How AI is Affecting the Business World

By: Julia Edwards

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The development of artificial intelligence has led to its integration into our everyday lives. From smart home assistants and self-checkouts to plagiarism and grammar checkers at school, we have seen it used in many different ways. However, the launch of ChatGPT was considered groundbreaking due to its remarkable ability to produce human-like responses as well as understand intent and context. This sparked worry for many people, questioning whether AI was going to take over industries and replace jobs. One sector that people were and still are heavily questioning AI’s impact on is business.

So, how will AI impact the business world and is there a need for concern? AI will impact employment rates in many business careers, but it will never entirely replace the role of humans. Certain jobs will be affected more than others, like basic data entry, financial analysis, as well as general analysis roles, and low-level bookkeeping/accounting jobs. These jobs are at higher risk because they involve patterns, numbers, statistics and facts, all things AI is very good at gathering and performing.

Additionally, AI has the ability to perform these tasks faster and for a cheaper price. Unfortunately for workers, this means it is smarter for businesses to adopt the use of AI, replacing certain employee roles. Even pre-ChatGPT (World Economic Forum) estimated that 85 million roles would be displaced by AI. Despite this statistic sounding scary, there is no need to worry as WEF also estimated that 97 million new jobs are expected to emerge, creating greater opportunity not just in business but in every industry. While it’s true that certain jobs are being reshaped or replaced, it is important to look at AI as a tool rather than a threat.

Artificial intelligence also brings powerful benefits that can transform the business world for the better. AI can make businesses more efficient and successful by automating routine tasks, analysing data for better decision-making, personalising customer experiences, and helping companies adapt quickly to market changes. AI can make quicker decisions based on data and is unclouded by cognitive biases, as opposed to a human who may be blinded by emotions or have a conflict of interest.  Another benefit of AI in business is its content creation abilities. Programs like Jasper are AI-powered marketing tools that can create or assist in the making of media and content for marketing campaigns.

All of AI’s benefits are designed to assist and support humans, but it will never fully replace human qualities like empathy and creativity. If you're someone interested in a business career, it's important to educate yourself about the integration of AI and learn how it can help you, rather than fear its possibilities.