Artificial intelligence (AI) is transforming the way businesses operate across various industries, but the question remains: What jobs will AI replace? Where will AI provide new opportunities and challenges? Which industries will experience the most disruption?
In this comprehensive discussion, we will delve into how AI is changing the landscape of these sectors and explore its influence on other influential industries.
Where to start your AI Strategy
While we’ve highlighted industries most likely to be impacted by AI, the reality is every industry will integrate at least one AI solution. Whether the solution is as simple as proof-reading written materials or as complex as running risk assessments on expanding into new markets, every business will need to prepare for artificial intelligence. We’ve seen the majority of companies — regardless of industry — have already begun their AI strategy. Many companies are already discovering what jobs AI will replace.
The first step of adopting an AI strategy is to ensure your organization’s knowledge can be accessed by this new technology. If you can’t navigate your knowledge base, your AI solution won’t be able to either. You’ll also want to ensure the outputs from an AI are controlled, transparent, and trusted — otherwise you’ll run into common problems such as hallucinations or security concerns. Shelf specializes in AI-empowered knowledge management solutions. If you’re interested in starting your journey into AI, chat with our team about how to get started.
This list includes industries we believe will be impacted by AI, but the extent of that impact — and when it will occur — may vary depending on the industry.
1. Customer service and support centers
AI is ushering in a new era of efficiency and customer satisfaction. In many contact centers, customer service operations have traditionally been characterized by long wait times, frustrating IVR systems, and inconsistent service quality. With AI, these issues are being addressed through chatbots, virtual assistants, and machine learning algorithms.
Chatbots and virtual assistants
What jobs will AI replace in customer service? Likely many that can be accomplished with virtual assistants. Chatbots and virtual assistants are AI-powered tools that can engage with customers using natural language. They can answer customer queries, provide information, and even handle basic problem-solving.
Chatbots and virtual assistants can be available around the clock, providing 24-hour support and alleviating the need for customers to wait in long queues to talk to a representative on the phone or via online chat. This is a boon for customers who appreciate the convenience and for businesses that can operate with more streamlined customer service operations.
AI allows companies to collect and analyze data on customer behavior, patterns, and preferences. With this data-driven approach, businesses can personalize their interactions with customers and tailor product recommendations and offers. Personalization like this not only enhances the customer experience but can also lead to increased sales and customer loyalty.
Customer service centers are using AI-driven predictive analytics to anticipate customer needs and issues. For instance, if an AI system detects a problem with a product that a customer recently purchased, it can proactively reach out to the customer to resolve the issue before the customer even realizes there is a problem.
AI can help reduce the costs associated with customer service by automating routine tasks and handling a significant portion of customer inquiries. This kind of task automation can mean significant savings for businesses, which can save on both staffing and operational costs.
In the healthcare industry, AI is making waves by improving patient care, diagnostics, and overall efficiency. It has the potential to revolutionize healthcare delivery and outcomes in several ways.
Diagnosis and treatment
AI-powered diagnostic systems are becoming increasingly sophisticated. Machine learning algorithms can analyze medical images (like X-rays, MRIs, and CT scans) with incredible accuracy, helping to detect issues such as cancer, fractures, tumors, and abnormalities at an earlier stage. These tools can assist healthcare professionals in making faster and more accurate diagnoses, which means improved patient outcomes.
AI is accelerating drug discovery by analyzing vast datasets and identifying potential drug candidates. This process, which used to take years, can now be expedited, allowing new medications and treatments to be developed faster. Expediting drug research is one of many optimistic examples of what jobs will AI replace. Some jobs won’t be replaced, but assisted by new technology.
By considering an individual’s genetics, medical history, and lifestyle, AI is enabling personalized treatment plans. This can result in more effective treatments with fewer side effects and a lower risk of failure.
AI can streamline administrative tasks in healthcare, such as appointment scheduling, billing, and insurance processing. This reduces the administrative burden on healthcare providers, allowing them to focus more on patient care.
The insurance industry is transforming now that AI plays a pivotal role in enhancing risk assessment, fraud detection, and customer experience. There may not be many jobs that AI will replace, but many of them will be augmented by new technology.
