Why AI isn't coming for your job – we need to embrace it

Artificial intelligence (AI) performs tasks that are usually performed by humans. It combines large sets of data with intelligent iterative processing algorithms to learn from patterns and features in the data.

Businesses are turning to AI to get more done with fewer people.?

The immediate effects are the layoff of thousands of workers, but the long-term looks more promising; businesses can redirect the costs that go into employment to a different direction to create new emerging technologies, markets, and industries. This would mean more job opportunities for people… to work with AI.

Episodic bouts of fear around AI

It’s a norm that whenever an AI solution is introduced or reintroduced that there is some resistance.?

It’s understandable why many feel scared and/or threatened by the developing technology. But getting absorbed in that fearful state may have you believing that AI is suddenly everywhere when in reality you have been engaging with it for years.

A few subtle examples of the spread of AI: from online recommendations and personalised feeds on your social media pages, to predictive text appearing on your text message or Microsoft document, to playing around with the virtual filters on your phone. And this can be happening inside your home.?

Has there been an innovation before this that has managed to spread so far with this much resistance around? No…. but whatever the reasons are for resistance, the growth of AI will not stop.

The beginning of the exponential rise in AI?

AI is setting a new standard for future innovations.

AI does not abide by the diffusion of innovation theory. Its impacts are disruptive in many ways, but by definition it is an emerging technology. A definition that may need to be revisited over time as AI’s machine learning algorithms (ML) continue to learn from human interactions and continuously evolve from it.?

Theory is one thing. Implementation is another. While AI’s ability to learn and adapt in real-time raises interesting tensions around challenges and opportunities, the developing technology keeps repeatedly catching early adopters off guard around legal issues.

This could be a main factor for why some believe that change is happening too fast.

However, the rate in which the services and products that keep coming forward is increasing. Are we about to enter an era of exponential rise? And how will that look??

A good place to start to think of future possibilities is by looking at how AI has changed existing systems and processes:?

Advantages of AI in B2B businesses

CUSTOMER SERVICE?

Chatbots answer customer inquiries, provide customer support, and help customers place orders. Now, AI- powered chatbots allow customers to get immediate assistance - available 24/7 - without having to wait for a human representative. This improves customer satisfaction and reduces the workload for customer service representatives.?

SALES & MARKETING

AI can help you to better understand your customers. By analysing customer data, AI can help businesses identify promising leads and personalise the marketing efforts accordingly. By analysing data from past interactions with customers, AI can improve customer satisfaction, offer better personalisation, and even know what the customer needs before they ask for it.

DESIGN & PRODUCTION

AI can assist with the design and production of new products. This improves efficiency and reduces costs.

AI also enables predictive maintenance, which helps improve product performance and reduces costly downtime. AI can also help adopt newer technologies faster than ever before. This will help the business stay ahead of their competition and create better products for their customers.?

SUPPLY CHAIN MANAGEMENT

In B2B businesses, managing the supply chain can be complex and challenging. AI can help streamline supply chain management by predicting demand, optimising inventory, and reducing waste. By analysing data from multiple sources, AIcan help businesses make more informed decisions about when to order new inventory, which suppliers use and how to optimise delivery routes.

FINANCIAL MANAGEMENT

By automating tasks such as data entry and reconciliation, AI can help reduce errors and improve efficiency. AI can also be used for fraud detection, risk assessment, and forecasting. By analysing financial data, AI can help businesses make better decisions and identify potential risks before they become major problems.?

HUMAN RESOURCES

AI can be used for tasks such as resume screening, candidate selection, and performance evaluations. By analysing data from resumes and job postings, AI can help identify the most qualified candidates for a job. AI can also be used to evaluate employee performance by analysing data such as sales figures, customer satisfaction ratings, and productivity metrics.

These few examples show that by embracing AI, B2B businesses not only gain a competitive advantage, but can also position themselves for long-term success. Other benefits include improvements in employee productivity, performance, and satisfaction - all of which contribute to creating a healthier working culture.??

Are you considering (further) adopting AI into your business?

Leveraging the power of AI to fundamentally transform the way your business operates requires considerable preparation.?

Components to consider:

• Identifying which areas of your business can benefit from its use and how it will be implemented in those areas
• Selecting compatible AI integration solutions that work with your existing technologies, platforms and processes
• Finding ways to bring forward the experience and skill sets of employees to lead this journey by sharing their knowledge and insights in development and afterwards.