Artificial intelligence (AI) has been a buzzword in the tech world for several years now, and its impact on various industries is becoming increasingly evident. While AI holds a lot of promise, it also raises concerns about job displacement and unemployment.
In this blog, we will explore what jobs AI is likely to replace, what it can never replace, and what people need to do to stay relevant in the AI era.
What Jobs Would AI Replace?
The integration of AI technology is likely to automate repetitive, routine, and low-skill tasks such as data entry, telemarketing, and customer service. These are tasks that are often performed by low-wage workers and involve pattern recognition, prediction, and data analysis, which are tasks well-suited for automation by AI.
Some industries will rely on human workers even after AI advancements like writing jobs, social work, legal defense, teaching and even elementary AI training engineers. AI can support these fields in the future, but AI and robots can't replace or even replicate the empathy and social intelligence required by these professions. For example, AI could help in the assessment of a student's levels of competence and temperament — but only teachers can grasp special interests with essential mentorship required by individual students.
AI's impact on the job market is two-fold. While it may lead to the displacement of certain jobs, it is also expected to create new job opportunities. While it is estimated that AI will create 97 million new jobs by 2025, some sectors are definitely getting impacted by the rise of AI. They include:
Finance and Banking
AI is helpful in financial institutions to reduce the risk of fraud and improve the accuracy of financial predictions and analysis. AI is also set to have a more significant impact on the finance and banking industry. Routine tasks such as data entry, record keeping, and customer service can be automated, freeing up human workers to focus on more complex tasks.
FMCG and Retail
The retail industry is also likely to be impacted by AI. AI can automate tasks such as stock management, pricing analysis, and customer service, reducing the need for human workers. Online retail giant, Amazon, has already made significant investments in AI, including the development of its Amazon Go stores, which allow customers to shop without the need for cashiers (self-checkout innovation).
AI for FMCG is working beyond traditional segmentation of the market. AI systems can introduce new spaces where specific products will always bring in great demand. The sector can benefit from advanced segmentation. AI can advocate innovation in marketing strategy, customer service, and even regular operations.
Healthcare
The healthcare industry is another sector that is poised for major change due to the rise of AI. From record-keeping and data entry to patient care and diagnostics, AI has the potential to transform the way healthcare is delivered. This technology can automate routine tasks, freeing up human workers to focus on more complex and important tasks, such as patient care and diagnosis. AI will help healthcare providers deliver more personalized and efficient patient care. It can assist in identifying patterns and making predictions about patient health too. The providers can make efficient use of resources with AI, after all!
Transportation
The rise of autonomous vehicles and drones is expected to bring about significant changes to the industry, especially in terms of job displacement. As AI-powered vehicles become increasingly prevalent, the demand for human drivers is likely to decline. However, this trend also presents new opportunities. For instance, there will be a growing need for experts in AI programming, vehicle maintenance, and other relevant fields.
This shift highlights the importance of continuous learning and upskilling in the era of AI. As the industry evolves and new jobs are created, workers will need to acquire new skills and knowledge to remain competitive in the job market. Whether you are currently working in the transportation and logistics industry or looking to make a career change, now is the time to invest in your future and position yourself for success in the AI era.
Manufacturing
The manufacturing industry is poised for significant change with the integration of AI technology. The deployment of robots and automated systems promises to increase productivity, lower production costs, and make the industry more competitive.
One of the immediate impacts of AI in this sector has been witnessed the automation of routine tasks such as assembly line work and quality control. This shift will result in a reduction of roughly 1.7 million jobs. However, it has also opened up newer opportunities in other verticals where human intervention is necessary.
Using a digital twin that represents a virtual copy of any industrial process has increased demand for prospective operators who can explore new scenarios on the factory floor. The lack of operators will offer new hiring possibilities. Even those less experienced would find this job palatable to their career prospects. The manufacturing labour, despite the proliferation of AI, will need number-crunching data scientists. As manufacturers seek to harness the latent potential of Industry 4.0, they would need professionals who could leverage data generated by sensors to generate actionable recommendations. The optimal nature of production will demand more engineers, efficient operators, and data scientists.
Investment
The operating environment for investment firms is evolving, with innovations and changing investor preferences propelling the change. Artificial Intelligence provides new opportunities beyond cost reduction and operational efficiency in this domain.
Investment management firms are now focusing on digital transformation to empower firms to deliver value for the future in the following ways:
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Firms adopt data sets and AI to propel organic growth and generate additional alpha for their investment business.
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They are enabling better operational efficiency by deploying AI and automation while transforming traditional cost centers into service offerings powered by AI solutions.
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Firms are also incorporating AI to improve product and content distribution ensuring better customer experience.
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AI solutions are already helping advisors generate better insights, and tailor content more effectively.
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In terms of risk management, AI equips firms with effective tools that address a variety of compliance and risk management functions, automate data analysis, and predict ambiguous events in the business sphere.
To benefit from these AI trends fully, firms expect to consider and manage both technology and talent with the right balance.
Logistics
The integration of AI in the logistics industry has revolutionized the way we move goods around the world. However, this transformation has come with a potential downside - the displacement of human workers. Tasks that were once performed by people, such as delivery, transportation, storage, picking, packaging, and routing, can now be automated using self-driving vehicles and robotics.
