How AI Is Transforming Jobs in Fintech, Healthcare, and Other Industries was originally published on Firsthand.
Find out how artificial intelligence and workplace automation is affecting industries ranging from finance and accounting to health care and hospitality.
How AI Is Transforming Jobs in Fintech, Healthcare, and Other Industries
Published: Mar 21, 2023
In today’s fast-paced world where efficiency is key, automation has become the new reality. From robots to artificial intelligence, workplace automation is shaking up industries worldwide, leaving no job untouched and causing significant disruption on a global scale. And it’s not just about replacing manual labor with machines. Automation now includes data analysis, coding, and other technical tasks that were once the sole domain of humans.
Below, you’ll find out how workplace automation is affecting jobs in industries ranging from finance and accounting to health care and hospitality.
The Robot Revolution
According to a report by the World Economic Forum, in just two years humans and machines will be almost equally sharing the workload, with humans doing 53 percent of the work and machines doing 47 percent. This shift will heavily impact industries like healthcare, transportation, agriculture, and accounting, where administrative and manual tasks are prevalent. Today, we’re already seeing how AI is transforming fintech with AI-powered chatbots. This has brought in a new wave of streamlined customer service to the industry.
In addition, machines are impacting the recruitment process. With software like the applicant tracking system (ATS), job seekers now need to alter and adhere to specific guidelines to get noticed. Of course, businesses also must embrace automation, and reskill their workforce to stay competitive, preferably in areas like data analysis, AI, and cloud computing.
Competition with Technology
A majority of business executives (80 percent) are actively pursuing workplace automation to eliminate redundant work processes and adopt new technologies, thus increasing profits by reducing the need for labor. The result will lead to numerous jobs being automated in the near future. According to the World Economic Forum, some 50 percent of employers will likely soon automate certain roles within their companies, with 43 percent of businesses aiming to reduce their workforce through technology integration. This will result in the loss of jobs for unskilled workers, and even experts like healthcare workers and lawyers might struggle.
AI Market Skyrockets
The current value of the global AI market stands at $136.6 billion and is projected to reach $1,811.8 billion by 2030. Major industries are investing heavily in AI firms to develop enhanced AI algorithms for enterprise automation, productivity, and quality. Microsoft’s acquisition of Nuance Communications and its $1 billion investment in OpenAI demonstrate how the company tries to expand its reach in different sectors of the economy.
According to workplace automation statistics, virtual reality (VR) is expected to be part of the experience in 65 percent of contact centers by 2025. VR is becoming the future of customer service, offering an immersive and personalized experience for buyers to fully engage with products and services. The change is already here, at least for some of the companies. For example, Ikea Place offers a 3D virtual “placing” of furniture before customers make a purchase to see how a certain item would fit into the interior.
Rise of Surgical Robots
Between 2019 and 2029, surgical robots are anticipated to lead to a 2 percent decrease in surgeon employment, according to experts. Based on the Mayo Clinic, surgical robots are stepping in for nurses and taking on nonroutine manual tasks, allowing doctors to perform complex procedures with more precision and control. Surgeon robots can now be operated long distances, filling in when human surgeons are unavailable.
AI Outperforms Doctors
Experienced radiologists can be outperformed by AI, which can identify 5 percent more cancers and 11 percent more false positives. Nature Medicine conducted a study using a Google algorithm, outperforming six participating radiologists. Currently, the lack of screening options results in a significant number of undiagnosed cancer cases. But over time, deep learning and machine learning have improved AI’s image recognition abilities, allowing it to detect even the smallest physiological changes.
Half of the restaurant operators intend to incorporate workplace automation into their daily workflows. It means potentially replacing cooks, chefs, and waiters in several processes, such as food preparation, ordering and paying, menu selection, and scheduling reservations. Automation may also include automatic chat responses on social media to manage the customer experience and robotic chefs that can prepare, garnish and serve food.
As AI-powered translation software becomes more common, translation and interpretation jobs are projected to decrease by 20 percent between 2019 and 2029. Advances in neural networks and machine learning have improved speech recognition, speech synthesis, and language processing techniques, leading to the development of popular AI tools like Siri, Cortana, and Alexa. Automated text generation and translation tools like Google Translate, Grammarly, and Jasper provide faster content generation.
Fashion brands are exploring direct-to-avatar strategies (D2A) by creating digital storefronts, presenting a $190 billion market opportunity in virtual goods. D2A strategies enable fashion and retail brands to sell virtual products directly to consumers for use in digital environments like the metaverse. By 2026, research suggests a quarter of the world’s population will spend at least one hour per day in the metaverse, impacting education and other economic verticals.
A Final Note
As machines and algorithms take over routine and repetitive tasks, workers must develop new skills and competencies to stay relevant in the workforce. The rise of automation also creates opportunities for workers to shift their focus to higher value-added tasks that require human skills, such as creativity, problem-solving, and critical thinking.
Workplace automation is revolutionizing industries and changing the game for businesses and employees. It’s time to buckle up for the ride, and embrace the opportunities and challenges that lie ahead.
Nicholas Rubright is a digital marketing specialist and expert content creator at Mvix Digital Signage. In his free time, Nicholas enjoys playing guitar, writing music, and building cool things on the internet.