When the unexpected happens!
What could get the market into such situations?
This may sound like a superhero film or a blockbuster movie, however, it’s not so. This again would not be the very first time that top companies would exploit a new technology entrant in the market. Until, there are any other innovations in the market.
If you are working in the industry for several years from now, you will come across listening to this phrase that would state that “Bots will change the future”. Bot-powered business is the modern day’s new conceptual tech trend – Robotic Process Automation (RPA). Used for Ad display, Data indexers, Data digitization, Excessive Repetitive Tasks, modern day business bots have pilferated the market has superseded expectations
With the introduction of Chat bots in the market, it has become difficult for all officials to compete such activities. It is very much understandable that the employees and staffs are beginning to wonder if the Chatbots are going to take over the rest of the operations, especially in the telemarketing fields, retail fields, or customer services field, where all the ChatBot are already being implemented. And the fears remain. “Chatbots are killing jobs, menial jobs, but they are also being used to contribute towards the creation of new jobs or activities”.
This AI driven ChatBot are now replacing desk support conversations hired within industries, it has created a lot of possibilities for the bots to conquer the market in various ways. Markets have already started experimenting with Chatbots. Roles have changed from Desk support to Desk supervision for the human workforce. During the time of the industrial revolution a few years ago, there was a fear that machines would take the place of humans in the future, which is happening currently.
In the present day, with the emergence of brand-new technologies such as Artificial Intelligence or AI and the chatbots, the fear has increased to a significant extent. Sectors like finance, health, law, Social Networking, and other sectors are adopting the AI ChatBot to operate their business as tasks.
Presence of Chatbots and Automation
So, how to kill jobs related to chatbots? And is it a really bad thing to onboard chatbots in your company? Chatbots are increasingly onboard in business ventures and are automating tasks that don’t need skill-based individuals to perform the tasks. As per various studies conducted by researchers, it is proved that about 25 percent of the present-day jobs are getting impacted by Artificial Intelligence technologies, which also includes the chatbots as of 2019.
Sectors like customer services and finance industries are some efficient examples where the chatbots are present, as the feature of instant messaging is becoming the conversational norm within the organizations between the clients and the businesses. Consumers who are looking forward to finding quick answers or have less idea on the things that they are going are getting immediate responses and reactions via chatbots. They don’t need to wait for responses from individuals or waste minutes waiting for answers from the individuals.
In the financial industry, most of the banks are using automation for chat messaging and notifications to bypass the information that you are looking for from humans. As per surveys, it also proves that about 45 percent of the firms that work in the finance field are focusing on making their customer experience better and relevant, so opting for automation services as they think that it would help them in making their lives better and efficient.
The AI is playing a key role in all the industries with 32 percent of firms are adopting such technologies that would help them in making business decisions in a better way and productively. Certain banks and trading institutions are relying on AI. Bright side is companies are becoming flexible to onboard new technologies within their firms and the darker side is its killing jobs for the humans to a significant extent. Employees will now have to Re-skill, Upskill & learn other relevant skills to survive the job market.
Speed of AI and chatbots
Ultimately, chatbots can support, handle, and complement the employees. Chatbots are known for their speeds and being precise when considered to the humans at completing most of the tasks. The possibilities for committing errors and all those tasks where there is potential risk threats are getting mitigated by deploying these chatbots.
Although it is being proved that these bots are very much efficient for all the business firms on a whole, however, it’s very much difficult for the employees as they are being laid off because of automation. It is also vital to acknowledge these bots are helping teams in performing their business, as usual, however, most of the time it’s being proved as a curse for all the employees as it is eating their jobs to a certain extent.
A study by different associations that was conducted in the recent years, it is determined that about 53 percent of consumers who have raised their concerns in the online portals have got their issues sorted in record time. Some have claimed that their issues and queries were resolved within minutes as the chatbots were responding instead of humans.
Chatbots and Artificial Intelligence are developed by human beings to assist them while performing their jobs or certain tasks. However, with the implementation of such constructs within companies, the requirements of humans have reduced as these AI technologies require very little human intervention in the first place. It also allows companies to offer 24/7 solutions to the users and consumers to alleviate the increasing pressure and meet the client requirements.