The rapid rise of Artificial Intelligence (AI) and its widespread application has benefitted industries around the globe. AI has endless possibilities in industries like manufacturing, communication, and design, to mention a few, and is only expected to make more waves in the future. As with any drastic change, a good number of workers and business professionals have their doubts and fears about the technology.
If you find yourself nervous about AI and how it may affect your business, your fears are not unfounded. In the United States alone, 47% of jobs are included in the ‘high risk’ category and may disappear due to AI. That is a terrifying number, and people can be forgiven for panicking about their own job security. However, that figure only tells you half of the story and doesn’t actually talk about the thousands of jobs that AI is creating.
AI has often been criticized for taking away jobs in manufacturing and retail, especially those that require little to no brainpower. What is often overlooked when making these arguments is that the technology replaces these with massive improvements. For example, there were many skeptics when ATMs entered mainstream use. It was eventually found that there was no real cause for alarm because tellers were never actually replaced, and the use of ATMs resulted in a 40% increase in the number of banks. By reducing costs and focusing on higher-order thinking, workers moved up the ranks and into managing the new branches.
That said, what new technological advancements actually do is replace the boring, repetitive, and mundane tasks with high-paying and secure ones. The necessity of AI in tech also means there is a demand for people who know how to operate them, and analysts who can understand them.
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AI’s growth happens to coincide with some of the country’s greatest economic shifts, one of which is economic independence through limited outsourcing. FXCM’s analysis of the Trump administration’s policies points out how the movements for economic independence can greatly benefit the manufacturing sector, one of the key industries that also stand to gain from AI and automation. Similar to how ATMs affected banking, manufacturers who adopt AI can expect lower costs and a re-arrangement of personnel. The technology will allow manufacturers to fund more franchises and bring their workers up into administration and supervision.
Another great example of AI creating jobs is its vulnerability and the resulting need for protection against cyber threats — tasks that need entire teams to fulfill. The growing influence of different forms of technology in industries has made them dependent on cybersecurity. In fact, CNBC reveals that 350,000 cybersecurity jobs remain vacant for Americans, adding that 3.5 million positions will likely be available by 2021. It’s not just jobs that require diplomas, too. The millions of mined data and information will need individuals to identify, organize, interpret, and store them.
More than just creating jobs, AI is actually helping business owners improve efficiency by keeping their employees engaged and happy. Previously here on Accubits, we discussed how deep learning can track and predict workers’ needs — crucial information for human resource departments. Industry giants like Amazon and Alibaba are reaping the benefits of automation in their systems, and continue to hire people into higher ranks to oversee their processes.
Overall, the benefits of AI and the opportunities it has created have disproved popular worries raised by fearmongers. Resisting the change for your own business will only make you miss out on the many advantages of the technology. You can take comfort in the fact that industry leaders now understand that the massive technological change brought about by AI is a welcome one and not something to be feared. Indeed, Min Wanli, chief machine intelligence scientist at Alibaba Cloud, captured the argument best when he said, “I wouldn’t call it a job loss; it’s a job transformation.” Embracing AI means opening up to new possibilities for you and your workers, all while staying ahead of the curve and at the forefront of the technological revolution.
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