As technology evolves at a more and more rapid pace, new opportunities arise for innovation in business. Technology and commerce are inextricably linked, and new inventions have led to huge changes in industry in the past.
So what is next for business after the rise of the internet and social media platforms? One movement that is dominating the discussion of business innovation is Artificial Intelligence (AI).
The development of AI has encouraged both individuals and companies to reconsider the way they perceive the future of work and business. Read this article to find out the three key ways AI is making waves across all industries!
Employability and relevant skillset
More than ever, individuals are finding that their education loses the race with technology. The continual invention of new technologies means that the processes and knowledge learnt in tertiary education can often become obsolete once you reach the workforce.
It’s become impertinent for companies to focus on upskilling their employees, and for employees to be more adaptable and flexible. As AI becomes more and more integrated into work, employees must expand their knowledge of IT and learn to use AI to their advantage.
There is also a new emphasis on soft skills and emotional intelligence, things which AI has not yet managed to perfect.
More opportunities for business
With the rise of AI, there are more opportunities for business to transform as a whole. AI opens up avenues in commerce that would’ve been impossible a mere decade ago.
New industries and markets are arising as a result of this innovative invention. A key example is the voice recognition equipment and how it has presented new opportunities for products such as Google home.
While voice recognition was initially inefficient due to its high percentage of error, this has decreased dramatically in the past few years. As the features of AI improve, opportunities for their use increase.
More efficiency and less error
As a programmable technology, AI’s strengths lie in its reliability. When it comes to the calculating and processing of data, there’s no doubt AI beats a human in its accuracy.
Using the wealth of data available and having access to information can allow machines provide us with answers and even suggestions. We see this even as we type (or speak) search terms into Google to get an answer.
As technology develops and becomes more reliable than human input, the possibility of AI replacing human workers is more and more impertinent.
Organisations must learn to use this revolutionary tool to their advantage. Employees must learn to adapt and be flexible with their skills. Business must transform to accommodate growing technologies in a smart and sustainable way.