IBM recently created a flutter in tech hiring after it announced to replace 7800 human jobs with Artificial Intelligence (AI) over the next five years. But this isn’t anything akin to a bolt from the skies. Looking at the incredible evolution of language models like ChatGPT, AI taking over the mundane human jobs is inevitable. The advancement of AI cements the vision of ‘Tech for Good’. AI replacing a few thousand humans at workplaces will not dehumanize our work ecosystems. Rather, by taking over the iterative job functions, AI frees up human minds and offers them the bandwidth to take on strategic, value-added roles.

As the world becomes increasingly digitized, AI is rapidly becoming the driving force behind the transformation of workflows across various industries. From revolutionizing healthcare to optimizing logistics, AI is changing the way companies operate, enabling them to make data-driven decisions, and unlocking new levels of efficiency and productivity.

Transforming workflows across industries

Let’s delve into some examples that corroborate the success of AI in transforming workflows across industries:

Healthcare:

AI is helping physicians and researchers make better diagnoses, predict patient outcomes, and improve treatment options. For instance, AI-powered diagnostic tools can analyze medical images to detect tumors, diagnose skin conditions, and identify heart defects. AI algorithms can also analyze patient data to predict the likelihood of readmission, identify high-risk patients, and recommend personalized treatments. These AI-enabled workflows are not only improving patient outcomes but also helping healthcare providers optimize their resources. For example, AI-enabled radiology tools can rapidly and accurately read CT scans, allowing radiologists to diagnose more patients and maximize their time. This is similar to the way that a robot can assemble a car in a factory, where it can do the same task more quickly and accurately than a human, freeing up the human to do more complex and creative tasks.

Finance:

AI is helping banks and financial institutions streamline their operations and reduce costs. For instance, AI algorithms can analyze transaction data to detect fraudulent activities, predict customer behavior, and personalize banking services. AI chatbots can also assist customers in resolving their queries, making transactions, and providing financial advice. These AI-powered workflows are not only improving customer experiences but also enabling financial institutions to make data-driven decisions. It is like having a personal assistant to help manage your finances, always providing you with the advice you need and helping you to stay on top of any changes or irregularities. For example, AI chatbots can alert customers when a particular transaction triggers an unexpected fee or when an account balance falls below a certain threshold.

Retail:

AI is helping retailers improve their sales, inventory management, and customer experiences. For instance, AI algorithms can analyze customer data to predict their preferences, suggest personalized products, and optimize pricing strategies. AI-powered chatbots can also assist customers in selecting products, resolving queries, and providing product recommendations. These AI-enabled workflows are not only improving customer experiences but also helping retailers optimize their resources and increase their revenues. For instance, Walmart has been using AI-driven customer segmentation models to tailor their marketing campaigns and optimize their inventory strategies.

Logistics:

AI is helping shipping companies optimize their routes, reduce fuel consumption, and improve delivery times. For instance, AI algorithms can analyze traffic patterns, weather conditions, and delivery data to optimize routes, reduce fuel consumption, and improve delivery times. AI-powered robots can also assist in warehouse operations, picking and packing products, and improving inventory management. These AI-enabled workflows are not only improving operational efficiencies but also reducing costs and increasing customer satisfaction. It's similar to having an assembly line in a factory, where machines are used to quickly and efficiently perform certain tasks, while leaving more complex tasks to be handled by humans. To illustrate, AI-enabled robots are increasingly being used to collect, sort and move packages in Amazon’s warehouses, enabling the company to reduce labor costs and increase its delivery speed.

Unlocking more promise in the future

The future of Artificial Intelligence (AI) in the workflows of companies is one of great promise and possibility, a vista that is as exhilarating as it is daunting. As the power and sophistication of AI technology continue to advance, the potential benefits for businesses are staggering, from improved efficiency and productivity to more accurate predictions and personalized customer experiences. Picture a future where AI algorithms analyze vast amounts of data to identify patterns and trends, enabling businesses to make more informed decisions with greater speed and accuracy. Think about how AI-powered chatbots and virtual assistants could revolutionize customer service, providing personalized support and assistance around the clock. The key will be to approach this new era of AI with a sense of curiosity, caution, and creativity, and to work together to build a future that benefits us all.

https://tech.hindustantimes.com/tech/news/ibm-eyes-hiring-pause-because-ai-does-the-job-71683134246381.html