Michael TremendousAI newsletter and blog to learn about the latest updates and technology in artificial intelligence | Get info on AI companies, get smarter about AI Michael Tremendous 2023-01-04 6 min read

How AI is Affecting Revenue for Companies and Freelancers

After the release of Dall-E 2 and ChatGPT in 2022, many writers, designers, and developers are like Eminem in Lose Yourself. Their palms are sweaty, knees weak, arms are heavy. The internet was agog with wild predictions for the future, with many historians citing previous similar paradigm shifts. While it’s true that artificial intelligence tools are replacing the need for mind-numbing tasks, we address the real impact of AI on businesses and individuals.

In this article, we go over the following points:

  1. AI transformation over the years
  2. Key questions business owners must ask
  3. Is AI only impacting companies negatively?
  4. Human dependence artificial intelligence
  5. Will a robot take your job?

AI Possibilities

Imagine a world where one can just lay back and have intelligent machines take care of everything. We could have AI manage companies efficiently. If you want to, you can visit grocery stores and altogether avoid human interaction. Some others might even stay home and have machines deliver their order. Bots can also handle neighborhood security and welfare. In this world, the sole job of humans would be to rest and enjoy the impact of AI on businesses. Wouldn’t that be amazing? Actually, would it?

While we are fascinated with innovations every day, we must remain conscious of their impact on business and our daily life. Gradually, AI has become more relevant in workplaces and various industrial sectors. As a result, we are moving from manning monotonous tasks like sealing and sorting to more complex data and personnel management functions. While this improves productivity for companies, it is essential to note that displacement is happening for this dream to become a reality.

Everyone is scared, and they have the right to be. The growing impact of AI on business has everyone wondering, ”can my job be automated?” ”How long before I’m replaced by a machine?” AI’s impact on jobs is rightfully threatening. However, as we walk through the topic, it becomes more palatable.

AI and its Impact on Small Businesses

Despite the seemingly negative impact on some businesses, we cannot deny that, when used correctly, the pros of artificial intelligence outweigh the cons. According to CompTIA, 91.5% of the world’s biggest businesses use artificial intelligence, a sign of rapid expansion. And these companies aren’t adopting AI because it’s popular or chic but because they recognize its impact on their bottom line. For example, these businesses anticipate a 25% increase in customer satisfaction by 2023.

AI can assist in the decision-making process of a business. Take a donut shop, for example; a data management AI can study how sales are made in the bakery—using pattern recognition and machine learning to see how and when various flavors are in demand. This way, the baker can consult the AI for better information instead of just making random flavors for the day. If the customers prefer certain flavors on Wednesdays, the baker can focus on making donuts of those flavors that day. The impact of AI on businesses like this is eliminating waste and poor decision-making while increasing productivity and efficiency. A donut shop was used as a seemingly improbable example. It would be too easy to show how tech companies leverage AI technology.

Some companies have also begun to employ the services of AI tools in situations involving customer relationships. These bots are trained to hold conversations like humans. Training a machine learning model is a task that can easily be achieved with enough data. As a result, people do not have to wait in long queues before getting help from a customer care representative.

How We are Impacted by AI

So, where do humans stand in all this? While artificially intelligent machines take over jobs, what do we do? Will AI eliminate jobs? The short answer is no. Humans remain relevant to the world’s economy. Take your mind back to the 1850s when the locomotive machine was invented. It took jobs away from several chariot workers and wagon operators. Eventually, there was a rise in the railway labor market. Train engineers, railway operators, and managers were hired en masse to ensure smooth operation. The automobiles eventually phased out the locomotive. But this did not render the human race useless. Instead, companies created new positions necessary to keep the next greatest invention alive and functioning. Professionals believe that this similar innovation will kick in with the rise of AI.

AI can only take over specific jobs. These are primarily jobs with easily identifiable patterns. With pattern recognition and machine learning, those jobs are easier to automate. Some argue that it’s better to automate those tasks: technology is quicker and more efficient. As undefeated as AI is in handling specific tasks, it falters in unique situations with no precedent.

AI Creating Jobs for Humans

Just like the locomotive and automobile industry, there’s cause to rejoice. Research has shown that the artificial industry could potentially produce millions of jobs for humans. Studies like these bode well. Well, it depends on what you do. These jobs are primarily AI-related and require a certain level of programming knowledge. Some of these jobs AI would create are:

  • Machine learning engineers
  • Data scientists
  • AI research scientist
  • AI architect
  • Data engineer architect

Remember how locomotive engineers had to become automobile engineers? These jobs listed require new skills. If you’re a novice looking to get into the AI industry, AIPathway is an ideal way to do it. Seasoned engineers would also have to continue learning to keep up with the latest advancements in AI.

Industries AI Would Affect the Least

Even the most intelligent machines need help handling jobs like nursing, teaching, and babysitting. These jobs require empathy and compassion that AI does not possess. Healthcare workers cannot be replaced by AI for the same reason. Also, AI lacks the imagination to invent a novel concept. Innovators are always irreplaceable.

Would a Robot Take Your Job?

We should know the impact of AI on business, not as threatening but as redefining. A few years ago, in videography, being able to hold the camera still while in motion was a skilled employer sought. Now, there are camera gimbals, which makes the job a lot easier. Robots are built to make tasks easy for humans, not to take over those tasks entirely. Same with ChatGPT, it makes coding or writing easier, but the need for developers and coders remains. In its ”Future of Jobs Report 2020”, the World Economic Forum estimates AI will create 97 million jobs by 2025. This gives a hint of hope.

In Conclusion

While AI may be doing some jobs more efficiently than humans, the impact on employment should not be overstated. Technology helps us accomplish routine tasks and gives us time to be innovative: doing the things we love. Our responsibility is to maintain our humanity and competitive drive. We cannot accurately predict the future; we can only anticipate and prepare for it.

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