Does Artificial Intelligence In Business Increases the Fear Of Technology-Related Job Loss?

To be short and precise, the answer is yes. But it is to me mentioned there is also some solace in the implementation of Artificial Intelligence in Business. This schism is completely explainable as the analysis about fear stemming from implementing AI in various walks of life encompasses several factors that are inter-related. The fear of development of AI systems, robots and intelligent machines which are more intelligent and better than its human counterpart at every process they are designed and commissioned to has led to quite a considerable increase in the dystopian view of the future world. While it may be too soon to assume about the future of humans and human capabilities in the world, the fear of job loss is not unfounded. Although the development of AI systems can have the positive impact on humans, it cannot be gainsaid that it leads to job loss as it has already become apparent in many sectors such as transport where the introduction of self-driving cars has spelled a doom on car and taxi drivers.

How AI Systems May Contribute To Job Loss?

AI systems, unlike its human counterparts, can perform a task with a greater degree of accuracy and efficiency in a very short period of time. In fact, that is the most important advantage of AI systems. However, it also what precisely turns against human workforce. Humans are littered with imperfections which forestall them from reaching the heights of perfection reached by AI systems quantitatively as well as qualitatively. Consequently, investors and businesses find it economic and profitable to invest in machine capital which gives long term gains more than an investment in human capital. It, as a result, leads to loss of lab for a medium skilled workforce. Already AI has made its mark in replacing even higher level technology jobs such as prediction, design, optimization etc. One good example is Instagram, which has millions of subscribers now, had just 13 employees when it was bought by Facebook in 2012. Improvements in machine learning, nevertheless, will contribute to the reduction in the need for semi-skilled software engineers. Also, introductions of systems that can heal and repair themselves in a case of a fault leave humans redundant contributing loss of jobs.

What Do The AI Trends Say?

The developments in AI research have been tremendous in the last few decades. It is a fact that many manufacturing jobs have been appropriated by the robots from humans and AI is expected to replace human force in the future. Already, the introduction of IBM’s Watson and Johnson & Johnson’s surgical arms has threatened the jobs of highly skilled technicians and surgeons respectively. With completely automatic pilot systems, skilled technicians will lose their jobs. And it does not end there and AI may seize many other jobs in fields such as banking, cryptography, software, logistics etc. from humans. The fear is real and it is time to take the situation in hand to bring it under control.