#13: Learn how AI will impact the future of business

The rise of artificial intelligence (AI) is expected to impact how businesses operate in the future significantly. It is already being used in various fields, such as recruitment and data entry.

Due to the advancements in the field, employees and leaders are still raising concerns about the potential impact of AI on their jobs. Some of these include the possible replacement of workers with AI and the safety of algorithms.

With these considerations in mind, we can see how AI will influence businesses in the future.

?In this article, you will learn:

• Is AI a good manager??
• Can algorithms really lead??
• How AI worked with a deceased composer.

Key Point #1: The AI revolution will happen whether we like it.

If you are a fan of science fiction movies, then the idea of intelligent machines might be unsettling. In many of these films, humans have developed super-smart robots that have disastrous consequences.?

Although these stories might seem like a lesson, they will not likely be taken seriously. A quick look at the world of business will show you that. Artificial intelligence's rapid emergence and evolution have caught many companies' attention. They are eager to capitalize on the technology's potential.

The key message here is that the AI revolution is coming and whether people like it will affect the world in various ways. Before we can understand how AI will affect the world, we must first understand what it is.

Artificial Intelligence?is a program that collects data and then produces valuable conclusions based on the collected information. This process is carried out through a series of mathematical calculations.

Did you know that in 2016, Google developed a computer program known as AlphaGo, which defeated the world champion of Go, a Chinese board game considered more complex than chess? This event was regarded as a watershed moment in the field of AI. Although people previously believed that human touch was needed to excel at Go, the program proved them wrong.

Following the victory of AI over human challengers in a game of Go, many businesspeople started wondering if it could outsmart their own decisions. AI made the most of its knowledge and skills in a game of Go and showed the optimal strategy for businesses.

According to estimates, AI will contribute $13 trillion to the global economy within the next decade. This will change the way businesses are managed.

The potential of AI to transform the world is immense, and it is expected to bring immense wealth to investors. However, what will its human impact be?

Key Point #2: The subject of management is next in line for AI implementation.

Management is different from leadership in that it involves directing people. On the other hand, leadership is about vision, charisma, and drive. Management is more concerned with making sure that everything is running smoothly.

According to many employees, the workplace is becoming overmanaged. Even managers are not fond of their jobs. Things are about to change.

The message is clear: Artificial intelligence (AI) is coming to the management world. It will take over the boring things that managers do.

Management is focused on ensuring everything is running smoothly by setting goals and ensuring that employees meet them. They also check in on them to make sure that they are hitting their targets.

In addition, they collect and analyze data about their employees. This process involves evaluating the data related to their performance. Every day, information about their employees comes in.

With the help of AI, this process can be automated, and it can make sense of the vast amount of data collected in the workplace. Instead of relying on human error, AI can easily handle data management.

After analyzing the data, AI can then provide automated responses. For instance, by monitoring the performance of employees, JPMorgan Chase can determine if they are following proper regulations. Some companies also use algorithms to predict workers' likelihood of leaving their jobs.

AI is already being used in various tasks that managers perform, and it is uniquely suited to these kinds of tasks. However, what about leadership?

Key Point #3: The capacity to lead is beyond AI's capabilities.

Everyone wants to have leadership qualities. Being able to influence others and make wise decisions is a rare and desirable attribute.

Can AI possess this attribute if algorithms can successfully function as managers? A leader should inspire and motivate subordinates and provide them with a compelling vision to make their work more meaningful.

The ability to lead is different from what AI is capable of. There are various reasons why this is impossible, and leadership functions seem uniquely suited to humans. AI is good at algorithms, but it cannot lead.

Leadership?is typically defined as influencing others and convincing them to act as you want. This attribute is similar to other social skills, requiring a certain level of competence.

Although AI can analyze massive amounts of data and make informed decisions, it still needs human guidance to inspire its employees. This is because it cannot turn its judgments into stimulating visions.

According to a survey conducted by Consumer Research, only 4 percent of Americans would trust AI to hire workers. This suggests that people need more confidence that AI will be able to improve their lives.

AI needs to improve as a leader due to its lack of confidence and trust. In short, it cannot inspire people or win trust. Despite being capable of being intelligent, AI still needs to improve at being able to lead.

Key Point #4: Humans of the future will need to depend on their softer abilities, such as empathy, agility, and inventiveness, to succeed.

?AI cannot be used to lead in the workplace, even though it is good at managing. There are also limits to what it can do for organizations. Even though it can manage, it can only address some aspects of work.

