Will AI Put Many of Us Out of a Job

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August 22, 2024

By:Tom Christensen, Head of Thought Leadership - Nordics, LTIMindtree

The rise of artificial intelligence (AI) has sparked concern among workers and future professionals alike. The question lingering in everyone's mind is, 'Who among us will be able to make a living when AI can do our jobs faster and cheaper than any human can?' This fear is not unwarranted. With advancements in AI, machines are becoming more adept at performing tasks that once required human intelligence and effort. But is this fear justified? Will AI truly put many of us out of a job, or is there more to the story? In this and the following blog, we will explore the nuances of this topic, shedding light on the impact of AI on job roles, employment, and the future of work, as well as the implications for businesses when creating GenAI apps using large language models.

AI will change, not eliminate, job roles

While it is true that AI can perform certain tasks more efficiently than humans, it does not mean that entire job roles will disappear. While AI can automate data entry and simple analysis, it lacks the critical thinking and creativity necessary for strategic decision-making and complex problem-solving. In the healthcare sector, for instance, AI can assist in diagnosing diseases, but it cannot replace the empathy and human touch provided by medical professionals during patient interactions.

Many job roles involve tasks that cannot be automated

It is also important to recognize that most job roles involve a variety of tasks, many of which cannot be easily automated. According to O*NET, a website that describes job roles and breaks them down into tasks, many job roles encompass 20 to 35 tasks, some of which require human interaction and face-to-face meetings. For instance, a project manager's duties include scheduling, writing status reports, and resource allocation, which AI can assist with. However, team leadership, client communication, and conflict resolution demand emotional intelligence and interpersonal skills. These aspects of the job are unlikely to be replaced by AI anytime soon.

The evolution of radiology: An example

To gain a better understanding, let us consider radiology. In 2016, Geoff Hinton, a pioneer in deep learning, predicted that AI might surpass radiologists within five years in analyzing X-ray images, potentially rendering their jobs obsolete. However, despite this bold forecast, AI has not yet replaced radiologists for two key reasons. Firstly, the complexity of interpreting X-rays has proven more challenging than anticipated despite notable advancements. Secondly, radiologists engage in a wide array of tasks beyond image interpretation, as highlighted by O*NET, encompassing approximately 30 different responsibilities. They include operating imaging equipment, managing procedure complications, communicating results to patients, handling panic attacks, and documenting outcomes.

While AI shows promise in enhancing X-ray analysis through supervised learning, the comprehensive automation of all radiological tasks remains a distant goal. The current landscape suggests that AI is more likely to complement and assist radiologists rather than completely supplant them. Therefore, the future may entail a scenario where radiologists leveraging AI outperform those who do not, a trend that could extend to various other professions as well.

AI as an augmentative tool, not a replacement

AI should be viewed as a tool that can augment human capabilities rather than replace them. Employees who leverage AI to enhance their productivity and effectiveness will be the ones who thrive in the future job market. A report by the World Economic Forum predicts that while 85 million jobs may be disrupted over the next five years due to AI, 97 million new roles will emerge adapted to the new division of labor between humans, machines, and algorithms. For example, content creators who use AI-powered tools like Grammarly for editing and optimization can produce higher-quality work more efficiently, giving them a competitive edge.

Commercial AI accelerators

As we move forward, AI will change the way businesses operate. Advanced AI is designed to streamline various internal processes, driving efficiency and innovation across industries. One notable example leading this transformation is Navisource.AI, which is set to redefine procurement operations.

Navisource.AI exemplifies the future of procurement by enhancing processes from requisition to risk management. Its integration into business operations has demonstrated a 20% increase in productivity, alongside a reduction in overall procurement costs by 10-15%. These metrics underscore the profound impact that AI can have on optimizing job functions and driving sustainable growth.

Moreover, the innovation does not stop with Navisource.AI. LTIMindtree has been at the forefront of developing a list of AI accelerators tailored to various business needs. These accelerators are not just about automation; they represent a strategic shift towards smarter, more agile business practices.

New job opportunities

Every wave of technology, from the steam engine to the computer, has created far more jobs than it destroyed. In most waves of innovation, businesses prioritize growth, which offers unlimited potential rather than focusing solely on cost savings. Therefore, AI is poised to bring about significant growth and generate numerous new jobs in the process. This year, the World Economic Forum published a report on exactly this topic: "Why there will be plenty of jobs in the future - even with artificial intelligence."

Key takeaways

In conclusion, while AI will undoubtedly transform the job market, it will not necessarily lead to widespread unemployment. Instead, it will change the nature of work, creating new opportunities and requiring workers to adapt and upskill. Employees who harness the power of AI will replace those who do not, leading to a more efficient and innovative workforce. As we move forward, it's crucial to focus on how AI can complement human skills and enhance job roles rather than fearing its potential to replace us. Doing so can ensure a future where AI and humans work together to achieve greater heights.

Relevant links:

LTIMindtree Unveils Navisource.Al: Revolutionizing Procurement CoPilot on Canvas.AI Platform: https://www.ltimindtree.com/news-event/ltimindtree-unveils-navisource-ai/

Navisource.AI - Transform Procurement with Autonomous Intelligence, LTIMindtree, https://www.ltimindtree.com/wp-content/uploads/2024/02/NaviSource-Brochure.pdf?pdf=download

Why there will be plenty of jobs in the future - even with artificial intelligence, Henrik, Ekelung, World Economic Forum, February 26, 2024: https://www.weforum.org/agenda/2024/02/artificial-intelligence-ai-jobs-future/

This radiologist is helping doctors see through the hype to an AI future, Matt Windsor, UAB Reporter, December 05, 2022: https://www.uab.edu/reporter/people/achievements/item/9925-this-radiologist-is-helping-doctors-see-through-the-hype-to-an-ai-future

Radiologists 29-1224.00, O*NET OnLine, https://www.onetonline.org/link/summary/29-1224.00

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