AI is the new buzzword in the business world. With the advent of generative AI becoming accessible, more and more businesses are rushing to use this technology. This has lead to a concern that AI will replace humans in the workplace, with AI being known as the "fourth industrial revolution". But how much should we be worried?
Well according to experts, not too worried. According to an article in The Guardian, Phillip Torr of the University of Oxford said the fallibility of AI, not being driven by emotion means humans will still be essential. He went on to say that industrial revolutions usually resulted in more jobs, not less and likened the use of generative AI to a word processor, being a tool humans could use.
Other academics agree. Russ Altman of Stanford University's Human-Centered AI states that all AI should be designed for assisting humans, with the default always being humans in control. In a recent FT article, Nasir Zubairi of Luxembourg House of Financial Technology stated that AI is a productivity tool to be used rather than take peoples jobs. However, he stated the financial services sector are slow to take up the technology due to a fear of it taking away jobs.
Why is this? Well there are two reasons, the first is that humans and machines bring different things in the workplace. Humans have emotions, and a better understanding of context and creativity. AI on the other hand, is driven by algorithms. Essentially, AI can supplement humans but cant replace what they bring to the table. Additionally, an issue with many AI models is that they can make convincing statements as facts, when in fact they are inaccurate. For this, it's imperative to have a person check over an output of AI.
The second is for ethical reasons. Jobs give people a purpose, an ability to support themselves and their family, and help the local economy. It's imperative that businesses take into account the ethical aspects of AI, as well as the practical ones.
For instance, the integration of AI should be done in a way that enhances job roles rather than eliminates them. This means providing training for employees to work alongside AI systems, creating new job opportunities that AI technology itself can generate, and ensuring that the benefits of AI are shared broadly across the workforce. As mentioned by experts mentioned previously, AI should be seen as a tool to support employees, rather thana. means to replace them.
In summary, while AI represents a significant shift in how businesses operate, it doesn't spell the end of human involvement in the workplace. Instead, it offers a powerful tool that, when used responsibly and ethically, can lead to greater efficiency, innovation, and job satisfaction.
As we move forward into this new era, it's crucial for businesses to adopt a balanced approach, leveraging AI to complement human skills and ensuring that ethical considerations guide its implementation. By doing so, we can harness the full potential of AI to create a future where technology and humanity thrive together.