The growing advancements of AI have also become a controversial matter, with concerns of job susceptibility to the massive computerization and automation. AI is a wide-ranging tool that is transforming every aspect of life. The world today is witnessing a transformed engagement with technology and revolutionized sectors across industries. Offering a wide-range of application across multiple fields like Business, Healthcare, Banking, Finance and Transportation, the AI innovations have enabled us with better performance, increased efficiency and improved decision-making. While AI is known to be capable of augmenting human capabilities, it is not without its share of disadvantages. The greatest concern has been the AI impacts on job market. In this blogpost, let us discuss how artificial intelligence in transforming the world. Let us throw light on the imminent threat that AI poses to the employment market, jobs affected by AI and how these jobs are at risk of disappearing overtime. 

How Artificial Intelligence is Transforming the World?

To understand how artificial intelligence in transforming the world, it’s crucial to understand the length and breadth that AI reaches and influences. AI has successfully simplified our lives to an enormous extent, emerging as a force effecting an explosion in AI-powered innovations. Let us evaluate the major ways of how artificial intelligence is transforming the world.

Augmented Efficiency: One of the remarkable changes AI has brought forth is the increase in efficiency in job performance, allowing humans to automate tasks that would otherwise take days and hours to complete. This has enabled individuals and enterprises to save time and resources and to intelligently allocate them. 

Enhanced Decision-Making: AI’s potential of analysing large datasets and providing insights have greatly helped organizations, enterprises and individuals to stay ahead of the competition.

Enhanced Personalization: Another significant transformation enabled by AI is the personalised experience for individuals. By employing its machine learning algorithms, AI can learn individual taste, behaviour, routine and patterns, and use these insights to customize a personalised experience. This factor has boosted businesses to a great extent. 

Better Predictions: AI has been largely valuable in forecasting events and trends, given its high potential in analysing data and patterns. AI can boost predictions and forecasting market trends for businesses. 

Improved Accessibility: The AI evolution has rendered better accessibility of information and tasks accomplishments that were not possible decades ago. This potential has improved the quality of living, particularly for people who are differently-abled. 

Cost Reduction: The potential of automating tasks and allowing human to save time and resources have significantly given more scope for reducing labour costs. This may give way for lowering consumer prices and businesses to remain competitive. 

Those are the few dimensions that demonstrate how artificial intelligence is transforming the world. As AI is a continuous process, it will evolve and bring about more innovations than it is in its current state. 

AI Impacts on Job Market

Following a report by McKinsey, by 2030, AI is poised to automate jobs by 30 percent, which may result in considerable job displacement. AI impacts on job market has become a great concern as most jobs that are routines and repetitive are projected to be automated by AI intervention, which will result in many labourers getting displaced. Let us identify a few of the jobs affected by AI and are possible of disappearing in a few years. 

Data Entry Jobs: AI’s potential to process and analyse massive amounts of data has led to the slump of manual data entry jobs. AI with its machine learning technologies can programme systems to meticulously extract and analyse large data accumulated from various sources. This results in enterprises streamlining workflows, reducing human error and improving overall performance. 

Telemarketers: Telemarketers are among the top jobs affected by AI. This profession is at imminent risk of disappearance with the arrival of AI-powered virtual assistants and chatbots.

Factory Workers : Factory Workers are another professionals with their jobs affected by AI intervention. With AI robotics and automation making significant strides in manufacturing, there has been a major reduction in the manual labour jobs. 

Travel Agent:  Travel and tourism industry will also face the impact of AI’s innovative services. Travellers can now rely on AI-powered chatbots that work in similar parlance to that of a travel agent and have human-line conversation to gather all the information needed. Travel agents are thus one of the jobs affected by AI and at risk of disappearance. 

Accountants/ Bookkeepers: One of the top jobs affected by AI intervention is that of Accounting or Bookkeeping. Today, many organizations are employing automation and AI-powered bookkeeping services that give efficient accounting, security as well as flexibility given they are cloud-based services. AI-powered accounting enables businesses to save salary and rely on more cost-effective service. 

Salesperson: The shift to online and digital marketing with improved services powered by AI today has made businesses to largely rely on online marketing. Gone are the days salespersons had to go from houses to houses selling or promoting products. With a highly digitalized process of marketing and the advanced analytics forecast, salesperson are among the jobs affected by AI.

Customer Service Executives: These professionals will be impacted by AI, as their services involved guiding the customers to their desired solutions through phone calls or emails. AI-powered customer services chatbots can efficiently perform these tasks. The arrival of generative AI has augmented this potential with higher efficiency.  

Insurance Underwriting: Insurance Underwriting jobs are another job impacted by AI. The job of Insurance Underwriting involves analysis of large data of the insurance applications and applying the data within a set of structures and formulas. AI powered tools can easily complete these tasks efficiently, leading to companies reducing their need for Underwriters.

Bank Teller: Bank Teller is one of the jobs affected by AI. The potential of AI-powered tools in automating the traditional roles of bank tellers. The surge in online/internet/mobile banking has allowed more transparency and speed. 

Those are some of the jobs affected by AI. Yet, with the massive automation, there is also scope for creation of more occupations. People will thus be required to attain the modern-day in-demand skills to ride the wave of new jobs and professions.