How Will Artificial Intelligence Affect Workplaces And Lives In The Future?

How Will Artificial Intelligence Affect Workplaces And Lives In The Future?

These days, artificial intelligence, or AI, appears to be on everyone’s lips. While some have known about this crucial trend in tech growth for a while, but it’s true, AI has become one of the most sought-after areas of knowledge for job seekers.

Many of us associate the term “AI” with sci-fi fantasies or worries of robots taking over the world. While no one can predict exactly how AI will develop in the future, current trends and developments paint a completely different picture of how AI will integrate into our lives.

In actuality, AI is already at work in our environment, from the search results to the odds of finding love online to the way we shop is influenced by artificial intelligence. According to data, the use of AI in several commercial areas has increased by 270 per cent in the last four years.

On the other hand, what will AI entail for the future of work? As computers and technology have progressed, one of the most urgent questions. Like many other technological advancements throughout history, artificial intelligence’s progress has sparked anxieties that human employees may become obsolete.

The reality is likely to be far less bleak but perhaps even more difficult.

What is artificial intelligence (AI)?

Before we go into the intricacies of how AI will affect the future of employment, let’s define AI. Artificial intelligence, as per Britannica, refers “the capacity of a digital computer or computer-controlled machine to do tasks commonly associated with intelligent persons.”

“”Artificial intelligence” becomes a catch all phrase for any computational advancement, systems, and technology that allows computer programmes to accomplish jobs or solve issues that require the kind of reasoning we associate with human intellect, including learning from previous operations.

AI relies heavily on this ability to learn. Algorithms are usually linked to artificial intelligence, such as the infamous Facebook algorithm that replaced all of our friends with paid content. There is, nevertheless, an enormous difference.

According to software journalist Kaya Ismail, an algorithm is just a “collection of instructions” or a method for processing data. AI takes this a step further, consisting of a set of algorithms that can adapt and rewrite themselves in reaction to the data inputted, thereby demonstrating “intelligence.”

Human workers are unlikely to become obsolete due to AI, at least not for a long time. To soothe some of your fears, robots are unlikely to take over your job very soon.

Given how artificial intelligence has been portrayed in the media, notably in some of our favourite science fiction films, it’s understandable that its debut has spurred anxieties that AI would one day render humans obsolete in the workplace. After all, as technology has developed, many tasks previously handled by human hands have been automated. It’s understandable to be anxious that advances in artificial intelligence will usher at the end of work as we know it.

However, there is not any reason to be so pessimistic. The MIT Task Force on the Future of Work recently produced a study titled “Artificial Intelligence And The Future of Work,” which examined AI breakthroughs and their impact on the workplace. The publication portrays a more upbeat picture.

Rather than advocating the abolition of human labour, the report predicts that AI will continue to drive significant innovation, fuel many existing businesses and potentially establish many new ones, resulting in the creation of additional jobs.

While artificial intelligence has made tremendous progress in duplicating human intellect’s utility in completing specific tasks, it still has severe limits. AI algorithms, in particular, are frequently “specialized,” meaning they can only handle one problem or perform one task at a time. They are typically rigid, unable to adapt to changes in input or engage in any “thinking” beyond their pre-programmed boundaries.

Humans, on the other hand, have “generalized,” which includes problem-solving, abstract thinking, and critical judgment abilities that will remain useful in the business world. If not in every job, then at least at every level and throughout all industries, human judgment will be required.

Many other problems could limit AI’s rapid growth. AI frequently necessitates “learning,” which might include large volumes of data, raising questions about the availability of the correct kind of data, as well as the requirement for categorized and security concerns. There’s also the issue of computing and processing power limitations. One supercharged language model AI was expected to cost $4.6 million in electricity alone.

Another significant restriction is that data might be biased, reflecting social imbalances or the implicit prejudices of the designers who develop and enter the data. If bias in the data is fed into an AI, such discrimination will likely be carried over into the AI’s output.

The Algorithmic Accountability Act was introduced in Congress to mandate the Federal Trade Commission to review the usage of any new AI technology for the potential to perpetuate bias.

The MIT CCI article claims that we are still a long way from reaching a stage when AI is similar to human intelligence and might theoretically replace human employees totally, based on these and other criteria.  

AI can create more employment, not fewer, if there is an investment at all levels, from education to the commercial sector and governmental organizations that focus on training and upskilling workers. Instead of “people or computers,” the question should be “humans and computers” involved in sophisticated systems that progress industry and wealth.

This paper is an exciting read for anyone interested in learning more about AI and the various routes it could take.