While this innovation can optimize logistics processes and reduce expenses, it may significantly impact the job market. The increasing use of AI in logistics raises questions about the future of employment and the need to ensure that workers are not left behind in this digital age.
Entertainment
Some aspects of AI have already started to have an influence on the entertainment sector, including recommendation algorithms, personalization, and automated content production. Artificial intelligence (AI) systems can scan vast quantities of data to find patterns and produce music or visual effects that fit particular styles or themes. The production process might be accelerated and made more effective as a result.
For instance, AI is used by websites like Netflix and Spotify to evaluate user data and provide users with tailored suggestions. This has grown to be a significant component of the entertainment business since it keeps viewers interested and subscribers happy. This could potentially put certain genres on the backlog since people would prefer watching what's trending.
What Can AI Never Replace?
While AI is capable of automating many tasks, there are certain aspects of work that it can never replace. These include:
Complex thinking and decision making
There is no shortage of information or data in this age of information, but the success of any individual or enterprise depends on how they can separate reliable information from the abundance of misleading information.
In a world rife with outright falsehoods, hype, rumours, propaganda, frenzy, and sheer publicity, employers will seek candidates who are not just open-minded but also skilled at evaluating the veracity of the information we are exposed to everyday.
Being able to think critically goes beyond merely being upbeat; it also enables you to assess information with objectivity, determine its reliability, and determine if it should be trusted by both businesses and customers.
Emotional intelligence
Machines cannot compete with people who possess emotional intelligence, which is the capacity to recognize, regulate, and express one's own emotions as well as others' emotions.
Emotional intelligence is useful as long as there will be people working, since they affect every single encounter we have. Since machines are unable to establish real connections with people, this is a talent that will always be useful on both a personal and professional level.
Creativity
No matter how many robots there are, humans have always been better at thinking creatively than machines. Businesses still need people who are imaginative, who can see the potential of the future, and who can imagine. There are several ways to employ AI to foster creativity at work. Thus, it is crucial to be receptive to new technologies that foster and spark creativity, enabling businesses to grow and innovate.
Interpersonal communication skills
Despite the fact that robots are growing better at communicating, their programming is still limited. The capacity for successful interpersonal communication still falls under the purview of the human species.
Leadership
Strong leadership abilities are essential for everybody who makes choices or manages project teams in the modern workplace, not simply those at the top of the conventional corporate ladder.
3 Best Strategies to Preserve Jobs and Boost Growth
While AI will automate many jobs, it will also create new job opportunities and stimulate job growth in various industries. For example, the demand for workers with expertise in AI, data analysis, and software development is expected to grow rapidly. But many of those jobs will come up in the near future.
Additionally, there will be a growing demand for workers who have the skills to manage and integrate AI into various business processes. As this Allwork report suggests, nearly 97 million new jobs will be added to the economy owing to the emergence of AI.
The rise of AI presents both challenges and opportunities for workers in the job market. To stay relevant in the AI era, here is what people need to do:
1. Reskilling and Upskilling
People need to invest in their own skills and education related to their artificial intelligence and machine learning. This involves embracing the challenge and developing new skills and competencies that are in high demand in the AI era.To stay ahead of the curve in the job market, workers need to embrace the concepts of reskilling and upskilling. Reskilling refers to acquiring new skills that are necessary for current or future job opportunities. For example, workers who are at risk of losing their jobs to automation may need to re-skill in data analysis, software development, or digital marketing, among others. Below are the skills that will be in high demand even after the AI tools:
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Knowledge of Programming languages
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Data Engineering
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Exploratory data analysis
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Understanding of different AI Models
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Data Security
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Machine Learning Algorithms
Upskilling, on the other hand, refers to enhancing existing skills to stay ahead of the curve in the job market. For example, workers who have experience in a particular field may need to upskill by acquiring new knowledge and expertise in related areas such as AI, machine learning, and data analytics.
2. Investing in Your Future
One of the most important steps in overcoming the worry that AI will replace you at work is to invest in your own education and skill set. This investment may be made in a variety of ways, such as by enrolling in online courses, going to conferences and workshops, and pursuing certification in in-demand fields like data science, cloud computing, and machine learning.
It is critical to keep in mind that the rate of technological development will only quicken and that employees must take the initiative to advance their knowledge and abilities. This entails keeping up with the most recent developments in AI and being proactive in looking for learning and development opportunities.
3. Embrace the Change
Workers who wish to prosper in the AI future must embrace the transformation that AI symbolizes. This entails having a positive outlook on the effects that AI is having on the labour market as well as being open to new concepts and technology.
Workers may regard AI as a chance to learn new skills, explore new career options, and discover new ways to add value to their job rather than a threat, for instance. This upbeat attitude can aid employees in overcoming their worries and seeing the possibilities that AI has for their own professional development and success.
Conclusion
The rise of AI is profoundly impacting the job market, and workers are naturally concerned about the impact that AI will have on their careers. However, by embracing the challenge and investing in their own skills and education, workers can overcome the fear of AI stealing their jobs.
By reskilling and upskilling, workers can stay ahead of the curve in the job market and find new opportunities for growth and success. And by embracing the change that AI represents, workers can overcome their fears and see the potential that AI holds for their own career growth and success.
