Adapting Your Business Priorities in the Face of Advancements in AI

Taking advantage of AI capabilities to remain competitive in the Australian marketplace

From everything we read these days, AI and machine learning algorithms are set to take over the world. Experts predict that by 2025, artificial intelligence and robotics will impact many areas in our personal and business lives, and it will disrupt industries such as healthcare, home maintenance, customer service, transportation, logistics, and many others.

From sophisticated voice recognition technology and GPS systems to driverless cars and crop harvesters, AI will continue to change the way we live, work and play. It all sounds very exciting, but, advancements in AI does also have its downsides.

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Over the last two decades, digitization has brought about the replacement of Australian workers, especially those in traditional industries. Blue- and white-collar jobs that were largely manual and involved the execution of repetitive tasks have (or can be) largely been taken over by AI and robots.

The impact of AI and robotics on the Australian economy

That’s because AI is better at handling jobs that deal with trivial, sequential, time-consuming and repetitive tasks, and therefore, if you work in such industries you are most at risk. But how worried should we really be? Industry experts are still divided on the future impact of AI and robotics on the Australian economy and employment landscape.

On one hand, the advent of robotics and machine learning algorithms will reduce the need for certain workers in certain traditional industries. On the other, it is projected to open up new and very exciting new opportunities. AI has also created a range of new employment opportunities in Australia – from software developers, interface designers and emotional experience experts,  to medical device creators and data insight miners – with many more futuristic jobs and opportunities still in the offing.

What AI can and cannot do

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It is true that AI is fast approaching human intelligence levels in some areas (such as logical decision making) and surpassing them in others (such as data analytical capabilities). There is well documented evidence of AI capabilities in the following areas;

  • forecasting
  • knowledge management
  • predictive analytics
  • price/purchase prediction
  • recommendation engines, and
  • virtual sales assistants.

However, there are a number of things that AI cannot do.

Australian businesses and industries that require the personal touch and skillsets unique to humans will largely go untouched by (and may even thrive upon) advancements in AI. These industries include those where empathy, creativity, conflict resolution and negotiation, intuitive planning, oversight, adaptability, technological development/management, as well as inspirational and leadership ability are indispensable.

For instance, companies such as TrademarkVision use machine learning algorithms in image-recognition tools to determine if a new business logo violates existing trademarks.  Although AI could determine this, it is left for humans to decide if the said logo will resonate with the intended target market and achieve the desired impact/ business objective.

Skills innate to humans cannot be taken over by AI. Organizations can apply this to transform and improve the quality of their product and service offerings to consumers. Some of the exciting ways in which AI is being used include

  • Twitter uses AI and machine learning algorithms to evaluate tweets in real-time. With the metrics obtained, they display tweets that have the potential to drive the most engagement
  • HubSpot’s integration of Kemvi’s DeepGraph means that deeply personalised and contextual messages can be delivered to people. It uses machine learning and natural language processing technology  and combines that with its internal content management system. Imagine how targeted SEO would get J

Why your business should incorporate AI capabilities

Australian businesses should take advantage of AI capabilities to improve their offerings and service delivery to customers and perform favourably in today’s fiercely competitive marketplace. However, we are not ahead of the game here.

In terms of AI investment, Australian businesses are lagging behind the rest of the world. Statistics show that 80% of Australian businesses are yet to invest in AI tech. As AI is set to transform the global business landscape, Australian businesses must look for ways of incorporating AI capabilities into their operations now;

  • Consumers are more and more expecting to have high quality interaction with businesses
  • Staying stagnant in today’s technological world is equal to competitive self descruction
  • An AI tech skills shortage will require the building of internal capabilities now

Humans will remain superior to robots at changing thoughts, plans, and minds as well as seeking new answers and taking new pathways in the face of new information and changing circumstances. By remaining flexible and adapting our skills and mindsets to the needs of the future, we can navigate the dawn of this exciting new age – an age of unprecedented changes and never-before-seen technological capabilities ushered in by advancements in AI.

Jen

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