AI has recently come up in conversation with a client or associate, and we all have seen a misconception in how people think about it. Many people believe that it is a phenomenon that will only have significant ramifications in the computer sphere.

The tech world has taken over the planet, if you haven’t noticed. Never forget what economist Paul Krugman said in 1998: “By 2005 or so, it will become evident that the Internet’s economic impact has been no more than that of the fax machine.” You don’t want to be behind the times when it comes to AI.

In reality, 90 per cent of the world’s most successful companies are already investing in AI. More than half of organizations that use AI-driven technology say they have seen increased productivity.

AI is expected to have a significant impact on the following industries:

Medical:

The advantages of employing AI in medicine are currently being researched. The medical industry has a lot of data that can be used to build prediction models for healthcare. AI has proven to be more effective than physicians in various diagnosis circumstances.

Automotive:

With the start of autonomous vehicles and autonomous navigation, we’re already seeing how AI is affecting the world of transportation and autos. AI will significantly impact production, particularly in the automotive industry. 

Cybersecurity:

Cybersecurity is a top priority for many corporate leaders, especially given the expected increase in cybersecurity in 2020. Hackers targeted those who worked from home and had less secure technological equipment and Wi-Fi networks during the pandemic. In cybersecurity, AI and machine learning will be critical technologies for detecting and anticipating threats. Given its ability to analyze data and forecast and detect fraud, AI will be a crucial tool for financial security.

E-Commerce:

From user experience to marketing to fulfillment and distribution, AI will play a vital role in the future of e-commerce. Chatbots, shopper customization, targeted advertising, and warehouse and inventory automation, among other things, should all be expected to fuel e-commerce in the future.

Artificial intelligence (AI) can significantly impact the job search process.

You can be in for a rude awakening if you expect a hiring manager to overlook a tiny error on your application. AI already plays a significant part in the hiring process, with an automated applicant tracking system, or ATS, rejecting up to 75% of resumes before they even reach a human being.  

Previously, recruiters had to filter through many resumes to discover qualified candidates. According to LinkedIn data, recruiters can spend up to 23 hours reviewing resumes for a single successful job.

On the other hand, AI-powered systems are increasingly doing resume scanning. In 2018, 67 per cent of hiring managers said artificial intelligence (AI) made their work easier.

Despite the growing prominence of automation and algorithms in the hiring process, several have criticized the usage of specific types of AI, claiming that it can perpetuate and even increase bias in hiring.

HireVue, for example, is a firm whose initial offerings featured technology that attempted to combine facial recognition technologies and psychology to estimate a candidate’s future performance in a specific function. The Federal Trade Commission has received a complaint by the Electronic Privacy Information Center, claiming that this software could perpetuate bias and prejudice. In early 2021, HireVue stopped using facial recognition algorithms and relied on audio analysis and natural language processing.

As new technology develops, it’s evident that the employment of certain types of AI in the recruiting process will be contentious. However, if potential employers are using AI to process your application, there’s no reason you can’t take advantage of the same technology.

Jobscan is an excellent resource for resume scanning comparable to what a hiring manager would do. Jobscan will provide you information on how to adjust your CV so that it is a good fit for a specific position by comparing it to a job description, with the purpose of “beating” an applicant tracking system (ATS). 

Jobseer is a browser add-on that is another excellent AI-based tool for job seekers. Jobseer can assist match you with job listings that best fit your experience based on a scan of your resume, as well as keywords and skills connected to your preferred jobs. You’ll get a grade for each listing based on how well you match the job description, as well as suggestions for skills to add to better position your CV and experience.

Rezi: As a caution, one would never recommend entrusting your resume writing to a robot. However, Rezi is a fantastic AI-based resume builder that contains templates to assist you in creating a resume that will tick all of the boxes for applicant tracking systems. This is an excellent place to start when creating a new resume. Another superb method to use this type of technology is to create a fresh resume and compare it to your current resume to see how it compares and where you can improve.

Assume you want to advance your career or improve your professional profile to be more marketable. In that situation, AI is an excellent place to focus your efforts because AI will have far-reaching implications across a wide range of businesses.

AI and machine learning are many essential skills in today’s employment market. Jobs needing AI or machine-learning skills are expected to expand by 71% in five years. If you’d like to further your expertise in this field, look into some excellent free online course alternatives that focus on AI skills.

It’s a brilliant idea to get in and learn everything you can about working with AI if you’re tech-savvy. It would be beneficial to try your hardest to know how things work in diverse professions.

Artificial intelligence is here to stay, whether we like it or not, and we should not be concerned. The most fantastic method to move forward is being aware of and adapting to new technology, especially AI.

Edited and Proofread by Ashlyn Joy