Artificial Intelligence Is Booming – What Does The Future Hold?

AI is making extensive waves in the tech world due to the emergence of ChatGPT, backed by Microsoft. OpenAI has deeply astounded plenty with its powerful Chatbot adept at responding to questions, coming up with imaginative essays, and even treasuring legal standpoints.

Technological advances in artificial intelligence have brought forth innumerable benefits. At the same time, the question of if, how, and when AI could influence people’s jobs and careers has become a prominent issue for consideration.

While worries about AI technology replacing one’s jobs mount, specialists insist that the situation is not so straightforward. It is important to acknowledge that avoiding this potential outcome will be based on how such advancements are utilized.

How Artificial Intelligence Is Replacing & Creating Jobs

The short answer to whether AI will replace some jobs is a big, fat “yes.”

Developments in artificial intelligence mean that technology can achieve more and more, and that will, of course, impact jobs, Steven Miller, professor emeritus of information systems at Singapore Management University, says.

“As physical machines, software systems, and combinations of hardware and software get more capable as a result of AI-enablement, it is increasingly possible as well as economically viable to replace a greater share of the portions of the human work of today with machines,” he told CNBC Make It.

Certain roles are more vulnerable to this than others, Miller adds — especially ones that are highly repetitive or based on specific instructions or rules that outline what needs to be done.

Conversely, tasks that change often and therefore require adaptability and flexibility are harder for technology to replace.

Keeping the same formatting, Professor of Finance at Kellogg School of Management at Northwestern University, Dimitris Papanikloaou, states that jobs with a strong human element – such as being a therapist – are especially unlikely to be replaced by technology.

Dimitris Papanikloaou says:

“Jobs that emphasize interpersonal skills are much harder to be replaced by an AI.”

New Job Opportunities On The Horizon

Steve Chase, consulting leader at KPMG U.S., says the situation is no surprise considering the worries that have been raised.

Steve Chase says:

“As with most technological advancements, an initial fear of job loss and displacement among workers is natural.”

Though the digital age is proving very disruptive, similar disruptions have been seen in the past, such as the spread of computers or better machinery within factories. According to Hawkes, while opportunities can be present within this new disruption, keeping some key points in mind is important.

Computers have transformed people’s work, simultaneously reinventing existing jobs and creating new ones. As a result, some jobs have become redundant, but we cannot imagine life without them these days.

Centuries of history have shown that as technology reduces some jobs, other roles are created; this cycle has been present since immemorial. According to Miller, if jobs are lost due to new technology, they will be replaced by other opportunities.

“The creation of new jobs resulting from the ability to create and deliver of new types of goods and services  have far outpaced the number of jobs displaced.”

Understanding The Benefits Of Artificial Intelligence Working With AI

AI and related technology and products have certain restricted insights. Accordingly, Eleftheria Papanikloaou stresses that these limits must be considered.

Eleftheria Papanikloaou went on to say:

“I think at the moment we are quite far from ‘real AI’ in the sense that all the models that we have are about predicting the right response given a set of data. Much of what AI does is to synthesize existing knowledge with a specific goal in mind,”

“This is quite far from creating new knowledge.”

People and artificial intelligence are likely to work side-by-side rather than the latter replacing the former. Consequently, people and AI collaborating is the more feasible perspective.

“There are far more opportunities for using AI for augmenting the work of human employees than for fully automating the work of humans.”

Many businesses employ AI to improve their efficiency and assist employees. AI can be utilized to create a more effective and efficient working environment in terms of both employee flexibility and performance. Chase confirms this is true, as many organizations use Artificial Intelligence for these objectives.

Eleftheria Papanikloaou continues to say:

“Leaders are embracing AI to drive material efficiencies for their business and help workers do their jobs more effectively,” he says. “Leveraging AI allows organizations to reconfigure roles in a way that minimizes time spent on repetitive tasks and maximizes strategic decision making.”

Businesses must alter to use AI technology correctly, according to Chase. He suggested that employees be instructed on it and educated about the feedback frameworks implied in responsible usage, an idea some firms have started implementing. Furthermore, staff should enhance and develop abilities for successful integration.

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