AI isn’t replacing the majority of jobs because it isn’t as cost effective yet, according to an MIT study. But can we anticipate that changing in the future? AI/technology expert and author, Gerry Szatvanyi, discusses why he thinks AI won’t make jobs obsolete, but rather reinvent human skills leading to cost efficiency and higher profits.
In the ever-evolving technological innovation landscape, AI is orchestrating a paradigm shift unlike anything in history. Brace yourselves for a future where connectivity, intelligence and proactivity converge to redefine human existence. Picture a world where workers wield unprecedented control over their schedules and wellbeing while companies navigate uncharted territories brimming with untapped market potential. But amidst this seismic transformation, one crucial question looms: how will organisations align their workforce’s goals and vision in this brave new world?
According to The World Economic Forum Future of Jobs Report 2020, the rise of AI threatens to replace 85 million jobs by 2025. Yet, in the same breath, it heralds the creation of 97 million new opportunities fueled by AI. Human ingenuity finds fertile ground to flourish as machines take on repetitive tasks, enabling workers to specialise and ascend to higher-level responsibilities.
This change however, can bring trepidation; employees grapple with evolving expectations while executives navigate financial uncertainties. Nevertheless, amidst the tumult lies endless possibilities – a realm where innovation not only reshapes the workforce but also unveils lucrative avenues for revenue generation.
Reinventing human productivity + the customer experience
Enter the era of AI-driven transformation – McKinsey Global Institute’s groundbreaking study in June 2023 unveils a staggering revelation: AI holds the key to unlocking a treasure trove of corporate profits, estimated at a jaw-dropping US$2.6 to US$4.4 trillion annually. But the true magic of AI lies not just in its profit potential but in its ability to redefine the customer experience, placing them at the heart of the universe, igniting unwavering loyalty and sparking contagious referrals.
Here’s a glimpse into the future of customer-centricity fuelled by AI:
Streamlining repetitive tasks: Say goodbye to mundane chores as AI swoops in to handle appointment reminders, delivery notifications and post-transaction follow-ups with the precision of a seasoned concierge. By integrating AI associates, companies save resources and elevate customer service standards, freeing human associates to focus on more complex challenges.
Chatbots: the guardians of instant gratification: Picture this – round-the-clock customer support tailored to individual preferences and available in every language. Enter chatbots, the unsung customer service heroes, adept at nudging customers to revisit their shopping carts or collect invaluable feedback. Seamlessly blending with human associates, these digital companions alleviate mundane tasks, slash wait times and combat employee burnout.
Empowering the human touch: Armed with a wealth of customer data, frontline associates emerge as the ultimate champions of personalised service. Whether suggesting the perfect visual match or guiding customers through an online inventory, empowered employees foster deeper connections, driving higher-value transactions and reaping the rewards of enhanced commission structures.
In this AI-powered realm, the possibilities are as limitless as the benefits they bring – from heightened customer satisfaction to bolstered bottom lines. Welcome to the future where innovation meets intuition, and every interaction is a testament to the transformative power of AI.
New revenue opportunities
AI emerges as the ultimate treasure map in the ever-evolving commerce landscape, guiding businesses toward uncharted market territories ripe for exploration. Imagine the possibility of AI algorithms meticulously analysing demographics and consumer preferences, unveiling hidden niches and untapped opportunities with the precision of a seasoned explorer. But the adventure doesn’t end there.
AI doesn’t just stop at discovery; it’s the catalyst for transformation. By delving deep into customer sentiment, AI refines offerings, amplifies market share and sets the stage for unprecedented growth. From forecasting demand to creating innovative products, AI’s prowess knows no bounds, revolutionising the very essence of business strategy.
But here’s the kicker: these lucrative prospects aren’t reserved for the chosen few. In the era of the ‘new normal’, retailers armed with open minds, boundless creativity and a thirst for innovation stand poised to seize the day. The formula for success? Embrace Digital Transformation with AI as your trusted ally and future-proof your business against the tides of change.
What companies should consider when investing in AI
Prepare for a seismic shift: AI’s transformative power is beginning to unfurl. According to PwC’s Global AI Study, by 2030, AI is poised to inject a staggering US$15.7 trillion into the global economy. Yet, realising this immense potential demands strategic investments and a clear-eyed assessment of the road ahead.
In every industry, the winds of change are stirring. But before diving headlong into the AI revolution, companies must weigh the benefits against the risks. Ethical considerations and bias mitigation are paramount, laying the groundwork for a future without unforeseen hurdles.
Here’s the roadmap:
• Define purpose: align AI initiatives with the company’s overarching vision and strategy. Delve deep into the ‘why’ behind AI adoption, ensuring it complements long-term organisational goals.
• Task allocation: outline AI’s role meticulously. Will it power monitoring systems or engage customers through chatbots? Clarify where human intervention is necessary, fostering synergy between man and machine.
• Data-driven decisions: fuel AI with pristine data. A robust data strategy is indispensable, laying the groundwork for insightful analytics and informed automation. From data collection to continual refinement, pave the way for optimal decision-making.
AI boosts business competitiveness
Integrating AI into customer service elevates the customer experience, drives sales and boosts profitability. Listening to customer feedback fine-tunes AI for optimal performance, meeting and surpassing customer expectations. Step into this dynamic journey, where every decision propels you towards market dominance. The future favours the bold – will you seize it?
Gerard “Gerry” Szatvanyi’s latest book is Workforce 4.0: How AI, the Home Office, and the Gig Economy are Disrupting the Status Quo