Did You Know!

The world’s workforce underwent a major upheaval the moment Uber leveraged AI in on-demand app.

Uber was not the trailblazer of the gig economy. Indeed it was coined by journalist Tina Brown in 2009, but it did underline the “mainstreaming of gigs”.

As they say, nothing is new under the sun. The same holds true for Uber’s disruption. It was not because it got drivers to do gigs, that’s a thing of the past. It was possible because of the powerful use of AI and technology that connects random drivers with riders through apps.

In essence, this signifies the first and most well-publicized effort of artificial intelligence into the industry. Now, it’s quickly emerging as the new constant for the gig economy.

Understanding the Fundamentals – What is the Gig Economy?

Welcome to the Gig Economy. It’s an army of unsung heroes called “Giggers” writing their own destiny with industry giants like Uber, Zomato, etc are using technology to revolutionize industries.

This transformation sheds light on the worker where one gets to choose their own working hours in a hi-tech frontier, swapping away from the usual 9 to 5 jobs! This gig economy, aka “on-demand economy” is a contemporary labor market characterized by a flexible and temporary working climate.

In this model, giggers or freelancers engage in short-term projects or tasks for several clients or organizations, instead of traditional long-term employment. Simply put, AI is revolutionizing the industries with profound transformation.

Gig Economy Realteration – This Can be for You!

The growing influence of artificial intelligence raises the question – “How will it affect the present job landscape”? Or “Will it abide goodbye to traditionally prevalent jobs”?

Though AI has the potential to automate repetitive or data-driven tasks, its prevalence does not imply the extinction of jobs, indeed it transform the nature of work.

A study by PwC Global Artificial Intelligence stated – capitalizing on the AI revolution, could contribute up to ~15.7 trillion to the global economy. Also, it’s accompanied with 26% boost in GDP for local economies by 2030.

These whopping numbers underline the fact that automation has already taken its step towards the manufacturing industry with bots swapping over the assembly line. Customer service segment has also witnessed a transformation with the increasing use of AI driven by chatbots and virtual assistants.

However, amid the decline of conventional roles, there’s a simultaneous surge in new and time-relevant jobs.

AI and Employment – Trends That Matter in 2024

Replacing Jobs or Creating opportunities? Let’s find out.

1. Reshaping Job Roles

Automation focuses on improving monotonous, routine and repetitive job roles. Employees increasingly collaborate with artificial intelligence systems to manifold the productivity and efficiency quotient as a whole.

2. Addressing the Skill Gap

In a report by McKinsey & Company, artificial intelligence by 2030 is expected to create 20-50 million new jobs worldwide. These jobs will be from a range of industries, consisting of finance, healthcare and manufacturing.

Therefore, integration of AI in on-demand app necessitates a workforce well-versed with new skills, reflecting a demand for expertise in managing to maintaining.

3. AI as a Productivity Catalyst

Artificial intelligence acts as a force multiplier, enabling individuals to focus on priority tasks that need critical thinking, creativity, and sentiment analysis. So, instead of replacing workers, AI augments the work quality and increases productivity.

4. AI-Driven Entrepreneurship

The integration of AI have brought endless opportunities for entrepreneurs, supporting them to explore the unexplored business landscape. Startups are testing the water like AI consulting, customization of AI solutions for niche markets and AI-driven innovations, nurturing economic growth and job creation.

5. Shift in Industry Dynamics

With AI technology revolutionizing careers, the retail segment is undergoing a significant shift.

These days, retailers are leveraging AI-driven solutions for personalized customer experience, inventory management and dynamic pricing strategies. This transformation is driving the creation of new roles in areas like AI-driven marketing analysis, supply chain AI strategies and e-commerce optimization.

6. Addressing Ethical Consideration

AI algorithms impact decision-making processes in recruitment and many other areas, this is why ethical considerations become crucial. Therefore, employment practices need to be transparent, accountable and fair with ongoing efforts to address biases, while ensuring inclusivity.

7. Reskilling and Continuous Learning

With the evolving job market, it’s increasingly important for employees to upskill and reskill to remain competitive and relevant in an AI-driven economy.

Upskilling and reskilling involves honing existing skills and knowledge, whereas reskilling involves learning updated skills. Not to forget, soft skills also play a crucial role in an AI-driven economy, after all employers are always in the hunt for employees with technical and soft skills.

8. Quality vs. Quantity

Nowadays, there’s an increasing emphasis on the quality of employment over sheer quantity. AI’s potential to automate repetitive tasks holds the promise of enhancing job quality by freeing up time for employees allowing them to focus on more meaningful and value-driven tasks.

Remote Work and Gig Economy – Improving Efficiency of Gig Workers

The most obvious advantage that gig workers can extract from artificial intelligence is the targeted marketing of their services through social media. However, this is not all, AI is also being utilized in more relevant ways.

AI-driven solutions that improve precision, error checking, making smart suggestions to the gig workers have become quintessential and increasingly available in every domain of the gig economy. For example, Grammarly not just improves the correctness of a gig writer’s work, indeed it also provides customized nudges and suggestions to improve it.

In essence, the gig economy and AI amalgamation, empowers these workers by improving efficiency and allowing them to accomplish more in less time.

This new freedom allows individuals to choose between gig or traditional employment, as they can use AI tools to accelerate task completion and simultaneously optimize their productivity. After all, every gig worker understands that higher output means a higher potential to earn more.

Emerging Trends in Workplace Future

The  future of AI in on-demand app is all-set to be driven by automation. Beside, the rise of gig economy and exceptional prevalence of remote work braces the fad. While automation is expected to swap traditional jobs, the gig economy is gaining momentum because of its potential of greater freedom and flexibility.

In addition, remote work is becoming more prevalent thanks to technological advancements that facilitate collaboration and communication from any location. If you are all set to ride this bandwagon, it’s important to leverage AI in on-demand app and work models.

Finally… The future is AI-powered.

In today’s time, data is king and the capability to understand and manipulate data will provide an edge to anyone. Primarily, the gig economy like every other industry is and will have to evolve.

While a big change is already on its way, advance planning with a reputed AI development company like Apptunix makes all the difference.