Unleashing Power of Data

36 | Unleashing Power of Data [ HOW AI IS CHANGING THE BUSINESS LANDSCAPE ] AI AND THE FUTURE OF WORK AI tools and technologies are expected to transform the nature of work and the workplace. Machines will not only be able to carry out complex tasks done by humans, but also complement the roles and responsibilities that humans undertake. With the dynamic advances in AI, the question arises if AI will replace us, or make us better and faster at what we do? The future of work must embrace the potential inherent in AI. RAPID TECHNOLOGICAL PROGRESS Theentireworldof workwill revolve the future of AI advancements. Machine learning algorithms have advanced significantly, utilizing an increase in computer power as well as the exponential rise of data accessible to train them. The progress of the new generations autonomous systems will be led by the further improvements in systems and components, including mechanics, sensors, and software. FORCE MULTIPLIER FOR HUMAN INTELLIGENCE In the ever-evolving landscape of AI, waves of innovation are sweeping across industries. AI is a means of production that will empower one to do the work of many. The integration of AI will reshape the workforce, eliminating some roles while also creating new careers uniquely suited to the AI era. The challenge and opportunity is to shape AI implementation in ways that enrich work rather than replace human roles. Automation will accelerate the shift in required workforce skills, thereby pushing the demand for advanced technological skills such as programming. Workers will need higher cognitive skills, such as creativity, critical thinking, and complex information processing to thrive in the workplace of the future. More system-level solutions will prompt rethinking of the entire workflow and workspace. DOMINANCE ACROSS INDUSTRIES The di srupt ive technologies have been generating value in various products and services, and companies across sectors. AI has the potential to automate, pe r s ona l i z e and f i ne - t une t housands o f proces ses i n industr ies in the heal thcare, education, infrastructure, and professional services. An analysis of McKinsey and Company conducted of several hundred AI use cases found that the most advanced deep learning techniques deploying artificial neural networks could account for asmuch as USD3.5 tn toUSD5.8 tn in annual value, or 40%of the value created by all analytics techniques. ENHANCED CUSTOMER EXPERIENCE AI is unleashing a newapproach for customer experience (CX) strategy, design, and development. As AI becomes more sophisticated with AI-powered chatbots and virtual assistants, it would be able to predict customer needs and behaviors with greater accuracy, thereby improving customer satisfaction. This will open more time for humans to focus on more strategic, creative, and value- added endeavors. From the increased adoption of chatbots to the creation of immersive customer experiences, AI can transform how companies interact with their customers. By combining AI with human expertise, companies can create exceptional customer experiences that drive loyalty and improve the bottom line. Dun & Bradstreet