Preparing for the future of AI in the job market: How Bangladesh can thrive in a tech-driven world

Artificial Intelligence (AI) is rapidly advancing and is sure to have a significant impact on the job market worldwide. As technology continues to evolve, more and more jobs that were once done by humans are being replaced by machines and algorithms. The rapid pace of this change means that many countries, including Bangladesh, must prepare for the future of AI in the job market. With the right preparation and investment, Bangladesh can take advantage of the opportunities that AI brings while minimising the potential negative impacts.

As AI technology continues to advance, it is automating many jobs that were previously done by humans. Industries such as manufacturing and customer service are already being impacted by AI. As a result, many jobs that were once considered safe from automation are now at risk.

In manufacturing, for example, robots and automation are being used to improve efficiency and reduce costs. This has led to a decrease in the number of jobs that require manual labour. Customer service is another area where AI is being implemented, with chatbots and virtual assistants handling basic queries and tasks. The finance and healthcare industries are also expected to see significant changes as AI continues to advance. 

The tasks that are going to be replaced by AI include data entry, basic analysis,  customer service, and so on. AI-powered systems can be used to detect and prevent fraud, perform risk assessments and make investment decisions. This can lead to increased efficiency and cost savings for financial institutions, but it also means that jobs that were once considered safe from automation, such as financial analysts and customer service representatives, are now at risk of being replaced by AI. 

AI-powered systems can be used to assist with diagnostics, treatment planning, and drug discovery. This can lead to improved outcomes for the patients and cost savings for healthcare providers. However, it also means that jobs such as medical lab technicians, radiologic technologists, and certain types of nurses, may be at risk of being replaced by AI. 

Another way the healthcare sector in Bangladesh is likely to be impacted by AI is through the use of telemedicine and remote monitoring. These systems use AI algorithms to analyse data and provide remote medical consultations and diagnoses which could increase the accessibility of healthcare services in remote and underserved areas.

However, as machines become more efficient at completing tasks, the need for human workers will decrease. This could lead to a significant number of job losses, particularly in industries that are heavily reliant on manual labour. Bangladesh needs to take steps to mitigate this potential displacement and prepare its citizens for the future job market.

One way to prepare for the future job market is through upskilling and reskilling. As AI continues to advance, certain skills will become increasingly valuable. Data analysis, programming, and digital literacy are just a few examples of skills that will be in high demand. Investing in education and training programs will help to ensure that workers have the skills they need to thrive in the future job market.

The government also has a role to play in preparing for the future job market. Policies that support the transition to a new job market, such as retraining programs and unemployment benefits, will be crucial. The government can also provide incentives for companies to invest in AI and automation, helping to create new job opportunities for the citizens.

In conclusion, the impact of AI on the job market is already being felt in several industries in Bangladesh, such as manufacturing and customer service. However, it is also clear that AI will continue to replace jobs in the future and has the potential to cause significant job displacement. It is crucial that Bangladesh takes steps to prepare for the future job market and ensure that its citizens are equipped to thrive in a tech-driven job market. 

This includes investing in education and training programs, supporting government policies to mitigate job displacement, and encouraging the development of new job opportunities in industries such as data analysis and programming. By taking these steps, Bangladesh can take advantage of the opportunities that AI brings while minimising the potential negative impacts.

Fardin Ahmed Niloy is an independent researcher with a passion for uncovering important stories and providing insightful analysis.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.