There are many people who believe artificial intelligence (AI) could completely disrupt work as we know it, potentially making some jobs obsolete. However, some think  AI is poised to augment jobs, not scrap them, in addition to enhancing productivity, and supporting various industries in ways that can lead to new opportunities and growth. In this blog, we’ll talk about how AI could redefine work, how the maturation of AI could create new opportunities, and what investors may want to keep an eye on as the technology progresses.

AI Impact on Work

In order to understand AI’s most likely impact on work, it could be best to reframe the perspective from “AI will replace human labor” to “AI can replace simple, mundane tasks that can free up humans to focus on higher-level responsibilities that require creativity, critical thinking, and emotional intelligence”.

Survey Results

An ADP survey released in June 2024 revealed the 85% of workers globally believe AI will impact their job in the next few years.[1] The specific impact, is a difference of opinions among the workers. Of those 85%, 43% believe AI will help them while 42% think it will at least replace some of their existing functions. Only 8% responded that AI will have no impact on their jobs and 7% responded that they don’t know enough about AI to respond.

But how specifically is AI expected to impact work? The reality is that AI is more likely to augment existing jobs, rather than wiping them out. The following are some of the industries that could be impacted by AI and how specifically AI could supplement and support existing jobs within each industry.

Manufacturing and Supply Chain

AI can augment manufacturing by helping optimize production processes and supply chain management. Predictive analytics, driven by AI, can empower manufacturers to forecast demand accurately, helping to reduce waste and enhance efficiency. AI’s proliferation into manufacturing could create more efficient, adaptable, and intelligent production systems while empowering human workers with enhanced capabilities.

Marketing and Customer Service

In marketing, AI tools can help businesses understand customer behavior more deeply. Chatbots, powered by natural language processing (NLP), are able to provide instant responses to customer inquiries, helping to improve user experience while freeing human agents to handle complex issues. AI can help enhance customer engagement without replacing human jobs—marketers are able to focus on strategy and creativity while AI systems handle the mundane, common troubleshooting and customer service questions.

Financial Services

The finance industry is leveraging AI to detect fraudulent transactions and help mitigate risks. Machine learning algorithms can analyze vast amounts of data in real-time, identifying patterns that indicate suspicious activities. Additionally, they can scan IDs for inconsistencies, providing another tool to help spot fraud during common know your customer (KYC) processes. This could allow financial analysts to focus more on strategic decision-making rather than getting bogged down in manual data checks.

Education

AI is making strides in education, personalizing learning experiences for students. Platforms equipped with AI can analyze a student’s progress and adapt the curriculum accordingly, allowing for each learner to receive the support they need. Here, AI can serve as an assistant to teachers, helping with lesson plans, personalization, and allowing teachers to spend more time engaging with students and fostering meaningful learning experiences.

Healthcare

Healthcare is another industry that AI can help transform. AI can help doctors in analyzing medical images and patient data which could improve diagnostic accuracy and also handling routine paperwork and scheduling needs. Furthermore, AI may help with drug discovery and  Implementation of AI could leave critical decision-making to healthcare professionals.

Final Thoughts

As we look to the future, AI could not just redefine work; it could help enhance and evolve it. The key may be in how we choose to integrate AI into our workplaces. Rather than succumbing to fear that AI will replace jobs, businesses and employees alike can embrace the opportunities that AI presents. Despite AI’s capabilities, the human element remains irreplaceable. Skills such as empathy, creativity, and complex problem-solving are fundamental to tasks that AI cannot accomplish. AI can help supplement the mundane and tedious aspects of work, freeing humans up to manage the irreplaceable human element critical to jobs like healthcare and education.

Want to learn more about the evolution of AI? Check out the following MicroVentures blogs to learn more:

• The AI Wave: The History and Growth of the Semiconductor Industry
• An Accelerated Trajectory: The Rise of AI Unicorns
• The AI Investment Boom: Impact on Venture Capital
• Powering the Future: Investing in Artificial Intelligence Startups
• The Great AI Race: Understanding the Artificial Intelligence Landscape

Are you looking to invest in startups?  Sign up for a MicroVentures account to start investing!

 

[1] https://www.adpresearch.com/worker-sentiment-ai-impact

*****

The information presented here is for general informational purposes only and is not intended to be, nor should it be construed or used as, comprehensive offering documentation for any security, investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest, directly or indirectly, in any company. Investing in both early-stage and later-stage companies carries a high degree of risk. A loss of an investor’s entire investment is possible, and no profit may be realized. Investors should be aware that these types of investments are illiquid and should anticipate holding until an exit occurs.