How AI Is Helping Businesses With Labor Shortage Issues

The good news for those venture capitalists investing in artificial intelligence and machine learning is that the highly publicized post-pandemic labor shortage is creating new uses and even markets for those services. 

The problem is that there is also a shortage of people with AI expertise available for hire who can design and implement new programs. Until the people who can do that work are either educated, repurposed from current employee ranks and trained in-house or acquired through out-sourcing and/or eased immigration rules, full implementation of AI and machine learning will continue to trail demand. JL 

Venture Beat reports:

The top tasks that business owners are optimizing via AI include chatbots, content creation for emails and advertisements, and managing inventory. One in five are currently in the process of implementing AI for the first time. (But) 40% of business owners feel they are lacking in regards to having AI expertise on staff. The trade-off is needing fewer employees capable of what AI can handle, but needing more employees skilled in AI programs.

A new report from Unsupervised indicates that one in two business owners implementing AI say it has helped their business during the labor shortage.

As companies continue to see high turnover rates, business owners can benefit from AI handling the duties traditionally managed by human employees, especially if employers are struggling to hire new workers. According to the study, the top tasks that business owners are optimizing via AI include chatbots, content creation for emails and advertisements, and managing inventory.

 

However, if businesses increase AI implementation, they will also need to ensure they are properly staffed with employees who are trained and knowledgeable on their AI programs. The Unsupervised report found that 40% of business owners feel they are lacking in regards to having AI expertise on staff.

While AI can complement human workers or “fill in” for certain jobs, it is crucial to have skilled professionals with holistic knowledge of the AI programs the business has implemented. If a perceived difficulty in hiring AI-trained professionals continues, business owners must quickly adapt with methods such as strategic hiring, streamlined training, or even outsourcing.

The notion of implementing AI for business needs is growing: 18% of business owners want to ramp up their use of AI in the future, and one in five are currently in the process of implementing AI for the first time. The trade-off is needing fewer employees capable of what AI can handle, but needing more employees skilled in AI programs.

Unsupervised used several data sets to examine the use of AI among businesses and capture the current AI and business landscape, including the 2021 AI Index Report, International Data Corporation, Deloitte’s State of AI in the Enterprise, and CB Insights, in order to explore AI startup funding. Unsupervised also surveyed 520 business owners about their attitudes toward implementing AI in their business via Prolific.