Despite still being in the very early stages, artificial intelligence is sparking heated debates all over the business world. How will it affect jobs? How will it impact the economy? When will we notice these changes? We are here to set the record straight.
AI has been slowly infiltrating business strategy and customer experience for a while now. However, there is a huge amass of confusion surrounding what the concept actually means, and how it will play out in the world of business.
What is artificial intelligence (AI)?
Simply put, AI is an area of computer technology that emphasizes the creation of machines that have the intelligence to work and react like humans. It is a wide-ranging tool which will enable us to analyse data, integrate information and prove greater insights with greater efficiency.
As the tech develops, AI is seeing the undertaking of tasks such as:
- Speech recognition
- Problem solving
It is estimated that 80% of businesses plan to incorporate chat bots by 2020. We have had developments in recent years in terms of the receptibility of chat bots and their usefulness in the work and home space. Systems such as Siri, Alexa and Google Home are forging the way towards seamless machine and human interaction.
AI has the power to revolutionise technology, media and how we interact with brands. Eager to learn more about conversational AI? Have a look at Ram Menon’s five predictions for what conversational AI will bring this year.
How will AI affect the world of work?
Although such an exciting field of technological development, AI also brings concerns around job reduction and a life so deeply integrated with technology with automation and robotics taking over. Concerns such as security, personal privacy as well as economy and politics have been raised.
But for now, it is useless without human input. It’s therefore rumoured to lead to job creation as well as support current job roles. So, can it be a symbiotic relationship?
Artificial intelligence is set to affect the work place in three ways:
- Human – machine interaction
- Smart process automation
- Advanced analytics
What’s more, AI is forging the way to solving some of the world’s biggest problems. It has the potential to transform sectors such as transportation, health care, education, criminal justice, banking and even agriculture. But it might be a while until we see AI reaching it’s full realm of possibilities.
But according to Ram Menon Conversational AI will be able to carry out business processes soon. Although his prediction of brands undertaking voices might seem farfetched, AI is an unknown field of technology so it might potentially be up for grabs. He predicts that websites will be able to input the technology to have human conversations with chat bots, progressing voice assistants from the realm of simple tasks to more complex ones. It’s all possible!
How will AI affect the world of Virtual PAs?
As predictions stand, AI will help to assist in menial tasks, freeing up time for focusing on more important aspects of a business. For the world of virtual assistance this will mean that we will be able to supply more to our clients within the same number of hours.
But Professor Brynjolfsson and his colleagues and MIT claim the focus surrounding how AI will affect the workplace is misplaced (Forbes). Instead of worrying which jobs might be potentially eradicated, they are urging the conversation to focus on the redesign of jobs as well as the revision of the structure of business processes.
So how could Virtual PAs daily task list be re-engineered in light of the AI transformation? Let’s have a look
- It could reduce the time needed to generate and send reports as well as conduct research as automation will assistant time-consuming tasks.
- It could increase the rate of learning new skills creating a more knowledgeable work force
- It could bring greater insight – with advanced analytics using data to search for patterns and then using machine learning to find greater insights. Better understanding your client’s customers can generate greater revenue and reduce costs with greater levels of customer satisfaction. And happy customers means happy clients!
Outsourcing tasks to Virtual PAs is therefore here to stay. At AVirtual we are dedicated to getting you the most efficient service possible, whilst also providing great value for money. So in the years to come you may see the implementation of AI and you too can reap the benefits. If you’re interested, book your consultation with us today to venture into the world of Virtual PAs.