There has been a lot of buzz on how the development and deployment of Ai technologies are going to have a significant impact in increasing the unemployment rate. A blast from the past, showed a large prevalence of ‘technophobia’ a fear or dislike of advanced technology or complex devices, especially computers, in the early 2000’s. It seems as though the adoption of Ai technology is going through a similar phase, facing its first barrier of heavy skepticism.
As recorded in history – with the increase in automation, goods and products get cheaper and in return increase consumption. The same is expected as automation and artificial intelligence move into the enterprise realm. The products and services created by the new tier companies will, for the most part, become cheaper as the cost of delivering has decreased quite significantly.
A majority of IT and business leaders have indicated that avoiding long-term costs is an important outcome of automation and AI. Automation will reduce unit costs, and therefore create more buying opportunity for end customers. It will also mean that people that are focused on routine work will find less and less of those types of jobs available to them over time.
How can higher level management look at this?
- There is an overall increase in ROI with the adoption of Ai technology as tasks are able to be performed at scale with higher level of accuracy
- A.I enables a more centralized control system, allowing for much greater transparency into the final output through the fixed KPI dashboards of the Ai platforms
- Allows teams to advance and adapt to the rapidly changing consumer centric market dynamics
How can the lower level management look at this?
- Allowing employees to stay focused to the organization’s bigger goals. For example, “Most HR departments across organizations have been considered to be overworked”, as expressed by Rob May – the CEO of Talla, “CEO’s want you to be strategic, creative and think how your department can be implement new initiatives”.
- Break away from boring monotonous tasks to gain an extra 10-45% of valuable working hours, while ensuring a satisfactory output
- Feeling more valued within the organization by contributing non imitable work through leveraging nuanced cognitive abilities
As opposed to the adoption of Ai causing mass unemployment, it is expected to speed up the existing trend of computer-related automation, and thus disrupt labour markets just as technological change has done before. This trend pushes for workers to learn different analytical or creative skills quicker than ever before.
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