The tech is currently changing the face of business forever.
The last decade has seen an incredible strides forward in the evolution of thinking machines and AI (Artificial Intelligence) applications, which the business world has taken full advantage of.
The benefits of AI combined with IT/Cloud Computing technology, transform the way business is done.
Technology, as a result, is impacting every aspect of our daily life; from the Internet Of Things – smart multimedia devices, smart homes, smart cars and airplanes- to AI assistants and robotic waiters/receptionists, Drones, 3D Printers, bots and algorithms that can recognise and process human speech and behaviour.
We are heading towards a fully inter-connected world, where a person and a machine will combine forces and lead to the rise of many new jobs.
Natural Language Processing is just the tip of the iceberg in the quest for AI predominance. An important component of NLP, Text Mining, can be combined with Knowledge Management to analyse all the information on the world wide web, and process and filter essential data that is useful for a specific single/multiple business solution/s—while also anticipating and preventing any future crises looming on the horizon.
It can also help discover new business strategies from multiple fields of human knowledge, that were previously unknown, to help a company achieve a competitive edge.
Of course, artificial intelligence software provides useful tools that can predict fluctuations in customer demand, and rearrange the supply chain accordingly to maximise productivity.
AI can also present companies with numerous opportunities to cut costs (with the help of Cloud Computing software and apps, for example, to save all your data on a server hosted by a third party or installed directly into your IT infrastructure), reduce bureaucracy, optimise the organisational structure of the company to ensure better communication and exchange of ideas at all levels, and deliver personalised solutions to customers/clients in advance of a contracted deadline.
AI algorithms can sift through the entire search history and also social media accounts of customers to better cater to their needs and suggest new or similar products of interest through AI personal assistants—which are now using facial as well as speech recognition processes through interfaces to better understand human emotion and whatever they can gather from both Structured (data fixed in location) as well as Unstructured Data on the web.
Robotic Process Automation (RPA) handles repetitive and complicated tasks, that may be hard, if not impossible, for human workers to perform, while allowing them to diversify their skills into other areas of the company.
Virtual Reality seems to be the next upcoming trend and the basis of how business will be conducted (with virtual chat rooms through which employees, managers, CEOs and business partners can all interact simultaneously in real time).
The ultimate goal, of course, is the merging of a person and a machine, which appears to be already on the horizon as AI neural networks increase their capacity to mimic the neural pathways of the human brain (through Cognitive Intelligence and Machine Learning, for example) and are already being employed to help the disabled regain possession of biological functions.
To this effect, bionics combined with nanotechnology in the health industry have already reached incredible results. The rise of AI has led to the creation of new jobs, which may not have existed five or ten years ago, and demand for jobs in the IT/Cloud/AI/Robotics industries are expected to increase progressively as new upgrades, apps and technologies enter the market at a faster rate.
Millennials will especially be impacted by this variety of careers. A global survey released by the World Economic Forum shows, that Millennials have an optimistic outlook on the impact of technology on job creation.
And rightly so.
140 years of empirical study in the UK, shows that technology has created more jobs than it has destroys.
Technology boosts the economy and improves the quality of life.
Increased spending power creates a demand for different type of industries that before – in 1950s it was hairdressing, accountancy and bar staff.
Today, it’s medicine, education and professional services (with hairdressing, accountancy and bar staff still growing).
Most of the jobs we know today, did not exist ten years ago and new jobs are being created at the fastest rate in history.
Amazon, Facebook and Google, bring in over a trillion dollars in revenue and only have about 137000 workers. These three tech giants employ fewer people directly, but create ecosystems that employ more people indirectly.
Let me explain …
Facebook has more than 2 million advertisers, Google over 4 million.Amazon provides a platform for hundred of thousands of sellers. All those people are selling products and services online and use Facebook, Google and Amazon to their advantage.
These three companies have created jobs for over 6 million advertising managers and small to medium size business owners.
How awesome is that? Over 6 million new job opportunities?
I really think that technology only destroys jobs that are physical, hard and dull. Jobs, that we don’t want, anyway.
Would you agree?