AI has made significant strides in recent years, going from a futurist technology that was out of reach to mid-market organizations to an attainable and highly used technology that is now pervasive across all industries.
As AI takes on increasingly complex tasks, opinions on its impact vary widely. Some view AI as a catalyst for new opportunities in the workforce. Others are concerned that AI poses a threat to employment, possibly rendering entire sectors and professions obsolete.
AI, like other technological advancements, has significantly transformed the way we work. Its development has gone through periods of breakthroughs and heavy investment, followed by periods of disappointment and reduced funding. Today we are in what many call the ‘golden age’ of AI, marked by rapid advancements and real-world impact.
Companies have integrated artificial intelligence into many areas of their operations, from automating HR tasks and enhancing business analysis to improving customer communication.
Analysis of recent data on AI adoption highlights several key trends regarding how companies are integrating AI into the workplace:
AI offers significant advantages for optimizing workforce efficiency and competitiveness across all industries, including:
AI has become a powerful tool for optimizing workforce management, offering solutions that drive efficiency, reduce costs, and improve the employee experience across diverse industries. By automating routine tasks and enhancing processes like hiring, learning, and resource allocation, organizations can foster a more productive, engaged, and agile workforce.
While these applications demonstrate AI’s value in boosting workplace productivity and efficiency, this technology also presents potential challenges.
Employers using AI to collect and utilize worker data raises concerns about privacy, ownership, and transparency.
The use of AI to automate tasks can lead to job losses, particularly in roles involving repetitive tasks.
Bias in AI decision-making processes can impact fairness and exacerbate existing societal inequity.
Increased demand for new skills and unequal access to education can potentially widen the gap between socioeconomic groups.
AI adoption may have effects on income distribution and job opportunities, with automation favoring high-skill roles while reducing middle-income job availability.
The nature of work, job locations, and compensation structures are changing due to AI and automation. These shifts can transform the social identities of white-collar workers, impacting their sense of purpose and belonging in the workplace.
The primary goal of adopting new technologies in the workplace is to reduce demands, alleviate pressure, and mitigate risks. However, the integration of AI has sometimes led to the opposite effect, increasing the demand for new skills and raising expectations for employee performance.
To keep up with market demands and ensure the sustainability of both employers and employees, training, governance, and continuing education have become a necessity. This need for ongoing learning extends beyond technology-based roles and affects all areas of the workforce.
With the spread of AI across all business operations, non-technical roles now require technology skills. To address these evolving needs, companies need well-defined upskilling and reskilling programs to develop their employees.
Upskilling vs. Reskilling
Upskilling involves employees learning new skills to improve performance and remain competitive in their current roles. By contrast, reskilling involves learning skills to prepare for a different role within the organization.
Companies can prepare employees for AI integration by:
4. Personalize learning with AI: Utilize AI to create tailored learning paths based on employee data.
As AI adoption accelerates across industries, governments are under increasing pressure to address the labor market disruptions it may cause.
On October 30, 2023, President Biden issued an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. This order acknowledged AI’s potential to enhance business but also highlighted significant risks such as job displacement, privacy breaches, discrimination, and poor job quality.
The Executive Order established key principles to ensure AI development and use are safe, responsible, and equitable, thereby protecting citizens from potential harm. It directed the Secretary of Labor to collaborate with agencies, labor unions, workers, and other stakeholders to formulate principles and best practices for employers integrating AI.
In response, the Department of Labor developed “Artificial Intelligence and Worker Well-being: Principles for Developers and Employers” after consultations with stakeholders through public listening sessions.
Although the US government has established specific regulations governing AI use within its own agencies, there are currently no official regulations governing AI use in private workplaces. However, guidelines like those mentioned earlier provide frameworks for responsible AI implementation in these contexts.
AI frees up administrative time, allowing providers to spend more time directly with patients. In one review, 78% of healthcare staff whose organizations have implemented AI report improvements in their workflows which also assists with staff satisfaction in an environment with extremely high turnover rates.
This enables healthcare providers to provide personalized care plans that use insights from demographic clinical and behavioral data to customize treatment recommendations. Long-term monitoring and tracking of patient data related to diseases like diabetes or hypertension can alert providers to trends that benefit from early intervention resulting in better clinical care and at a macro level savings to the overall cost of healthcare in the US.
Providers who are interested in implementing AI in telehealth do so because they recognize the many benefits for their staff, patients and communities. By improving the patient experience, driving better care outcomes, and improving efficiencies to boost staff satisfaction, healthcare organizations can remain competitive in a crowded marketplace.
Like all healthcare IT, AI-based telehealth requires careful patient privacy standards, organizational change management and strategic implementation. Healthcare organizations seeking to harness complex technology like AI in telehealth can strongly benefit from having experienced support. For 20 years, Hartman Executive Advisors has helped provide the operational synergies healthcare companies need to thrive in a rapidly evolving world. Contact us today for a free consultation and start your AI journey.
While AI offers numerous benefits, its implementation also introduces significant security risks for businesses. Given that AI is still in the early stages of its adoption, the full spectrum of future threats remains uncertain. Companies should conduct thorough risk analyses and continually monitor AI within their operations. Integrating AI policies into their information security frameworks is essential for safeguarding business interests.
Businesses need to safeguard against the following cybersecurity and information security risks:
For companies looking to integrate AI into their business, it is essential to understand its potential impact and risks and develop the strategies necessary to incorporate it into your bank operations. Hartman’s IT and industry experts are uniquely positioned to assist you on your AI journey. Contact us to learn more about our AI services. We will help you evaluate your organization’s current capabilities, identify areas where AI can make the most impact, and develop an AI roadmap.