AI algorithms can analyze vast amounts of data to assess risk more accurately. For example, in the property and casualty insurance sector, AI can evaluate satellite imagery, weather data, and historical claims to calculate property risks. In life insurance, it can use medical and lifestyle data to determine risk factors for policyholders.
Using these AI techniques, insurance professionals can more accurately underwrite and price insurance policies.
AI can be a powerful tool in identifying fraudulent insurance claims. Machine learning models can detect suspicious patterns and anomalies in claims data, which enables insurers to investigate and prevent fraudulent activities. Fewer fraudulent claims save not only money but also claim processing time, meaning that legitimate claims are processed faster.
More and more frequently, insurers are using chatbots and virtual assistants to handle customer inquiries and to process claims. While this reduces the workload on customer service agents, it also provides customers with a quicker and more convenient service experience.
In the auto insurance sector, telematics devices and AI-equipped smartphone apps can monitor and assess driver behavior. Safe drivers are rewarded with lower premiums, while risky behavior can lead to higher rates. This data-driven approach is transforming the auto insurance industry.
The finance industry has long been at the forefront of adopting AI technologies. AI influences areas, such as trading, risk assessment, fraud detection, and customer service. Despite the rapid advancement in this sector, the question of what jobs will AI replace hasn’t fully materialized. Like so many other industries, finance has been aided by new technology more than disrupted.
AI algorithms are used in high-frequency trading, making rapid trading decisions based on market data and trends. These algorithms can identify profitable trading opportunities and execute trades at lightning speed, which is a task beyond human capabilities.
AI is instrumental in risk assessment and management. Machine learning models analyze data to evaluate credit risk, investment risk, and market risk. Financial institutions can, therefore, make more informed decisions, reducing the likelihood of financial crises.
Financial institutions use AI to detect fraudulent transactions and activities. Machine learning models can identify unusual patterns or anomalies in real-time, allowing for quick intervention. This means preventing financial losses for both the customer and the institution.
Customer service and chatbots
Many organizations in the finance sector use AI-powered chatbots and virtual assistants to interact with customers. These AI systems can answer inquiries about account balances, receive transaction history, and even provide financial advice.
5. Manufacturing and industry
In the manufacturing and industrial sectors, AI is reshaping operations by improving efficiency, safety, and quality control.
AI-driven predictive maintenance uses sensors and data analysis to predict when industrial equipment will require maintenance or replacement. Predictive maintenance reduces downtime, saves money, and extends the lifespan of machinery.
Machine learning and computer vision are used to inspect and detect defects in the manufacturing process. This ensures that products meet quality standards and reduces the likelihood of producing faulty items.
Supply chain optimization
By analyzing data related to inventory, demand, and transportation, AI can optimize supply chain management, leading to more efficient logistics, cost savings, and improved order fulfillment.
6. Retail and e-commerce
The retail and e-commerce industries are embracing AI to create a better customer experience, optimize inventory, and provide personalized shopping recommendations.
AI algorithms analyze customer behavior and preferences to provide tailored product recommendations. These recommendations can encourage increased sales and customer satisfaction.
AI can optimize inventory levels by analyzing sales data, trends, and seasonality. Retailers and e-commerce vendors can avoid overstocking or understocking products, which equals cost savings and better customer satisfaction.
Chatbots and virtual assistants
Chatbots in retail can assist customers with inquiries, order tracking, and returns. Like in other industries, retail and e-commerce chatbots can handle routine tasks and allow human employees to focus on more complex customer needs.
At various levels of education, AI is enhancing learning experiences, streamlining administrative tasks, and supporting educators in many ways. Education — like many other sectors — have the potential to be assisted by artificial intelligence, but it’s not obvious what jobs AI will replace among teachers. On some level, every student wants a connection to their teacher.
AI-powered educational software can adapt to each student’s pace and learning style. By providing personalized learning experiences, AI is improving student engagement and academic performance.
Educational institutions use AI to manage administrative tasks such as enrollment, scheduling, and grading, which reduces the administrative load on educators and staff.
Tutoring and support
AI-driven chatbots and virtual assistants are used to provide students with instant access to information, support, and resources. These tools can assist with homework, answer common questions, and provide additional learning materials, all of which better the overall learning experience.
