Artificial intelligence Impacts On Businesses – Experts

 

Experts have described the invention of Artificial intelligence, AI in the technology space as a game-changing concept with across-the-board implications for businesses and jobs.

This is coming as Tech innovations continue to give concerns that human resources in the business world will be overtaken by artificial intelligence.

Some have even compared this innovation to the Loom which altered the way people work in the textile industry.

Similarly, business leaders are treating the AI text generator, ChatGPT, a tool created by OpenAI like an available member of their executive team. An unprecedented move.

Prateek Suri is the CEO of Maser Group, a smart TV manufacturer based in UAE and Nigeria.

At a media parley held in Lagos, he talked about artificial intelligence and job losses and the way forward for the world.

Suri says “the world is changing at a such rapid pace that it is nearly impossible for the present-day workforce to catch up with the ‘creative destruction’ impacting their jobs and future. Artificial intelligence (AI) like other exponential technologies could leave our workforce dazed without a cocktail of policy instruments and a new world-view to tackle the attendant disruptions to jobs and incomes across the world. Even workers and employers have to make hard decisions now.”

Job Replacement

According to him, AI is taking our jobs and replacing same but the pace at which it is replacing those jobs is debatable.

Suri said; “Artificial intelligence is setting the stage for a new world in a fashion that we may not fully comprehend. But the present reality suggests that AI is consequential. This is because it has reduced repetitive work and enhanced work efficiency, and as a result, every industry and professional worth their onion is planning to leverage AI or has already applied it in their ventures.” 

The PricewaterhouseCoopers, PwC in recent research said by the mid-2030s, one-third of all employees would be at risk of being automated as a result of AI.

The research stated that the workforce segment most likely to be affected would be individuals with a low level of education such as cashiers, food-service workers, and customer service representatives, among others mostly endangered by automation.

According to a recent report by economists Daron Acemoglu at MIT and Boston University, “robots could replace 2 million more employees in manufacturing alone by 2025. History is replete with worries about job losses. Schumpeter’s creative destruction would mean businesses are forever in an innovation mode to stay above the competition else they go extinct. So, we pursue technological breakthroughs, and that bring in more advanced machines and novel business models which transform the way jobs are done and the livelihood of workers.”

Suri corroborated the stance of the report by saying, “AI isn’t the end of human labour. “I believe AI will bring in significant innovations, consequently more jobs, and crucially new ways to address inequality and poverty. It powers many current enterprises and also it has the capacity to enable the development of new ventures. Technology is neutral and ai isn’t an exemption.”

“There are fears about AI’s threat to the future of civilization but has been doused by new data, human ingenuity, and our resilience or adaptability in the face of adversity. Despite our fears and worries about ai and automation, the World Economic Forum Future of Jobs Report that 97 million new jobs will be created by 2025 due to AI. It is possible that we would have a spike in new positions. My worry lies in how politicians and policymakers handle what I call the ‘tensed in-betweens’, that is managing the job transition and the social unrest that may rattle the world,” Suri said.

A Human-AI Partnership

The CEO further said that the relationship between humans and AI is not a competition, but a partnership.

He said; “AI is boosting human creativity and productivity. It allows us to focus on more complex and creative activities. More so, Human+AI can lead to the generation of new ideas and insights that humans may not have been able to come up with on their own. Equipping ourselves with new toolkits and ai, would give employees new capacities and confidence while making us more valuable to our employers and the world.”

Suri emphasised that AI offers the opportunity to amplify human potential. “Just like 90% of the world’s most successful companies are already investing in AI, we have to embrace this, we shouldn’t fear It! A few ideas here would help.

“The burden falls on us to utilise AI to amplify our potential. From the low-skill and especially middle-skill workers, we can start learning new skills and embrace new roles in a disruptive world. AI in Healthcare is showing the way. PwC estimated that the healthcare industry will benefit the most from the use of AI, where job opportunities could increase by nearly 1 million. It posits that the requirement for AI-assisted healthcare technician jobs will see an upward surge. A promising future for jobs,” he explained.

The tech expert also said perpetual or continuous learning would help people to keep their jobs and move in the future.

Businesses and AI

He urged business owners to build their brands leveraging the opportunities provided by AI technology as it continues to advance, and access to tools like ChatGPT and DALL-E becomes more widespread.

“It is giving us the unique ability to create and produce, these tools would become more democratized. This is where I see the amplification or augmentation of our human creativity and ingenuity which will be crucial in complementing the technical capabilities provided by AI tools. The way we use these tools would not only secure our jobs but help us shape the future of humanity as a whole,” Suri noted.

AI’s impact

The tech expert said in the past 30 years, robots’ presence has impacted our factories, leading to massive productivity gains and efficiencies but raising inequality concerns.

He said; “I think also that robots would be coming to our computer screens too, probably taking 20%-60% of our jobs. All these could be attributed to the force of Moore’s law. We are compelled to take our finances seriously, saving and skilling up so we can remain relevant in a rapidly changing world. We have to invest and position ourselves for the coming future and now.”

“Furthermore, we are humans before and remain so. We will need human supervision over machines and it is important for our policymakers to emphasise the need for humans to be in the loop of whatever machines or technologies are created. Our humanity needs us to keep and oil our diverse relationships. We need to actively build and maintain your networks. In the age of ai, the robustness of our relationship will be very crucial to sustaining and creating new nodes that help us access jobs and others opportunities as they arise,” he added.

 

 

Mercy Chukwudiebere