Will AI render human workers redundant?

The latter is a question that I’m commonly asked. Indeed, there is good reason to pose the question – as with any new technology, we must ensure that it is developed at a sustainable rate and in an ethical manner. Attention-grabbing headlines which offer dystopian predictions about the future of AI are arguably the source of these concerns; the central fear being that advancements in automation and AI will completely replace the human workforce and destroy millions of livelihoods in the process.

Whilst it’s clear that tech advancements are changing the face of work as we know it, we should be careful not to get swept up in the media frenzy. Instead, let’s consider the more realistic outcome of gradual integration of AI toolsets into the workplace.

A 2018 report from the World Economic Forum suggests that while 75 million jobs may be displaced globally by a shift in the division of labour between humans and machines in the next five years, 133 million new roles may emerge that are more adapted to this division. This means that we could see the creation of 58 million new jobs in just half a decade.

These figures highlight the growing role of AI across all sectors, and the fantastic promise that it holds in terms of supporting employees. Perhaps the question we should therefore be asking is, how will AI reshape the workforce?

Will the job market change?

If we consider how far technology (and not just AI) has progressed in the last year alone, this much is certain. From the rise of cloud-based software solutions to the rollout of instant messaging platforms across businesses, the modern workforce has embraced new technologies for years to help them work smarter.

The same is true of AI: we cannot deny that the introduction of AI-fuelled software solutions will have an impact on difference sectors. But this is a positive thing, rather than a trend to be feared.

AI’s unique qualities mean that it is perfectly positioned to augment the performance of the human worker. For one, it has an unparalleled ability to harness and analyse masses of data. AI toolsets can scan huge volumes of information from various different sources in order to pick out the most relevant points, or else uncover important patterns within. That’s not to say that human workers can’t do the same, but it would undeniably waste precious time and resource that could instead be diverted to more pressing matters. We also cannot overlook the element of human error – machines are much less likely to make mistakes when processing data.

What this means is that AI is naturally placed to overtake repetitive, costly and data-intensive tasks. Beyond this, machine learning (ML) capabilities mean that AI software can learn from itself and continuously improve the quality of its output.

Case study: financial services

Zoning in on one industry might give us a better insight into the multitude of benefits on offer. The finance advice market was, until recently, thought to be safe from automation. However, today we are seeing AI increasingly supplementing the work of professional advisers, and even taking over many of their core responsibilities.

AI is being employed by companies to help with customer support and back-office responsibilities, where automation can take a substantial weight off professionals’ shoulders. Digital financial advisers in the form of chatbots, for instance, are now being used to provide a vast array of financial advice. Using AI algorithms, these digital assistants can complete speedy financial checks on a client and use this data to suggest how they can achieve their financial goals.

However, these chatbots are not lone operators; they are backed by a team of human advisers. This highlights the growing trend of humans and machines working together to boost productivity. Most importantly, the in-depth insights that AI can gain from sources such as a user’s financial history and habits can enhance human advisers’ own understanding of the data they work with; in all likelihood, this will result in clients receiving a higher quality of advice. What’s more, it also allows them to spend more time focussing on the client relationship rather than wasting valuable time shifting through data.

The job market has – and will always – be in a constant state of change. The main driving force behind recent transformations, however, is undeniably artificial intelligence.

That said, AI is not the imposing and destructive monster that some fear. On the contrary, this technology creates significant value and leaves professionals with more time on their hands to dedicate to more fulfilling and creativity-intensive responsibilities. It also greatly enhances productivity; supported by machines, employees can improve the speed, efficiency and accuracy of their daily tasks.

AI will create jobs

Inevitably, we are likely to see AI displace many existing jobs in the coming twelve months and fundamentally change the nature of others. While automation will vary significantly by industry sector, PWC predicts that up to 30% of jobs worldwide could be automatable.

However, AI will also herald new opportunities for the labour market. By this I mean that workers will be encouraged to upskill in order to reap the benefits of this technology, or else explore alternative disciplines. Indeed, the future of AI rests on humans and machines working together, which means that professionals will need to evolve their skill sets to ensure a smooth and powerful collaboration.

Chiefly, the need for digital and data skills will surge. Improved STEM skills will be vital for allowing people to take on the jobs that will arise out of AI and automation. Data Analysts and Scientists, Software and Applications Developers, and Ecommerce and Social Media Specialists are just some of the many roles that will rise to prominence in coming months according to the aforementioned World Economic Forum report.

That said, we cannot expect everyone to become programmers or engineers to meet this demand. We can also now begin to reinvent the way we think about work and what opportunities are available to us. Indeed, the same report suggests that we will begin to see the doors opening for roles that require more distinctively ‘human’ skills. These include positions such as Customer Service Workers, Human Resource Specialises and Innovation Managers. After all, no matter how far AI advances in coming years, it will not replace inherently human social skills.

Human workers will remain central to the job market. To illustrate with a recent example, the chief of MI5, Andrew Parker, recently gave an interview in which he acknowledged the advantages that AI and ML have offered the UK Security Service and offered his high hopes for the future of this technology in fighting crime. However, he remains “emphatic” that MI5 officers will always be needed to make the final decisions based on the data and insights presented to them. Indeed, he argues that technology “will never replace our need to also have human insight.”

It will no doubt be exciting to watch how AI’s proliferation across the workforce unfolds, and what opportunities it will bring. To reap the full rewards, however, businesses and professionals must work to keep up with its advancements and explore ways that it could supplement their work.

Nikolas Kairinos is the chief executive officer and founder of Fountech.ai, a company specialising in the development and delivery of artificial intelligence solutions for businesses and organisations.