Are all industries…AI industries? The answer might surprise you
Welcome to the 4th industrial revolution. This is where automation & artificial intelligence are transforming the way we all live, work, and connect. We’ve written extensively on the impact of AI in HR, staffing, and recruiting. Recruiting and HR aren’t the only industries becoming “AI industries”.
Just about everything we do is being impacted by artificial intelligence. Farming, retail, healthcare, mental health, construction, IT…pick any industry you like. We can’t cover them all in this article, but AI is a part of our world. It’s a part of your world.
In this article, I’ll cover:
- How law is breaking into the world of AI
- A common pattern amongst all AI industries
- Why every industry is an AI industry
- How AI is changing the world
Add law to your list of AI industries
Every time a new technology disrupts the world of work, it happens in waves. Certain industries have always been better served by technology than others. It often follows that these same industries experience rapid changes. Take the legal industry for example.
In 2017, Thomson Reuters, conducted a survey of in-house attorneys to see what they thought about the use of AI in corporate legal departments. They also asked the lawyers if they saw any benefits in AI. Most responses skewed to, to borrow from politics, the far left or the far right.
On the left, many lawyers dismissed artificial intelligence as a buzzword. On the right, many lawyers were concerned about being replaced by artificial intelligence.
3 years later how did this play out?
Law has become an AI industry. In law, much like in recruiting, AI automates repetitive tasks, and saves lawyers time by making better use of data, and automates legal processes. But what happened to the people and more importantly what happened to the companies?
Thomson Reuters has your answer. For some of their legal clients, the last 3 years have been painful, for others they’ve created huge opportunities. The difference between the two has been in mentally recognizing that they live in a time of rapid technological change and in moving quickly to adopt/scale AI.
A pattern emerges in AI industries
There is a pattern we’ve identified in AI disruption of industries. Here it is.
In every industry, AI is deployed for 2 identical use cases.
Use case 1: Automating, repetitive, high volume, low skill tasks
Use case 2: Enabling better use of data
Furthermore, in every AI industry, we’re seeing 2 types of companies emerge.
Company 1: Agile AI adopter
Company 2: Laggard
In an article on AI in recruiting, I shared the technology adoption curve. Funny enough in this time of rapid technological change it should be simplified. With our current pace, there are only 2 types of technology adopters – innovators or laggards.
Which category you decide to fall into will determine whether the next 5-10 years are “painful” or “full of opportunity.”
Every industry is an AI industry
AI disruption isn’t something isolated to HR and recruiting. It’s happening across the world in every industry you can think of. Here are 5 examples of industries being transformed by AI.
Farming and agriculture:
Companies are developing autonomous robots to handle routine agricultural tasks. There’s a massive labor shortage in farming and agriculture due to more stringent immigration measures. Harvest Croo, is a company that has made a robotic strawberry harvester. This harvester can pick a 25-acre field in 3 days. Other companies are creating AI that analyzes crop yields, predicts weather patterns, and manages soil moisture.
Call centers and support:
The call center AI industry is booming. AI software is listening to calls and analyzing the impact of calls on consumer buying behavior. Many call centers have started to deploy automated calls driven by bots/chatbots as well to handle conversations that have low business impact.
Energy and mining:
The AI industry in energy and mining is poised to create massive cost savings. Bloomberg reports that AI tech in energy could create global cost savings of $200 billion. AI is being deployed into smart grids, it’s predicting where equipment failure will happen, and it’s making energy exploration more economical.
Conversational AI for healthcare is assisting patients with their health diagnosis, answering questions, and providing information. (Just like conversational AI for recruiting assists candidates and provides information) Furthermore, analytical AI is identifying high-risk patient groups, improving drug formulations, and predicting disease.
Retailers are collecting more data about their customers through the use of conversational AI. Soon they’ll use them to collect data on emotions & mood of their customers and deliver personalized customer experiences. This is similar to how conversational AI for recruiting is helping recruiting teams deliver more personalized experiences to candidates based on candidate data.
AI is changing the world will you change with it?
I remember when in 2008, social media marketing started to get traction. I’ve seen people become millionaires through advertising on social platforms. Entire new brands and categories were created.
Ever heard of Harry’s razor or dollar shave club? These were two companies with leadership teams that understood the principle of agility and reaped the benefits. They advertised through a channel that Gillette and other major incumbent razor brands weren’t willing to use.
The internet was a fundamental technology that transformed the world and disrupted the very meaning of work. Millions of jobs were created that didn’t exist just 10 or even 5 years ago. In the same way, AI is disrupting the world today. Every industry is feeling its effects. Patterns are emerging.
I want you to win. I want you to be able to deliver candidates, to transform the way your organization operates today, and to be able to create a more equitable world of work for all.
In every one of the many AI industries, companies who adopt experience cost savings, efficiency gains, and are able to provide better more human service to their customers. These things are guaranteed when adopting AI.
But getting these benefits starts with you.
AI is changing the world, but are you willing to change with it?