Artificial Intelligence has been around for quite a few decades. But it took years to be as frequently used in conversations as it is today. Looking at the debut of OpenAI’s ChayGPT, generative AI has been in the headlines and front pages of almost every news portal, drawing the attention of anyone who opens the morning paper or news feed from their mobile phones. Some have already commenced exploring their way with the technology, while others have somehow been using it without their knowledge. With a few adjustments, we can see recruiters already using the new technology to enhance their hiring process. Eventually, we can now see companies competing against each other to develop and showcase which one has the more advanced version of the technology in the market.
Constant progress into the technology is needed to at least take care of the aspect of dealing with data. Since most companies fumble with a huge pile of data not knowing what to do with it, AI could help create more efficient and productive analytics to guide companies to make the right decision. Regardless, the way forward only seems to indicate that data accumulation could be more than what it is today. To tackle that, AI could provide actionable insights for organizations with overwhelming data.
Now this takes us to concerns whether or not AI will replace employees, which is still pertinent. Experts do say that it does improve the work and will likely create demand for skill sets that could leverage the technology in a way that creates a better work life and here is how it could do that.
Simplifying the Selection of the Right Candidates for Jobs
With AI at their disposal, human resources’ job of analyzing resumes and social media profiles becomes much faster and easier. Thereon, the technology can slim down to the most potential candidates among the many and can help the company keep a consistent supply of candidates by engaging with the applicants. As a result, the hiring process is easier once the candidates are sorted to a sizable number of applicants. The same can be done for remote hiring processes as well. All that AI basically has to evaluate is whether the candidate is fit for the company, their personality and their talents.
Now comes the training part. Again, though AI-enabled chatbots and other technology, helping candidates settle into their role and making them adapt to corporate culture among others becomes a cake walk as well. Besides, the majority of employees find it simpler to undertake ongoing training thanks to AI technology.
Managing Utility Costs
Using smart appliances, door locks, thermostats, security cameras, and plug-in smart plugs, among others, both expenditures can be managed and utility costs can be reduced. You may manage expenditure and reduce utility costs by using smart appliances. To prevent heating or cooling rooms while no one is home, many individuals use equipment like this in their houses. By doing this at work, you could be able to participate in utility company programs.
Especially lighting, temperature, space management, and room control can all be kept under control with AI. You can increase productivity and employee engagement by providing your team with an ideal, tailored work environment. People will be able to work more efficiently if they are at a comfortable temperature as opposed to one that is too warm, cold or poorly lit.
Errors and Bias Unmissed
Oftentimes, people tend to overlook certain problems such as identifying textual errors, reviewing code or even avoiding biases or prejudice. For instance, a data analyst might be able to recognize confirmation bias in their work, which is the tendency to seek for data that confirms an outcome they already hold to be true. With AI these errors and biases will be fished out even if they remain among heaps of information.
Collaboration Becomes Easier
Employees working from different parts of the world will be able to gather, find, exchange and retain information thanks to AI. both people and machines will bring out the outcome of boosting outputs and income. This could be especially useful for larger companies that struggle to acquire relevant information for the right individual as it grows bigger. Therefore, it will be simpler for individuals to find what they are looking for with AI, semantic search and natural language processing.
Smart Procurement
AI can identify and flag supplier compliance issues, notify the organization and suppliers of supply chain disruptions, and quickly track down fraud cases.
Advanced data analytics and digital technology will help procurement so that buyers can better spot prospects for cost-saving measures and profit-boosting measures. Procurement adds more value to the entire firm the more money they can save. Data analysis using AI makes it possible to discover untapped opportunities and makes it simpler to obtain a precise picture of overall spending.
What it Means for Employees
Some experts believe that AI will automate as many jobs as it can leaving people unemployed and others see it as a pressing problem.
A few say that AI is changing the structure of the workforce and is not essentially replacing jobs. It allows for the creation of a knowledge-based economy with better automation resulting in a better life.
Some experts speaking theoretically interpret that the concerns about AI replacing jobs would most likely be the algorithms which could replace jobs such as business analysts, hedge-fund managers and lawyers.
On the other hand, more job opportunities are bound to spring out when AI is integrated into the workforce. In a way, the transition can be accelerated during the shift towards AI-based systems in the economy. Once the transition of AI into the job market becomes ubiquitous, finding a job may tend to get more difficult than it already is. In the past there were possibilities to move from agriculture to manufacturing to services, which is not the case now especially when self-driving machines in the logistics sector and chatbots are already widely used.
Other opinions of experts say that when AI becomes more infused into the workforce, human job roles will likely demand specialization in terms of creativity, problem-solving and qualitative skills. Basically, the more advanced the technology transforms, the more advanced technical skills will be in demand.