With the first quarter of 2023 now behind us, business experts are evaluating how recent trends are impacting the workplace. From Artificial Intelligence (AI) launching at an incredibly fast pace, to continued talk of a recession, corporate downsizing, and pandemic over-hiring at big tech companies, today’s workplace continues to play a major role in tomorrow’s business.
The impact of artificial intelligence on business is massive, transforming the way companies operate while simultaneously creating new opportunities for growth. With its ability to process vast amounts of data, AI is able to boost key performance metrics such as business growth, revenue, productivity, efficiency, and digital transformation. Another example includes the creative space.
A large branch of the AI community is focusing on creativity by developing AI tools and applications that can mimic mankind’s creative thought process. This exciting breakthrough, known as generative AI, harnesses existing data – such as video, images and sounds, even computer code – and repurposes it to create new content. A popular generative AI models is GPT-3, developed by OpenAI, which is capable of generating text based on input prompts.
Massive layoffs in the tech industry during Q1 of this year from Amazon, Meta, IBM, Salesforce, and others only added to what many experts feel is a looming recession. A key reason for much of the job cuts came from Big Tech’s hiring frenzy during the pandemic, when lock downs triggered a tech buying spree to support the remote work-from-home trend, and an increase in e-commerce, which has since leveled off. In fact, according to data compiled by Layoffs.fyi, an online tracker which tabulates job losses in the tech sector, 658 tech companies have laid off about 191,416 staff so far this year, compared to 164,411 layoffs during all of last year.
With AI sending shock waves throughout the US and around the world, it begs the question: Will AI help or hurt those staffers who suffered layoffs in Q1? According to many experts in the technology space, AI is likely to keep Big Tech lean for the foreseeable future. Many analysts feel technology leaders want to use AI to create a more efficient workforce.
Sharp Decisions is here to help your company prepare for an uncertain future as the year moves forward. Stay in touch with Sharp Decisions for the latest in technology and business trends throughout 2023.
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