Artificial Intelligence (AI) has revolutionized the technology industry by empowering machines with effective ways to replace manual tasks. Organizations of all sizes and industry verticals are pursuing automation – especially those driven by AI – to enhance workforce productivity and maximize profitability.
The breakthrough technology field was formally invented in 1956 – although the background research can be tracked back to late 1930s– for a specific purpose: to empower machines with intelligence to better serve humanity.
However, improvements in technology, intelligence and their ability to replicate human actions raises an apparent concern. Many believe that Artificial Intelligence will develop to a point where machines will take over our jobs and unemployment will rise exponentially.
In order to explore the possibilities of AI replacing the human workforce, we need to evaluate how technology advancements impact the employment industry.
Jobs That AI Will Replace
A recent study conducted by the World Economic Forum finds that in the near future, the growth and development of AI technologies will disrupt the employment industry and take away several jobs from humans, but alongside, also create unprecedented new job opportunities. Research firm Gartner further confirms the hypothesis of AI creating more jobs than it replaces, by predicting that in 2020, AI will create 2.3 million new jobs while eliminating 1.8 million traditional jobs. Ultimately, employees will be expected to prepare for the gradual transition and learn skills that complement technologies such as AI.
As a non-exhaustive example, the following professions are most likely to be replaced by AI in the near future:
These professions share common underlying elements that present a high potential for AI to take over. These include repetitiveness, a high focus on manual efforts compared to thought process and intelligence, and perhaps most importantly, the ability for machines to replicate the processes necessary to perform these jobs effectively.
McKinsey classifies these professions under the following categories labeled as “Highly Susceptible” to automation, suggesting a strong potential for replacement through AI:
In contrast, the jobs least likely to be replaced by automation include those of managing others (7 percent), applying expertise (14 percent), stakeholder interactions (16 percent) and unpredictable physical work (12 percent).
However, it may take a long time for the general human population to embrace the change. How will hotel customers react when AI robotic receptionists cannot offer a personalized response or offer some extra favors? How can AI chat bots deal with frustrated customers and help in identifying the true cause of trouble? How much will it cost for businesses to deploy AI technology to replace low-cost and highly effective human labor?
The concept of AI taking over your jobs is not only concerned with scientific advancements, but also with the social aspects that determine the effectiveness of new technologies in real-world scenarios. While these questions certainly need to be answered, history tells us that we will eventually make way for next-generation technologies such as AI in our lives. We just need to find the sweet-spot and enable efficient use of AI.
Until then, the concept of AI taking over all your jobs and leaving humans unemployed is nothing but a pseudo-scientific misconception.
Data Driven Investor
Data Driven Investor (DDI) brings you various news and op-ed pieces in the areas of technologies, finance, and society. We are dedicated to relentlessly covering tech topics, their anomalies and controversies, and reviewing all things fascinating and worth knowing. DDI has only one mission: see what is coming, and do what is important – “NOW”.
Visit us at datadriveninvestor.com.
About the DDI Team
Dr. Justin S P Chan has a passion for clarity and synergy - seeing through the complexity of the intersecting spheres of technology, finance, innovation and social dynamics, to enable game-changing collaborations between entrepreneurs and innovative opportunities. Combining the vision of a true inventor and entrepreneur with his data-driven, evidence-based approach to investment, Justin also co-founded OCIM and serves as Chief Investment Officer for its fund management platform. Within OCIM, He co-manages OC Horizon Fintech, a transformational hedge fund, where he blends real applications, expertise and future-awareness into truly exceptional investment performance. Justin gains inspiration for these projects from his global network of contacts in investment and fintech communities, where he stays on the pulse of fast-moving conversations and trends affecting global markets and emerging technologies.
John DeCleene is a fund manager for OCIM’s fintech fund, and currently progressing towards becoming a CFA charter holder. He loves to travel for business and pleasure, having visited 38 countries (including North Korea); he represents the new breed of global citizen for the 21st century. Whilst having spent a lot of his life in Asia, John DeCleene has lived and studied all over the world - including spells in Hong Kong, Mexico, The U.S. and China. He graduated with a BA in Political Science from Tulane University in 2016.
John DeCleene: firstname.lastname@example.org
Phone: (+65) 8420 4779
Justin Chan: email@example.com
Phone: (+65) 9129 2832
© Liana Technologies