Artificial Intelligence: Just a Trend or A Long-Term Growth Factor?

Artificial Intelligence Just a Trend or A Long-Term Growth Factor

Artificial Intelligence is having an impact on our world in many different ways by playing an increasingly important role in our lives and worldwide economy. The number of companies that have integrated AI in their process is growing rapidly, in sectors like health-care, retail, HR, marketing and cybersecurity industry and the war for talent acquisition and competition for value creation is on the next level between industries and nations.

 

AI is not new or just a temporary trend, history tells us that humans and the companies are remarkably successful at working together with robotics to the latest technologies such as smart machines, including 3D printing, AR and VR in order to survive in competitive era and also find new opportunities for their companies’ growth. A study by MMC Ventures revealed that 60% of the interrogated cases, which represents 1,580 companies, AI is being used in their solutions and 40% of the self-proclaimed “AI companies” in Europe had discovered that AI was not used in their solutions.

 

AI is bringing its advantages in sectors like healthcare, transportation, cyber security industry, security industry, prediction of natural disasters, farming, smart-cities, and is helping to reinforce economy. A discussion paper created by McKinsey demonstrated how AI applications are contributing for social good. According to McKinsey’s analysis, AI initiatives are having a positive impact on good health and well-being, peace, justice and strong institutions, provide quality education, protect all life on land and below water, ending poverty, industrial innovation and infrastructure, reducing inequality, climate action, decent work and economic growth, gender equality, sustainable cities and communities and responsible consumption and production, increase work efficiency and output, offers accurate future predictions, detect frauds, avoid human errors with the help of increased automation and many more.

 

Artificial intelligence is certain ally and dramatically improving the efficiencies of our workplaces and increasing the work humans can do by taking all repetitive or dangerous tasks and the human workforce to do work they are better equipped for, such as, tasks that involve creativity and empathy among others. By doing work that is more engaging to them, job satisfactions, productivity and happiness among employees is also increasing.

 

AI in its many forms offers users the ability to do tasks on a scale and at a speed that humans cannot achieve on their own. AI can also gain new insights from analytical tasks. It’s not just about collecting large amounts of data (=bigdata) and investigative it with advanced mathematics or developing amazingly complex algorithms. Once the gathered data is well extracted, managed and good algorithms are chosen, our society will gain countless hours of productivity with just the introduction of well automated tasks.

 

Thus, it seems important to clear the fuss around AI destroying jobs because it’s only fiction rather than a fact. Instead of destroying jobs, AI is bringing a gradual evolution in the job market, people are getting better at their jobs with the help of AI. According to a report from the World Economic Forum (WEF) called “The Future of Jobs 2018, and recent report called “Job creation and elimination worldwide due to AI 2022” AI, Machines and algorithms in the workplace are expected to create 2.3 million jobs. Even who does the work is changing rapidly – human, robot, or co-bot. The division of labour between humans, machine and AI is shifting quickly. By 2025, it is expected to shift to 48% human, 52% machine or algorithm. The combination of human and machine is the new normal in the workforce of the future.

 

Technology helps move society forward, and the integration of AI is doing the same. The integration of AI into healthcare, smart cities, law and other service-based industries is helping in making processes simpler and giving them enough time to focus on other issues. In this increasingly data-driven world the importance and impact of artificial intelligence is only growing and is becoming more crucial in gaining competitive advantage. Therefore, despite all the positive effects and worldwide boom in artificial intelligence industry, companies shouldn’t forget that AI is only a tool that they need to update/improve continuously instead of one-time investment in order to achieve their goals.

 

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The Impact Of Digitalization On the Future of Work

Digitalisation and the future of work

We are openly experiencing a technological transformation more than ever before, whether it’s in our daily life private life and, in our work place. Our way of communication and consuming things and services can’t be compared to a few years earlier. On the workplaces, creative entrepreneurs are using digital technologies as a few ways of expending their goods and services by revolutionizing business models, redrawing the boundaries between industries and creating new interfaces to the customer. Digitization is leading to structural changes in our economy.

 

The idea behind digitalization and automation that most people still have is that they think these technologies will destroys labour and people will be replaced with robots and lose their jobs.  But they ignore that digitization is creating new jobs. Studies have shown that 65% of our children will work in future on activities that do not yet exist today. With this disruption going on, organizations must think of how can new working concepts be realized in favour of companies and employees? How can employees work more productively and efficiently, and how can strengths be better utilized?

 

In order to overcome this challenge, Businesses should focus on their business software and innovative approaches to more efficiently use data and provide the best possible support to their employees. Here are the main tips to prepare your organization for the Future of Work:

 

Education is the Key

Employees are the most valuable operational resources. Whit digitalization, there are new skills that they must have. To bridge the knowledge gap, organizations mustinvest in education and training programs for their employees. These training programs can be initiated for certain demographics that aren’t yet employees, in order to prepare them with the skills they need when they enter the workforce, potentially at your organization.

 

Understand the different groups within your organization 

There are three types of people when it comes to adapt changes in the way people use to work. Strong resisters are those who’ll never accept the transformation, eager embracers are those who are happily willing to adapt changes to improve their work quality and middle-majority it’s the group waiting to be influenced by other two. It is important for leaders to capture and channel the energy of the eager embracers in order to get the middle-majority on board; otherwise, those in the middle can and usually will be influenced by the strong resisters.

 
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Make it easy for them 

There is the people side of things and also the teaching and documenting side of things. Create step-by-step instruction guides that make it easy for employees to accomplish the new workflow instead of expecting them to become experts after one demonstration. Be sure to give them the opportunity to provide feedback and opportunities to improve the workflow if they are the ones using it every day.

 

Engage them in the process from day one 

A good manager knows how to identify the slower adapters to change and can involve those team members early on in designing, evaluating and ultimately owning the process. It might take longer to launch, but in the long term, it will allow for faster implementation since they have already bought in and contributed to the new process.

 

Integration of ERP

ERP can improve quality and efficiency of the business. By keeping a company’s internal business processes running smoothly, ERP can lead to better outputs that may benefit the company, such as in manufacturing, employee development and HR. ERP supports upper level management by providing information for decision making.
With the integration of smart business software, management can find out whether their employees are working hard, completing most of assigned jobs successfully and without errors, and who is nearby to accept a new job. In addition, it is possible to indicate which skills are still not available enough, and that opens the door to hire employees. The ERP serves as the central unit, which unites all processes and information uniformly.

 

Observe data protection and involve employees

Personal data are subject to the requirements of data protection. This also applies to employee information stored in ERP. Companies may only act with the data that is actually necessary for the respective tasks and processes. In traditional ERP, data protection does not play a major role, because the margin that can be achieved with a product, for example, is not of great importance to employees. However, if you want to use a solution that builds on employee-related data and uses them, you should always involve the works council or an employee representation in advance.

It is becoming increasingly important to capture and determine whether employee engagement as a resource is appropriate. Those who are open with their employees, provide them with useful and supportive tools and sometimes dare to break new ground, are ahead of the competition and future-proofing their company.

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