It has polarized the technology world, befuddled economists and is fundamentally changing the labour market and yet no policymaker is losing sleep over it. Artificial Intelligence has become the elephant in the room that no one wants to acknowledge. The ambiguity around AI has also crept into research papers and surveys predicting its impact on job creation. A two-year study from McKinsey Global Institute suggests intelligent agents and robots could replace as much as 30% of the world’s current human labour in the next 11 years. One of the most cited studies on the topic, published in 2013 by Oxford Martin School, predicted as much as 47% of existing jobs in the US are at risk of AI. On the opposite side of the spectrum, a report by global research and advisory firm Gartner says AI will be a net job creator, generating two million new jobs by 2025.
What is Artificial Intelligence?
AI can be defined as the ability of computers, computer-controlled robots or software to perform tasks requiring intelligence levels similar to human beings. The tasks synonymous with AI are reasoning, problem-solving, discovering meaning and generalization. Computers are fed with copious amounts of data and the machine classifies and segregates the information into meaningful patterns without any supervision, to perform tasks similar to human beings. The advancement in the ability of machines to learn and carry out tasks independently has the potential to make several job profiles redundant. Experts are of the opinion that the biggest hit will be taken by employees with middle skills or skills that do not require much training. This raises a big question over the availability of meaningful employment opportunities in the future. Parents should plan early as the cost of education is set to rise manifold in an era where low skilled jobs will be taken up by machines. Invest in a ULIP that matches your risk profile and return expectations. Investing in unit linked insurance plans can ensure steady returns as well as provide an insurance moat for the future educational needs of your child. Take a look at 15 jobs that risk elimination due to AI.
- Data entry: Data entry is one of the first job profiles to have surrendered before the AI juggernaut. It is not very difficult to imagine the automation of data entry processes. Millions in India are employed just to feed data into the system in industries ranging from marketing to finance. Several companies have started using algorithms for data entry, which is cheaper and is more reliable.
- Secretarial Services: Coordination is the bedrock of secretarial and admin work and with its ability to process huge amounts of data which helps in quicker coordination, AI has started replacing administrative staff in offices. From fixing meetings to preparing the agenda for the day, virtual assistants are taking over. The rise of collaborative working and the loosening of hierarchies has led to increased coordination between employees and AI is better placed to handle large-scale coordination without mix-ups.
- Bank Tellers: The emergence of ATMs has already reduced a bank teller’s importance and the application of AI may make it redundant. AI is expected to reshape jobs in the banking sector at a scale never seen before. The popularity of AI-enabled features in mobile applications like chatbots that help customers with queries and solve their routine problems, signal towards an impending crisis for bank tellers.
- Human Resource activities: AI has become a buzzword in the human resources community. The potential to use AI to recruit staff, improve employee engagement, reduce bias and enhance productivity is immense. Companies are looking at replacing manpower with AI to handle routine HR activities, while people will be expected to apply decision-making skills in strategic work.
- Food Services: The entire food services chain from farm to the plate has been touched by AI in some way. Eateries are applying AI-backed solutions to improve customer service, inventory management, packaging, and deliveries.
- Janitorial Services: AI-powered equipment is shaking up the cleaning industry. Companies are introducing machines like floor scrubbers with cameras and smart sensors, which ‘sense’ the intensity of the task and adjust their water and detergent use. AI-powered machines are also expected to replace workers in dangerous work environments such as windows of high-rise buildings and cleaning of industrial equipment.
- Gardening Services: Experts believe that relatively low-skilled jobs like gardening will remain untouched by the AI revolution for at least a decade as the cost arbitrage between low-paid workers and expensive equipment is still high. The service will not remain unaffected for long though, AI is making rapid advancement in gardening, from the application of pesticides and weedicides to the planting of seeds.
- Child Care Services: The threat of machines taking over jobs in the child care industry may not become a reality but AI is definitely going to play a complementary role in the sector. In August 2016, Allegheny County in Pittsburgh, United States became the first jurisdiction anywhere in the world to let a predictive-analytics algorithm help screeners ascertain risk to a child’s future well-being.
- Security Services: Security services are one of the industries with the most visible usage of AI. From the digital world to the physical, intelligent security systems are helping in combating crimes quicker than before.
- Journalists: AI and automation are not expected to disrupt the entire industry but AI-powered solutions are gaining traction. Hoodline, a San Francisco-based news site, has tapped into the power of automation to churn out basic copies of important news.
- Legal Services: Legal work requires sifting through gargantuan amounts of data to fetch the required information and AI has significantly speeded up the process. Application of AI software in legal work has complemented the work done by humans and has freed workforce to concentrate on more complex matters. Legal studies are already one of the more expensive educational pursuits in the country. The fees are going to rise further, invest in a ULIP, which combines the best of market returns with the security of insurance cover. Bajaj Allianz Life Insurance offers a wide array of unit linked insurance plans that could secure your child’s future. Take, for instance, Bajaj Allianz Future Gain, where in case of death of the insured, higher of the fund value net of partial withdrawals or the sum assured is paid to the nominee.
- Repair Services: Some original equipment manufacturers have started using AI software to zero in on the problem and accelerate repair time. Vehicle manufacturers produce detailed manuals for diagnosing and troubleshooting issues. The advent of AI algorithms has curtailed the role of a repairman as the machine is quicker in processing the data and suggesting solutions.
- Manufacturing Jobs: The rapid pace of automation and the use of machine learning is drastically reducing manufacturing jobs. AI has almost taken over operations at large factories, as technology-driven smart factories do not require human supervision. The impact on manufacturing jobs is the most worrying facet of AI. A large number of Indian children eventually end up in managerial positions in large factories, which makes choosing the right career extremely important. Investing in a good Unit-Linked Insurance Plan for children could take care of a child’s higher studies. Bajaj Allianz Life Insurance offers a host of popular ULIP plans like Bajaj Allianz Future Gain and Bajaj Allianz Life Goal Assure. Moreover, the right plan can be chosen from Finserv MARKETS’ easy-to-use portal.
- Accounting Services: AI-based machines are expected to take over tedious jobs such as data analysis and generation of reports. Accounting personnel is likely to move up the ladder into advisory roles. Large-scale adoption will lead to significant job losses in the sector.
- Healthcare Services: AI has started making inroads in the healthcare sector. In its most basic form, AI has helped in digital consultations through phone or computers, while the concept of personalized medicine, though still in its infancy, is an example of a complex AI system. AI may also disrupt the radiology department as doctors would not be needed to spend time seeing and analyzing images. With the advent of AI, the bar for entry into the healthcare sector will rise further as relatively lower level roles will be eliminated. Education for healthcare jobs is one of the costliest in the country. Proper financial planning can help you take care of your child’s high tuition fees in the future. Investing in ULIPs tailor-made for your child’s educational needs is the best way forward.
The situation may seem extremely grim with AI predicted to reshape numerous industries and job profiles but timely upskilling can help contain the impact. Adoption of AI will lead to the elimination of several jobs but, simultaneously, it is also likely to generate many new employment opportunities. As AI gradually takes over industries, a robust and dynamic financial plan can help in avoiding major upheavals. Investing in ULIPs, one of the best modes of investments can meet the dual needs of insurance cover and wealth creation. At Finserv MARKETS, you can browse through a plethora of ULIPs and get financial help in just a few clicks.
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