Data analytics for educational insights
AI can process and analyze large volumes of data that educational institutions generate. This data can be used to identify trends and insights, allowing educators and administrators to make data-informed decisions about curriculum improvements, student performance, and resource allocation.
8. Transportation and logistics
The transportation and logistics industry is leveraging AI to improve route optimization, enhance safety, and reduce operational costs.
AI algorithms optimize transportation routes, taking into account factors like traffic, weather, and delivery schedules. This minimizes fuel consumption, reduces delivery times, and cuts transportation costs.
By predicting when maintenance will be needed, AI-powered systems monitor and maintain vehicle fleets. Such a proactive approach reduces vehicle downtime and prevents costly breakdowns.
AI plays a central role in the development of autonomous vehicles, which have the potential to revolutionize transportation. These vehicles can improve road safety, reduce traffic congestion, and provide mobility solutions for people who cannot drive.
9. Energy and Utilities
AI is making a significant impact in the energy and utilities sector by optimizing energy production, distribution, and consumption while also improving infrastructure maintenance.
AI is used to create smart grids that efficiently manage the distribution of electricity, optimizing energy use and reducing waste. This technology helps balance supply and demand and integrates renewable energy sources into the grid.
AI is used to maintain utility infrastructure, such as power plants, pipelines, and water treatment facilities. Predictive maintenance algorithms can anticipate equipment failures, reducing downtime and maintaining reliable services.
By monitoring and controlling energy usage in buildings and industrial processes, AI-driven systems can promote significant energy savings and environmental benefits.
AI technologies are improving crop management, livestock care, and overall farm efficiency.
AI-driven sensors and data analytics monitor soil quality, crop health, and weather conditions. Because of these innovations, farmers can make data-informed decisions about irrigation, fertilization, and pest control, thereby maximizing crop yields and reducing resource wastage.
AI-powered systems can monitor the health and well-being of livestock, allowing early detection of illnesses and injuries and improving overall animal welfare.
Supply chain optimization
AI is used to optimize the supply chain in agriculture, ensuring that produce is delivered efficiently and minimizing food waste.
AI is making inroads in the legal profession, particularly in tasks involving data analysis, document review, and research.
AI-powered tools can scan and review large volumes of legal documents, contracts, and case records, speeding up the process of legal research and discovery. This allows for more effective defenses, iron-clad legal agreements, and better-informed lawsuits.
Legal professionals can use AI to analyze legal databases and dig up relevant case law, statutes, and precedents, which vastly streamlines the research process.
By analyzing historical data and case patterns, AI can predict case outcomes and assist in decision-making.
12. Entertainment and Media
The landscape of the entertainment and media industries is changing as AI is beginning to influence content creation, personalization, and distribution.
By analyzing user behavior and preferences, AI algorithms provide personalized content recommendations, whether in the form of movies, books, music, articles, or social media feeds.
AI-driven tools can generate content, such as news articles, music, videos, and even artwork. They can also automate routine content production tasks.
Video and audio enhancement
AI tools can enhance the quality of video and audio content, improving the viewing and listening experience for consumers.
AI is making a profound impact on a wide range of industries, revolutionizing the way they operate, and offering opportunities for increased efficiency, cost savings, and enhanced customer experiences. From chatbots and virtual assistants to AI-driven data analysis, AI is transforming multiple industries in countless ways.
However, while AI offers substantial benefits, it also raises ethical and regulatory concerns and the question, “What jobs will AI replace?” The responsible and ethical development and deployment of AI must be a key consideration in all of these industries to make certain that the technology serves the best interests of society. Additionally, the role of humans in managing and overseeing AI systems remains critical.
As AI continues to evolve and mature, its influence may extend to even more industries, shaping the future of work and society as a whole. Organizations across various sectors need to adapt and embrace AI to stay competitive, improve their operations, and meet the changing expectations of customers and stakeholders.
That’s where Shelf comes in. We combine generative AI (GenAI) with a cutting-edge SaaS infrastructure to provide optimized knowledge to all levels of your organization. To learn more about our Knowledge as an Infrastructure model, contact Shelf today.