AI may eventually result in a 7% annual rise in the value of all goods and services produced globally
According to a report by investment bank Goldman Sachs, artificial intelligence (AI) might replace the equivalent of 300 million full-time jobs. That might result in a quarter of work duties in the US and Europe being replaced, but it might also create new jobs and boost productivity, as per BBC report.
Also, it may eventually result in a 7% annual rise in the value of all goods and services produced globally. The paper calls generative AI “a huge achievement” since it can produce content that is indistinguishable from human-produced stuff.
As Ai will encourage productivity UK government is keen to promote investment in the technology. According to the paper, generative AI systems like ChatGPT could lead to a productivity boom over the following ten years since they can produce content that is very comparable to that produced by humans. Even while the Goldman Sachs paper claims that it might replace 300 million jobs, history shows that technological advancement also produces new opportunities while simultaneously eliminating some positions.
“We want to make sure that AI is complementing the way we work in the UK, not disrupting it – making our jobs better, rather than taking them away,” Technology Secretary Michelle Donelan told the Sun.
The report notes the tech’s impact will vary across different sectors – 46% of tasks in administrative and 44% in legal professions could be automated but only 6% in construction 4% in maintenance, it says. Which means work which involves more of physical activity are safer.
In a recent survey titled, The Future Of AI In The Workplace: A Survey Of American Managers, conducted by Beautiful AI, shared that 66% managers would gladly replace employees with artificial intelligence . For the findings the company surveyed 3,000 managers to learn how enterprises are implementing the new technology in their businesses. Here are the findings:
- 66% of managers say they would gladly replace employees with artificial intelligence tools if the work was comparable.
- 69% of managers say it would be financially beneficial to their business if they could replace employees with artificial intelligence tools.
- 68% of managers say that tools will provide them an opportunity to lower salaries as less human-powered work will be needed.
- 90% of managers believe that tools will grow in popularity as layoffs continue during uncertain economic times.
- 93% of managers will encourage employees to use tools to improve performance at work.
- 75% of managers believe their employees fear that the implementation of tools will lead to their eventual firing.
- Managers say that cybersecurity is the biggest cause for concern as it relates to the use of tools in the workplace.
- Managers say that web development and computer programming jobs are most at risk of being replaced by tools.
As per the survey, 34% of the 3,000 managers polled are preparing their teams for the adoption of artificial intelligence tools by teaching them, while 22% are testing artificial intelligence products on their teams to see if they may be useful. Every organisation may have a different approach to integrating the tech into the workplace, but 97% of managers have already had those discussions with their internal teams.
It’s no secret that groups are starting to look at the possibilities offered by the tech. Actually, 90% of managers think that as long as there are continued large-scale layoffs in the tech and other industries, generative artificial intelligence technologies will become increasingly common in the workplace.
Well the tech will change how we work, but we should also consider the potential improvements to living standards that could result from more productive work and services that are less expensive to operate, as well as the possibility of lagging behind if other businesses and economies manage to better adapt to technological change.
Also read: Cybersecurity is no longer optional for companies
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