The Entrepreneurs E – Friend

The Opportunities and Threats of AI on your Business in 2022

AI - your business friend or foe?

In a world where intelligent machines are getting smarter and more capable all the time, how do you find balance between human intelligence and its counterpart: artificial intelligence?

A concern we hear frequently from our clients, business colleagues and throughout entrepreneurial business networking events is that of AI and how close we are to SkyNet (I had to include a Terminator reference) taking over the planet – or taking our jobs at least.

In this post I’ll share current industry research alongside some of from our very own 3Day website team.

Are you worried that robots and AI powered technology will soon steal your job?

Thankfully, this is not the case…

…Well, maybe.

It depends where you work, your skillset and your ability to adapt.

Firstly, there’s no doubt automation will affect every industry, so business leaders must prepare their organisations for changing nature of work in order to be successful – and that means preparing your people too.

Artificial intelligence is rapidly eliminating jobs and creating new ones – it’s only a matter of time before we see this type of technology in every industry.

The future of work has been heading towards a dramatic change for a while. As machines take over certain jobs, more humans will be needed in other industries to keep the economy afloat and functioning smoothly. A slightly morbid example could be the increase in demand in America for medical practitioners due to accidents caused by self-driving cars or malfunctioning automotive computers.

Some jobs may be at risk of automation in the next five to ten years

…According to a group of senior level tech executives. These include insurance underwriting and warehouse and manufacturing positions such as shipping/receiving dock work or delivery driver on long haul trucking fleets where customers will also have their orders filled by robots instead of people who operate them physically themselves – basically, any task that can be learned.

AI is expected to replace 85 million jobs in just five years

As research suggests, robots will soon replace humans in many different fields across industries from accounting to radiography- no one exempted! The disruption caused by this technological advance can be compared with what happened during England’s Industrial Revolution when people were replaced by machines for simple work like cotton spinning or weaving which accounts for much of their job loss today.

AI really shines when it comes to its ability to save humans from having to perform the tedious repetitive tasks that are part of their overall duties so they can focus on more complex and creative projects.

    Humans working with AI

    AI’s greatest benefit lies not just in automating simple office work

    But also allowing employees time off or even a whole new career path! For example: an accountant could learn how create models for predicting financial trends or build out AI algorithms using market data which would help investors make better decisions when investing money into stocks – all while still being paid by the hour as well.

    Many people believe that technology will eventually reduce the number of hours worked per week. This would be good in theory but comes with its own set problems too, like how will pay and benefits get affected? Who reaps most rewards for your labour; companies or workers themselves? The government might get involved if it starts regulating artificial intelligence (AI).

    There is no denying that technology is taking over our lives

    And we’re not even aware of it. In the old days, one person could make a video game on his or her own, with no problem in just six or so months. Nowadays though, you need an entire team to create anything of this kind – from voice talent for audio versions all way down to designers who help bring together graphics components into something beautiful enough for gamers around the world!

    As we move towards a world of exponentially increasing technology, the number and pace at which people can contribute is changing. It used to be that you needed one person with all their expertise in order for things like AI or high-tech gadgets to work; now there’s this idea where even if someone has some knowledge it might not matter because they’re going to need help from others anyway.

    Artificial intelligence is no longer just an idea.

    It’s reality, and the world may never be the same again as we’ve seen with recent technological advances in AIs like Siri, Alexa or Google that can now do some jobs better than humans themselves!

    What will this mean for human labour?

    Companies are investing billions into developing AI so they don’t have rely solely upon expensive contractors who usually cost three times more per hour.

    AI will not only impact the way we do things, but also create new and unexpected opportunities for professionals.

    AI is expected to have a notable effect on many of today’s job markets: accountants and finance specialists are two fields with high projections due their reliance upon complex math; MRI operators rely heavily upon technological skills like programming or interpreting medical images while geological technicians work in dangerous environments where accidents await around every corner. Replacing an AI machine may be costly but that outlay when weighed up against safeguarding human life becomes negligible.

    When the Industrial Revolution came, many jobs were simultaneously created and lost. If we were to follow that as a model then it could be said that the job titles will change but in doing that new jobs will be created.

    Progress won’t be stopped and as an entrepreneur or business manager that has plans on competing in today’s market place then this is a change that has to be embraced. This can be from looking at the service you are providing to retraining your staff to make the most of advancing technologies.

    AI and humans working together in business

    Automation has created tension between human jobs

    With one group seeing an increase in opportunities for them and the other losing their livelihood. As an entrepreneur myself I have come to rely on the ease with which technology handles ‘tedious and boring’ tasks. Clerical accounting and certain research tasks that would have previously required a skilled workforce can now be completed in moments at a fraction of the cost.

      As AI technology continues to evolve, it is difficult to say how humans will be able to keep up with the demand for new jobs created by these discoveries. It could very well lead many people into wanting machines that can do everything from making coffee in our morning routine all-the way down pushing paper at work (that’s always assuming we continue to have a reliance on paper in the work environment) so we don’t have any excuse not being productive on time!

      In the future, it might seem like all of our jobs will eventually be taken over by computers and AI

      But there are still many jobs that will remain safe from AI interference. Namely, those that require creation and conceptualisation of complex strategic planning management in precise hand-eye coordination with empathy and compassion, like psychiatry (healing others by using their own mental health tools), physical therapy which requires the ability to feel one’s way through unfamiliar territory via touch alone while dealing intricately choreographed strokes over various targets simultaneously without missing step; practicing emergency medicine where quick thinking skills, or even computer science engineers who work behind closed doors designing software algorithms and solutions to advance AI assistance in business.

      Amazon is well aware that automation will become a trend in years to come, and they’re trying their best not be left behind. In fact earlier this summer Amazon announced an ambitious plan for its US workforce, which aims at retraining 90% of all employees with training programs designed specifically towards technical roles inside or outside the company by 2025!

      The task now is to make technology that is more adaptable to everyone

      Retraining warehouse workers, as engineers for example would be completely unrealistic because there are qualified professionals who don’t require additional training already out there. This isn’t suggesting we give up on education altogether; rather it’s about finding value in different forms of knowledge base!

      As long as there are humans on the planet then basic skills, such as listening and reading emotions are important and will be in high demand. Currently, basic human interaction is incredibly hard for computers to do. That is not to say technology is not trying: there is an APP Bot currently in circulation that attempts to not only replace the ‘friendly ear’ that another human may need but in many cases replace actual intimate relations!

      The idea of AI has been around for centuries

      But it’s only recently that we can see its impact on society and how this will affect us as human beings. When discussing the difference between electricity and artificial intelligence (AI) for example, one analogy is often used: Electricity took about two generations before its usage went from being innovative to commonplace; does this mean that for now we are safe?

      …Probably not, technological advancement does not seem to be slowing down

      businesswoman on smartphone

      The AI Revolution will require re-adjustments and a great deal of sacrifice

      But, despairing rather than preparing for what’s to come is unproductive

      in the future workforce due to technological advances in artificial intelligence (AI). Workers who stand be replaced by these new technologies should prepare themselves with hope for what comes next. Human compassion combined with empathy can help preserve jobs requiring care or education as well as other professions, which will remain vital parts of our society even after automation has taken its toll on employment numbers across industries worldwide.

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