The rising supremacy of Artificial Intelligence (AI) is altering job profiles, bringing changes in required skill sets. The World Economic Forum has already predicted that “nearly 25% of jobs are set to be disrupted in the next five years” , and AI could have a significant role to play in the matter.
The fast-altering job and trade landscape has already started giving out hints on its positive as well as negative impacts on employment. However, as players in the fourth industrial revolution, we are adept at absorbing fundamental changes in the way we live our lives, communicate, and do business. From rapid digitizations to turbulent market conditions, our ark consistently strives to survive all storms with great technological assistance and an adoptive mindset.
Based on our in-depth research and findings, we present to you the critical AI-driven ascending and descending job market curves and its future implications with an added perspective of what this advancing tech-growth holds for us in the next few years.
More than 75% of the companies surveyed by The World Economic Forum are looking to adopt AI, big data, and cloud computing in the next five years.
AI has come up to be the number three priority in company training strategies and is expected to remain so until 2027. Interestingly, for companies above 50,000 workforce strength, AI happens to be the topper in the priority list.
As far as jobs are concerned, AI is one of the most in-demand skills in sectors, like information and technology services, telecommunications, electronics, business support, insurance and pensions, media, management, sports, entertainment, etc. Going by the prominent trend in the employment sector, AI and Machine Learning Specialists, Sustainability Specialists, Business Intelligence Analysts, Information Security Analysts, etc., are some of the fastest growing job roles. While digital-trade related jobs are driving employment growth expectations, clerical, secretarial, and record-keeping jobs may slowly lose their significance across all industries.
So, is Artificial Intelligence a threat to job creation? Saadia Zahidi, the Managing Director of The World Economic Forum shares an insightful perspective on the matter. She commented, while it’s true that the concerns around industrial and humanoid robots replacing human workers in factories, hospitals, classrooms never came true, the rise of generative AI and the global fascination around ChatGPT, to some extent, prompts “the risk of automation of tasks that used to be the competitive advantage of humans.”
We have entered the era of industry 4.0 where technological superiority is surpassing human mediocrity bit by bit everyday. And that’s the reason “Analytical thinking and creative thinking remain the most important skills for workers in 2023.” In fact, “technological literacy” is considered one of top 10 core competencies in employees. (WEF)
Now, as we look into the future, we see an increase of some 4 million jobs in e-commerce, digital marketing and transformation, AI and ML, cybersecurity, and big data analytics.
With 86.4% of companies adopting digital platforms and apps and about 75% of businesses adopting e-commerce and digital trade in the next five years, the gross marketing and sales performances are expected to reach new heights by 2027. Brands would be able to boost their revenue charts by adding digital sales channels, leveraging real-time, personalized communications with customers for increased conversion rates, and availing cost-effective marketing solutions—using tools and platforms made exponentially more efficient using AI.
Growing Trust in AI and ML
Coming to the trust factor, a global study conducted by KPMG in 2023 unfolds that most people are comfortable with the use of Artificial Intelligence and Machine Learning (ML) to automate tasks and enhance productivity levels but as long as humans have greater control. The steadily-increasing understanding about AI and ML have much more appeal in younger generations. Research suggests that university educated managers are found to be much more accepting toward AI and ML, possess greater knowledge in the same, and are likely to believe in its infinite future possibilities under the right governance.
Why AI Is Considered the Biggest Game Changer in Business: Augmenting RevOps and Making Sellers More Efficient
“A lot of data exists inside and outside organizations… they are required to be connected for scaling customer relationships. And that’s where AI steps in because of the available computational power and the conversational language that it can inject into the mix.”
—Umesh Tiberwal, Founder & CEO, BuzzBoard
As several organizations are still apprehensive about adding AI to their organizations, questions, like how AI can solve real-world problems or augment tasks hold relevance. Experts are of the opinion that AI has an immense capacity to automate the mundane, break organizational silos, and empower reps by providing data-driven insights—precisely, these act as the primary steps in optimizing RevOps or Revenue Operations.
According to Umesh, AI can make a seller’s life easier. However, to churn out the full potential of Artificial Intelligence, the presence of a “data mindset” inside organizations is vital… “You cannot put an AI system without a data mindset.” Also, to transform and impact the existing RevOps teams, data alignment and maximum adoption of AI tools across different teams would be highly beneficial.
Umesh repeatedly stresses that we are entering an era of “less is more” where the right segmentation of customer profiles is vital. For instance, if reps have 100 accounts, earlier it was assumed that they must be targeting the right accounts… but are they? They might be just filling their outreach quota, but are your sales and revenue growing?
Assumptions can lead to damaging business decisions. That’s why more and more businesses are turning to AI that helps understand buyer needs at a granular level, track digital footprints of the customer, and give a holistic view of customer profiles. Accordingly, RevOps teams can map out the plan of action, including personalized conversations by using popular language models, like the one underlying ChatGPT. Such measures would deliver more value to the entire buying journey—this way reps would be able to generate far better experiences for their customers, which would add to increased revenue generation.
Click here to to learn more on AI for RevOps—watch the full video
We, at BuzzBoard, have been making use of AI and ML-based algorithms and robust recommendation engines that are tuned specifically to collect and curate data about SMB needs, triggers, and behaviors to help SMB-focused businesses get access to best-available data. Our proprietary SMB signal stack and category classification system unlocks deep account intelligence on over 30+ million SMBs, with over 6,400 signals per SMB.
“Go deep on creativity… the one area that’s really going to stand you apart, and with the best of AI models, you would still need very creative people.”
—Umesh Tiberwal, Founder & CEO, BuzzBoard
The visionaries of today anticipate a future where AI would take over the micro tasks. For instance, Artificial Intelligence would handle a lot of interactions for smaller accounts, chatbot-human communications would be way more enjoyable for humans, and AI would probably be able to give better answers or solutions that humans have been looking for. Furthermore, data wouldn’t be restricted only to dashboards, and they would coach reps and marketers, and Umesh thinks professionals would see a “magical growth in the amount of productive time spent on high value tasks”.
Besides critical reasoning, passion and creative skills would be leading the way in the future. Because no matter whatever AI is capable of, it can neither replace human creative cells nor outweigh passion.