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Artificial intelligence (AI) offers growth opportunities for businesses brave enough to harness its potential, not just improve efficiencies. While some leaders may be looking to AI as a way to reduce headcount, forward-thinking leaders are taking a different path.
This is visionary thinking that embraces AI for development and growth, not just cost savings, reshaping economic outcomes and driving competitive dynamics across industries. The potential of AI is realized by proactively upskilling your workforce, redefining roles around creativity, and reimagining IT to usher in an AI-powered future of profitability. It will be done.
Technology development and industry changes
The 20th century witnessed major transformations with general purpose technology (GPT) such as telephones, automobiles, and electricity. As Azhar (2021) points out, we are currently in a world where computing, energy, biology and manufacturing. In computing, AI is leading the way in its ability to surpass human performance in certain areas, and the pace of progress continues to accelerate. AI is transforming industries by automating processes, informing decision-making, and influencing the way we work and consume products and services.
In the energy sector, progress continues in the areas of solar, wind and geothermal power generation. In biology, CRISPR gene editing technology can treat diseases and improve crop yields. 3D printing allows manufacturers to customize production processes and create complex objects efficiently. However, if 3D printing localizes as expected, it could reduce dependence on overseas production and disrupt the global economy. As Azhar points out, “Technological advances have consequences” (2021) – while new technologies create new opportunities, they can also create countervailing effects that significantly reshape the economic system (Johnson & Wetmore, 2021). Technology will not only reshape industries, it will also change the structure of people's lives and the workforce as we know them.
Artificial intelligence has great potential to impact society. On the other hand, it has the potential to accelerate advances in important areas such as healthcare, sustainability, manufacturing, computing, biology, and the military. On the other hand, there are also risks such as exacerbating the digital divide, violating privacy, and spreading false information that sows mistrust and malice. Companies will be able to compete with each other on a whole new level. Artificial intelligence is expected to be as much an economic revolution as it is a technological revolution (There’s no more time to wait and see AI2023).
Restructuring the workforce
The power of AI is transforming the world of work, including what jobs exist and how they are done. As Azhar rightly stated, “We are living through one of the greatest transitions in the history of work” (Azhar, 2021). It is clear that inequality is growing exponentially. The necessary skills are in short supply and there are outdated norms and guidelines regulating work.
AI isn't just replacing human workers; it's changing the way we work. For example, one company helped new customer service agents achieve productivity levels that would normally take six months in just two months, with the help of a generative AI model that suggested responses based on extensive content summaries.There’s no more time to wait and see AI2023).
As we know, the power of AI lies in its ability to augment human work and create more effective and efficient tasks, especially when the decision-making process is transparent. This requires changing focus and preparing the workforce not only for potential job losses, but also for collaboration with intelligent machines (World Economic Forum, 2023).
wealth and poverty
Some jobs will be replaced by AI, and others will be enhanced by AI. The latter job may be seen as having a privileged position, making it more efficient, productive, and valuable. Additionally, many roles, including doctors, lawyers, and software engineers, have higher pay levels and can be seen as contributing to greater inequality in society (Marr, 2024). Concerns about the potential impact of AI on the workforce are valid. By helping selected employees achieve more, AI can increase their value based on their abilities, reducing the value of other positions and potentially making them unnecessary. there is.
Organizations need to assess how AI will impact their operations and decide how to adjust. Yes, an employee may be transferred to an alternative position, but only if the job requires it. Without intentional efforts to improve workforce skills, many workers will simply be left behind. AI risks increasing the concentration of wealth among the technologically skilled upper classes, similar to the wealth disparities that exist in technology hubs such as Silicon Valley. Ultimately, it will be up to our leaders to decipher the potential of AI and its impact on people, technology, and the economy.
Tuesday Strong is a workforce development practitioner and consultant. Her company, Strong Performance Management, LLC, is approved by the Indiana Professional Licensing Agency as a provider of continuing education for licensed professional engineers.learn more here.
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