More than a year has elapsed since the public gained access to OpenAI’s ChatGPT, providing various industries with the opportunity to explore artificial intelligence (AI) and understand its potential for transformation or lack thereof.
Reema Khan, the founder and CEO of Green Sands Equity, expressed to Fox News Digital, “Any business with substantial data requiring quick indexing and processing is well-suited for AI integration.” Utilizing an Artificial co-pilot makes writing extensive lines of code more manageable and could potentially boost a software engineer’s productivity by tenfold.
In January 2024, the U.S. job market saw an addition of over 353,000 jobs, yet the technology sector continues to witness significant layoffs. As part of various cost-cutting initiatives, Google disclosed the recruitment of several hundred employees from its sales and marketing divisions within a month.
As AI becomes increasingly integrated into every economy in the long term, ensuring job security remains a paramount concern. Many individuals are apprehensive about the possibility of AI integration displacing their roles within the economy. With AI’s consistent growth over more than a decade, the previous season offered a broader application and understanding of a technology that many have experimented with in recent years.
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Dev Nag, the founder and CEO of AI-powered assistant QueryPal, highlighted that “user support across various industries has rapidly transitioned towards AI.” For instance, Klarna reported that its AI assistant managed to address two-thirds of customer messages, totaling 2.3 million interactions thus far.
According to McKinsey & Co.’s analysis, a majority of businesses have made at least one attempt to leverage AI systems. Notably, technology, media, and telecom companies are the most inclined to consistently integrate AI for both professional and personal use.
While consumer products and retail sectors have shown minimal attempts at adopting AI, power and materials companies have exhibited the most reluctance towards widespread adoption. Reema Khan believes this trend is unlikely to shift.
“AI excels in supporting computational or repetitive tasks currently,” Khan stated, emphasizing that tasks requiring human-to-human interaction or intuition remain areas of expertise outside AI’s domain. The distinction between human and AI responsibilities is expected to strengthen over time.
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Nag concurred that industries reliant on “high-trust, in-person relationships, along with those subject to stringent regulations or supply chain gatekeepers,” have displayed a greater hesitancy towards AI adoption and are likely to continue doing so.
“AI has significantly impacted consumer applications, where voice assistants are ubiquitous, spam filters are improving, and facial recognition technology has advanced far beyond traditional computer vision algorithms,” Nag elaborated.
Employees subcontracted from Cognizant, Alphabet’s outsourcing partner, staged a strike on February 3, 2023, outside Google’s business premises in Austin, Texas. (Suzanne Cordeiro/AFP via Getty Images)
However, AI thought leader and investor Ed Watal remains optimistic about the widespread adoption of AI across sectors. He noted that table and C-level executives in businesses have shown a keen interest in understanding “the potential benefits and risks of not being early adopters” of new systems.
Watal highlighted that businesses with numerous service-oriented blue-collar jobs requiring a remote workforce, such as household maintenance and construction, may encounter resistance in initial AI adoption.
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Watal suggested a “simple three-step approach” for individuals seeking to familiarize themselves with AI: grasp the fundamental concepts and terminology associated with AI, explore available AI tools for individual use, and understand the primary use cases for AI within specific industries.
He also mentioned the decline in the number of employed individuals year-on-year since 2021, emphasizing that while significant job layoffs in certain sectors may raise concerns, attributing these job losses solely to AI adoption remains challenging.
According to the U.S. Bureau of Labor Statistics, industries heavily reliant on manual labor and inspection have been most impacted by job losses as of February 2024. Conversely, the education and healthcare sectors have seen the most substantial increase in employment.
