artificial Intelligence will undoubtedly play a large role in the future of work and life. And now is the time for companies and employees to prepare. As technology grows at an ever-increasing pace, one of the most important things an individual can do is to learn how to learn. Many of the skills and programs learned in schools and inside of our organizations even recently will soon be outdated. The ability to learn new things and to apply those learnings to new situations and scenarios will always valued and will be even more important as the technological future changes. We must also focus on bringing humanity into our organizations because that is something AI cannot replace.
Lastly. We must all prepare for many potential Futures instead of just one. Since we don’t know what impact AI will have on work or life we must explore various scenarios for what the future will bring in a sense. We must all think like futurists who are constantly looking at what the future may bring and how to design the future. It’s clear that AI is a big part of the future of work, so get ready as we are all about to go on an AI and robotic roller coaster ride.