Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc... ...Full Bio
Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc...
Data science is the big draw in business schools
1047 days ago
7 Effective Methods for Fitting a Liner
1057 days ago
3 Thoughts on Why Deep Learning Works So Well
1057 days ago
3 million at risk from the rise of robots
1057 days ago
Top 10 Hot Artificial Intelligence (AI) Technologies
How chatbots are killing jobs (and creating new ones)
During the industrial revolution, there was an underlying fear about machines taking jobs away from humans.
Today, with the emergence of new technologies such as artificial intelligence (AI) and chatbots, the fear seemed to have increased with people being more afraid that their jobs will soon become obsolete. Sectors such as finance, health, retail, law and more are all slowly adopting AI and chatbots into their everyday jobs. It is thus understandable that employees are starting to wonder whether chatbots will take over their employment, especially in the fields of telemarketing, retail and customer services where chatbots are the most present. And in part, the fear is not unfounded; chatbots will kill jobs - menial jobs - but will allow new jobs and activities to appear.
Presence and automation
So, how will chatbot kill jobs? Is it such a bad thing that everyone is making it out to be? Chatbots will be more and more present in businesses and provide automation to tasks which do not require skill-based talents. A study by Forrester shows that one in four (25%) of today's jobs are expected to be impacted by AI technologies (which includes intelligent chatbots) by 2019.
Sectors such as customer service and the finance industry are great (although, classical) examples where chatbots are ever present, due to instant messaging becoming the conversational norm between clients and businesses. Customers who are searching for a quick answer or have a more or less precise idea of what they would like to have can get immediate responses and actions via intelligent chat. They no longer need to spend hours waiting for a human response.
In the finance industry there are now banks automating their chat messaging and alerts so that you no longer have to pass through a human to get information. According to a survey by Econsultancy, 45% of financial service firms indicate that their main focus lies on making the customer experience as relevant and precise as possible.
Artificial intelligence equally plays a big role in the industry as 32% of financial firms have adopted the new technology to help make better decisions and be more productive, according to a survey by Narrative Science. Certain banks and traders are now only on AI (AlphaSense, Cerebellum Capital, Sentient Investment Management are firms that come to mind). But there is a bright side to this, if companies are flexible: Industries that understand they need to evolve and adapt to new technologies will be able to quickly replace ‚??killed jobs‚?? by placing talented individuals elsewhere and focusing on more important business activities that require more creativity and ‚??human input‚??.
Speed and relevancy
Chatbots can support and complement a business. It is widely known that bots are faster and more precise than humans at some tasks; human errors are easily replaceable with intelligent chatbots which can remember actions that have been made a long of time ago and can offer a more accurate, personal and rapid service to multiple clients at the same time. Gartner estimates that by 2020, customers will manage 85% of their relationships with an enterprise without interacting with a human.
Nevertheless, what is important to acknowledge is that chatbots help teams avoid being overwhelmed with requests coming in from all sides. Understandably, they will provide complementary support. A study by Lithium technologies found that 53% of customers who asked a question on Twitter expected the brand to respond within an hour. Having a chatbot to support the teams to answer questions 24/7 would alleviate that problem. For instance, in a fashion business that is working well, the owners may not be able to adapt fast enough to respond to the numerous demands asked by its customers.
Chatbot tools would be quite useful for teams in need of help on a scalable level. Certain job tasks would inevitably be replaced by bots, but in order to create order and not chaos, industries and teams need to be on top of their games to find new ways to meet the constantly evolving and high expectancy needs of customers.
Time and cost-efficient
Bots can respond to a billion demands and information at once (in theory), making a process not only less time-consuming but also cost-efficient. It is thus a no wonder the chatbot market is a great opportunity to develop tools to help businesses grow and manage their activities more efficiently. Companies want to find ways to help employee be more productive and that require less overhead. This may be a bit difficult to swallow, but it opens a new industry for tech developers to grasp the opportunity to work alongside new technologies.
According to a study made by Modis, the tech industry will grow to 12% by 2024. A 2017 LinkedIn study confirms this growth showing that businesses and activities in the tech industry along with healthcare, oil and energy sectors are growing in talent.
So where does this leave us? It is time to embrace the new era and start working closely with artificial intelligence and chatbots. Chatbots are ever-present in different sectors, offering precision, automation, scalability and efficiency to different types of business activities. Yes, they will inevitably kill jobs, but as long as industries move quickly and are flexible, they will be able to place talents elsewhere in services that need to supervise, maintain and work with chatbot tools.
Markets will be able to move forwards at a more productive pace allying human and technology together.