Modern technology continues to amaze the public in numerous ways. Artificial Intelligence (AI) helps drive sales due to targeted marketing programs, saves lives via sterile robotic surgeries, and entertains masses through virtual reality experiences. This issue has supporters and detractors on both sides of the fence in wonder. What is the ultimate potential? How can AI affect business? What are the potential benefits and consequences of this effect?
Contrary to popular opinion, there is little evidence that AI will result in any dramatic statistical changes in human resources. For most companies and industries, self-learning technologies will create new jobs. Internal processes will need updating, and the enhancements brought on by AI will require additional support from customer support and production teams.
The number of machine operators and factory workers that may be replaced by AI or an otherwise robotic workforce simply does not warrant the mass panic that stood ready to erupt less than a decade ago. Experience has proven that the reality of AI is that even the most sophisticated technologies cannot replace human for many of the simplest tasks. Even some of the staunchest opponents of AI advancements have now come to appreciate the many benefits of adopting this technology. One of those benefits is job creation – not a reduction in the workforce.
Leaders and managers are generally aware of potential changes that could result from the implementation of AI. However, most executives and operating boards are unsure about the best ways to navigate these changes. Streamlining internal and external business processes can take years to complete, even with the most efficient staff members. Utilizing AI technologies can speed up this process by capturing existing trends and creating algorithms that instantly provide a synopsis of current practices. AI can then manipulate that data, again instantly, and determine the potential outcomes of a variety of different hypothetical situations.
The lure of AI for most corporations is the ability to quickly determine the pros and cons of a particular course of action. New was of applying AI technologies into businesses are developed practically every day. It is nearly impossible to accurately manage the ways in which AI is, will, or could be used to improve the standard operating procedure.