Banks are gradually replacing their employees with AI in the financial sector due to the increasing number of repetitive and mechanical tasks. Is this a sign that AI will render everyone below the rank of leader obsolete?

In the future, people will need to develop their soft skills, such as creativity, empathy, and agility.

Developing these skills is very important for leaders, as it will allow them to lead their organizations effectively. As business operations become automated, more people will value their employees' soft skills.

Job advertisements already show this. Even in banks, where analytical and mathematical skills once ruled, candidates should demonstrate their social skills.

According to experts, the demand for people with emotional intelligence will increase significantly over the next few years.

Aside from social and emotional intelligence, other skills such as agility and creativity will also be demanded in the AI workplace.

AI can give precise, informed answers to various questions, but its answers are rarely creative. True innovation, which involves the development of new products, approaches, and services, is expected to remain human for a long time.

AI also struggles with agility and high-speed flexibility, which people typically use to adapt quickly to new situations. This is a real challenge for AI, as it can prevent it from being able to innovate.

Developers create AI systems that can play video games, and when everything goes according to plan, these systems can beat the best humans.?

On the other hand, when the system changes one minor setting, the human player will quickly adapt to the new environment. Conversely, AI will struggle to grasp these skills, which will determine employees' future.

Key Point #5: The tale of artificial intelligence in the workplace should be one of cooperation, not a replacement.

In 2018, Huawei surprised the world by performing Franz Schubert's Symphony 8. It was a rare symphony performance, first performed almost 200 years ago.?

The orchestra was able to complete four movements despite Schubert's death. The tech company used AI to analyze the performance and predict what the composer's missing movements would sound like.

Through the AI program, Huawei engineers could analyze the two remaining movements of the symphony. They then collaborated with a contemporary composer to create new movements.

The project highlighted the importance of collaboration and AI in the workplace. Huawei aims to develop AI that works seamlessly with humans without replacing them altogether. This is because AI should be considered a super-efficient and trusted coworker.

The task of overseeing the collaboration between AI and regular employees will fall to the business leaders of Huawei. They will be responsible for managing the new diversity in the workplace.

One of the most critical factors that business leaders must consider when implementing AI is ensuring that it is given the appropriate tasks to perform its duties. This can be done through delegation. However, convincing employees that AI is better suited for specific jobs can take time and effort.

Despite the potential threat of AI becoming a competitor, leaders must remind their employees that it is still a collaborator. This means it can help them improve their soft skills and creativity by taking care of data crunching.

Hyundai showed how successful collaboration could be by developing robotic exoskeletons for its workers. Instead of replacing their human counterparts with robots, the carmaker developed wearable devices designed to help their employees.

The devices made it easier for workers to carry out heavy lifting tasks. This approach could be very beneficial for business leaders planning on creating an AI-friendly workplace.

Key Point #6: Workers need to get over their biases about AI if they want to reap its benefits.

According to studies, employees who feel empowered are more likely to perform at their best. This is a win-win situation for both the employee and the organization. Having the ability to make their own decisions helps boost both performance and satisfaction.

Despite the positive effects of empowerment, navigating through the changes brought about by artificial intelligence can be challenging. Many workers are worried that it could threaten their independence and livelihoods.

Despite the positive effects of AI, it can take time for employees to get used to the new technology. The organization's leaders must understand their needs to help them get over their initial concerns.

Before employees can fully benefit from AI, they must overcome their biases. According to researchers, workers tend to exhibit algorithmic aversion when learning about technology. This is a technical term used to describe how people feel about AI, even when it is regarded as accurate and fast.

This can be a significant issue for organizations planning to implement AI. If workers refuse to accept that it can be used, it is not worth the effort to introduce it to the company. After all, what use is a system that does not need to be used?

If an organization wants to utilize AI fully, it must ensure its workers are on board. This can be done by addressing the issue of algorithmic aversion.

One of the most critical steps an organization can take to ensure that its workers are on board is to explain the technology's various components. Workers can still learn all the technical details of how it works. They need to understand how it uses data and how it performs.

Workers are more likely to trust AI after realizing it is not as complex as they think. Leaders must also emphasize that it can get things wrong. This is because, like regular employees, they can also make mistakes.

Rather than lose faith in AI due to a single mistake, workers should maintain their confidence in it. The performance of the system on an aggregate basis will determine its worth.

Final Thoughts

Despite the capabilities of artificial intelligence, it still needs to be capable of taking over all managerial functions. Instead, businesses should focus on developing an environment of collaboration to make the most of their capabilities.

You've been briefed.

Key Concepts: #machinelearning #dataentry #artificialintelligence #leadership #management #intelligentmachine