How Is Artificial Intelligence Shaping the Future of Work?

With the exponential rise in popularity of Chat GPT, artificial intelligence has become a mainstream topic of conversation and therefore, so too the question of its impact on the future of work.

According to Statista.com, the AI market is set to grow to an estimated worth of $2 trillion by the end of this decade with a potential ￡15.7 trillion contribution to the global economy, according to PwC.

With this huge value, it’s hardly surprising that this technology is already impacting jobs and employment as companies race to capitalise. As stated in the World Economic Forum’s?Future of Work report, 85 million jobs will be replaced by AI by 2025, yet 97 million new jobs will be created.

The World Economic Forum identified tasks such as data collection or ones that require simple, repetitive actions, as being among the first to be overtaken by AI. At least for the foreseeable future though, many tasks will still require a human element and therefore the robots some might think are coming for their jobs are more likely to be colleagues than replacements. ?

Generally, allowing AI to analyse data and conduct repetitive tasks can help companies refine processes, reduce errors and improve productivity.??

For example, AI has the potential to objectively collect and analyse data, identifying patterns and making predictions that would be difficult for people to do on their own, freeing employees up to focus on more creative, strategic, or empathetic work.

In the case of the healthcare industry, for example, AI applied to data analysis can free up doctors and nurses to focus on patient care and solving complex cases.

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