The fact that Artificial intelligence (AI) is poised to create some huge changes in the labor market is not in dispute. The question now remains: just how will AI affect the job market in the years to come?
The fear that “the machines will take over” is very real and justified. All you have to do is look around today and you will see many examples of AI being used in the marketplace. Some of these functions used to be performed by humans but because humans are prone to error and unavoidable inefficiencies, AI has quickly bridged the gap and created a more robust production chain in most industries.
Examples Of AI In Use Today
The first thing you need to know is that today, AI, as it’s applied, isn’t in the strict sense of the machine getting smarter (although that is the ultimate goal). AI as its implemented today is all about the application of advanced machine learning software that are paired with extensive behavioral algorithms. These adaptations may seem like they are getting smarter but really what they are doing is simply drawing information from a large dataset to improve their skills. In short, they are adapting their skills to our likes and dislikes based on the data we feed them.
Excellent Examples Include:
- SIRI: SIRI is the iconic personal assistant from Apple. This voice-activated computer interacts with the millions of Apple product users across the globe on a day to day basis. SIRI is designed to help you find the kind of information you need through voice command. Very much the same thing a human assistant or Virtual Assistant would do. Using machine learning, SIRI adapts to the typical speech mannerisms of whoever uses it.
- Tesla: Perhaps the most advanced cars created so far, Teslas have predictive capabilities, some excellent self-driving features and a whole lot of technological advancements that make them seem like “cars from the future”.
- Chatbots: Some of the best chatbot are in use today to help deal with a host of customer service related issues such as answering frequently asked questions and directing them to the right department.
These are just a few examples of AI in use today. Let’s take a deeper look at how this technology is and will affect the job market in the years to come.
How AI Will Affect The Job Market In The Future
There is no doubt that AI will affect the job market in more ways than one. For starters, there are some roles played by humans that will be completed replaced by AI and that means an increased level of efficiency and as a result, better service delivery. If you look at it, all that means is that any company utilizing AI in this manner will have more satisfied customers and therefore can reasonably expect to have a better bottom-line.
While it is true that AI will take away some jobs, it’s use will also lead to the creation of others. It all depends on your skillset. Here are some ways through which AI will affect the job market in the years to come:
1. Automated Financial Investing
The financial investment world depends on the accurate interpretation of high volumes of quantitative data, real-time reporting and extremely specific calculations that tend to get rather complicated. These are all areas in which intelligent machines excel. It is, therefore, no surprise that the finance industry is taking a keen look at AI. Some examples of how AI will affect this industry include the use of robo-financial advisors that deliver better, more reliable results for investors.
2. Healthcare Management
AI is proving to be very useful in the healthcare industry with intelligent machines being integrated into highly complicated surgeries as robot-assisted surgeries improve the success rates on theatre tables. Another aspect involves the use of AI to safeguard highly sensitive patient records from hackers. This industry has long been plagued with inefficiencies that are now being remedied by artificial intelligence. For example:
- AI Virtual Assistants: These are reducing hospital visits thus giving nurses their time back and making patient’s lives much easier and more convenient.
- Pharmaceutical research: AI has cut down the time and processes needed to research life saving medicine.
- Better diagnostics: Machines have improved the accuracy with which doctors diagnose patients.
3. Travel Industry
There was a time when you needed to actually walk into the office of a travel agent to book a trip or vacation. This process was not only expensive but it was also laborious. Today, thanks to AI, all you have to do is chat with a bot online and you can get all the necessary trip suggestions, discounts and even do your bookings without leaving your couch. Thanks to websites that offer reviews, you can compare all the places you want to visit without depending on a single agent who may have a bias towards specific locations as opposed to finding you the best fit for your taste.
These are just a few examples of how AI is making our lives much more efficient and easier. Yes, there are some jobs that have and will be replaced by machines but if you think about it, that will make our environment that much safer and more technologically advanced which in itself opens up a whole host of opportunities for those who know how to exploit them.