By: Jack Clark
Artificial intelligence is a technology that will only become increasingly more important in business. As of 2019, the artificial intelligence market showed an annual growth of 23%, but as with all fast-growing industries, fast growth is accompanied by growing pains. In this case, growing pains take the form of more than half of all projects involving AI failing to make it past the pilot stage. So, why utilize the technology at all? What benefits does it provide?
Artificial intelligence has many business applications, perhaps none so impactful as data processing on a scale that humans simply cannot. What this allows is the creation of actionable insights, for instance, specifically targeted ads that can be selected for an individual based on their personal data. The result of such automation is more customer interaction and better market forecasting, among other things. The execution of what would be a human marketer’s job has many worried, will marketers find themselves replaced as artificial intelligence is increasingly adopted, and more broadly, will the average worker be automated away?
The Impact of Automation on Jobs
Put simply, no. Though alarming studies have projected as much as 47% of US employment is expected to be automated in the next two decades, others have found only 9% of current jobs are at risk of automation over such a period of time, given the number of tasks that workers perform that AI can’t. On top of that, new technology increasing efficiency in the workplace directly correlates with an increased demand for workers to leverage that efficiency. So, rather than obsolescence, workers will find that with Artificial intelligence their jobs may shift, and they will increasingly work alongside AI, leveraging the best of both technology and humanity. All the more reason to work on adopting the fledgling technology now.