AI & It's Impact On Services Industries
Why You're In The PERFECT Industry but not out of the woods
In Services? YOU Get The Last Laugh. Not Lawyers, Accountants, Engineers...
The last Types of human activity that can be replaced by AI robots are those which require diversified and unpredictable functions unique to every situation such as home repairs and home services
Let’s start with a March 31 Goldman Sachs analyst report.
“We estimate that one-fourth of current work tasks could be automated by AI in the U.S. with particularly high exposures in administrative (46%) and legal (44%) professions and low exposures in physically-intensive professions such as construction (6%) and maintenance (4%),”
The irony is that the most valuable, profitable and stable industries for the foreseeable future will be in construction and maintenance and not in what has historically been called “white collar”.
If you’re in the home services industry, you get the last laugh – and the profits.
Bridging The Past, Present And Future
AI has already impacted your industry, and will have an increasingly dramatic effect on your through its application in marketing, customer service, and business management.
The #1 danger you face in the services industry is not AI taking over your services. It’s the use of AI by your competitors to demolish your ability to get and manage customers. In other words, pull your market share out from under you.
With the average service provider facing 100+ competitors at various levels of quality and competition, it will only take one or two to get a head start. And a “head start” in this case, with AI will not be gradual. It will be so fast that you simply will not be able to catch up.
So it’ll be either you, or someone else, and that’s not something anyone even disagrees about any more.
Until It's Too Late, 95% Will Pretend AI Is A Fad, Or Nothing to Worry About
The (sad) reality with AI, just like with any other technological development throughout history is that on it’s arrival, less than 1% accepted it, and most either discounted it as a “fad” or something minor, simply disbelieved it, or outright ignored it.
Emerging technologies to date (electricity, telephone, computers, cars, trains, cell phones, airplanes, manufacturing, farming, etc.) have led to the expansion of human activity, more jobs, and in general resulted in a net benefit and advancement of humanity and net-new jobs that did not exist before. Human activity also became technologically interconnected at deep levels. For example, just about everything we do requires electricity, transportation, communication, access to information, and interaction with other people in jobs who are also as interconnected.
This time… this new technology “AI” will have a reversing effect in many industries, and the key to survival, and indeed to thrive is to know it’s already here and to see opportunity instead of disaster.
The key is to understand that the new technologies increased human activity and efficiency for tasks which we perform every day, which however, are 90% mundane, repetitive, predictable and performed within limited parameters.
For example: Whether you’re a lawyer, doctor, engineer, architect, pilot, accountant, banker, financial analyst, software engineer, office assistant, government worker, teacher, writer, customer service, etc., 90%+ of the work is till repetitive and based on what the person learned and can look up while doing the work.
AI systems which are industry specific, do the same thing, except they access the entire body of up to date data all at once and provide an optimum solution. Like a financial plan, a tax return, a purchase agreement for a home, or convert a visual drawing into architectural plans specific to any local town or county.
This is not a “coming soon” technology. The coming soon part is merely how quickly dedicated AIs are rolled out within each sector.
AI will not eliminate thousands of jobs in any given industry. It’s a person who is using AI will by eliminating 90% of mundane an repetitive tasks.
Your best bet is to embrace the arrival of AI [mostly because it’s already here] and take full advantage as soon as possible. And to not rely on businesses that have a “let’s wait and see” attitude, because your future may be adversely impacted much faster and much harder than you think.
The acceleration of development and implementation of AI is 100X faster than the advancement of any other technology in history. Which means that we’ll see huge impacts in the coming months and perhaps 1-2 years. Not decades.