A new type of concern appeared on the global job market: automation as workforce replacement. The development of AI tech we sparked not so long ago began accelerating, and people are starting to worry about their own safety when it comes to keeping their job, no matter the sector they work in.
Digitalization of services threatens to downsize almost every company out there, right? The answer is not that simple, and we would like to suggest another perspective, a sort of realistic, semi-optimistic view on the whole issue.
The very first thing we should all be aware of is: no one actually knows how the automation process will play out in the next five to ten years. And in the face of the unknown, people like to fill in the gaps with fear and insecurity. So, the best possible way to deal with the whole issue is to focus on what we DO know!
A job is a collection of tasks, decisions, and ideas. A trustworthy AI module can contribute to your business by relieving the pressure of menial, everyday tasks, and leave you with more time for the other two aspects of the job. Believe it or not, the digital era, regardless of its innovativeness and ingenuity, is bringing more practical solutions aimed towards dealing with repetitiveness.
When entering the process of digital transformation, you are not changing the core values of your business.
Instead, you are implementing new technologies to answer market demands. The banking business has changed a lot due to tech evolving, but the basic principles are still the same, though a lot more scalable and agile in general.
Even with companies that leave the data-driven decision making to an AI do not need to worry about the whole “job losing issue.” Why?
Even though we can simulate how a person thinks, and solves problems in general, relieving the pressure of routine tasks will leave a whole new playfield for ideas and market-driven innovation. A report from Brookings (2019) suggests that jobs and professions will be divided into three risk groups when it comes to employees “being replaced by machines”. What they found is that business sector is virtually the safest, with a layout chance of under 15% once automation goes mainstream, as opposed to transportation and food service jobs which go as high as 80%.
The financial sector will change, no doubt about it. But enterprises that execute their digital transformation properly will enter a wave of idea-driven progress, instead of the old-school data-driven grind. The internal focus will slowly (but surely) shift to talent breeding, while the external attention turns to customers in a fresh, quick-solution manner.
Undergoing the much-needed maintenance, for the purposes of automating and digitalizing your business, brings more things to the table, next to the apparent modern tech utilization. Automation is a tool, not an employee, and it will help you evaluate your assets from a different angle.
While you spend time integrating the new tools into your business, the change of work dynamics will be inevitable. However, the digital transformation process is not there to automate your business, but rather automate activities that are wasting time and resources.
Contrary to popular belief, automation has the power to create jobs by increasing demand. Businesses that do not have to worry about administrative labor have the opportunity to invest in quality, which drives service demand more than enough to diminish the effect of job loss due to automation.
Finally, we all have to realize that digital transformation is not a magic wand that will make the troubles go away. The tech will breathe as you do. The riskiest decision would be leaving everything in the hands of automation, and not redirecting newly-freed resources to a more prominent field of innovation.
Human authenticity will soon be the most valuable resource, not just in the financial, but in all branches of the economy, so why not back it up with some potent technology!?
We are ready to invest in the first steps of your digital transformation!
Our key consultants can help you to build a successful digital transformation roadmap.