The world of business is ever-changing, especially with the introduction of artificial intelligence (AI) systems automating business functions. AI is a growing trend, but employees are fearful that its growing usage and capacity within the workforce will cause the redundancy of their jobs.

Role of AI and Its Benefits in Business

The role of AI in business has changed and evolved over time, with continual technological development and innovation increasing automation within businesses.

AI is incredibly beneficial to businesses in reducing labour costs, with generative AI programs now able to complete repetitive tasks. In the current business climate, the prominence of AI is also increasing exponentially as a way to:

• Increase accuracy
• Minimise workplace Conflicts
• Save time – AI (like ChatGPT and Microsoft Copilot) can now scan the data implemented and create a professional response within seconds to send to a client, which would have taken a person a significantly greater amount of time to read and formulate a respond
• Reduce fatigue effects of workers – maintaining quality of work

Concerns of AI

The world has already observed the introduction of robots replacing humans in the manual production line tasks, with increased efficiency.

If you work in a low skilled and low paid job, you need to be aware of its growing usage and capacity, because your job may become redundant. The changing face of work will require a critical evaluation of skills required in different jobs and the necessity of retraining.

Future

The usage of AI in business would will continue to increase in the future, with IPSOS and Google reporting 49% of businesses utilising generative AI in Australia.

Employees, therefore, need to consider the risk level of automation within their roles to assess if they may need to retrain in another field. Employees could need to focus more on developing customer service and people management skills, rather than data entry and administrative ability.

There is a much uncertainty in the future of AI – will it take over the world or help businesses function more efficiently and effectively?

Ultimately, humans will always need other humans and this is where the future of work lies.

Important Note: These articles have been prepared for general circulation and are circulated for general informational purposes only; these articles should not be regarded as business or investment advice. The articles represent the views of the writers and are subject to change without notice. Additionally, while every care has been taken in the preparation of the articles no representation or warranty as to accuracy or completeness of any statement is given. An individual or organisation should, before any business or investment decision is made, consider the appropriateness of the information in this document, and seek professional advice, having regard to objectives, situation and needs. This document is solely for the use of the party to whom it is provided.