The Rise of Artificial Intelligence: Firms using AI and Workers' Opinions

Artificial Intelligence is often used to describe when a machine mimics "cognitive" functions that humans associate with other human minds, like "learning" and "problem-solving". AI systems are designed to handle tasks that involve recognition of speech, visual perception, decision-making, and translation. These systems have been implemented in various industries to enhance productivity, efficiency and profitability. But how exactly are firms using AI and do workers feel about the rise of this technology?

Joe's Story

Meet Joe, a software engineer with 15 years of experience. Recently, his company implemented an AI system to automate routine tasks, which led to the reduction of many jobs in his department. Joe's colleagues were laid off, but he escaped unscathed. Joe said, "I feel lucky to still have a job, but at the same time, I feel guilty that I'm not doing anything to help my colleagues who have lost their jobs. Also, I'm not sure if I can keep up with these changes." Joe's story is just an example of how the integration of AI in the workforce can affect the people employed in those jobs.

Quantifiable examples of firms using AI

Let's take a look at some examples of firms currently using AI:

• Amazon - uses AI in their fulfillment centers to predict which products will be ordered, reducing the time to pick the product and get it ready for shipping.
• McDonald's - uses AI to assist customers in selecting their meals and optimizing order taking at the drive-thru.
• JP Morgan - created a legal search engine powered by AI to help their lawyers find the information they need faster.
• Walmart - uses AI to predict which products will be popular among its customers, so they can stock up before it becomes out of stock.

Workers' Perception of AI

A recent Pew Research Center study revealed that one-third of Americans (33%) believe that they or someone they know has lost their job due to technological advancements like AI. This concern is not unfounded, as a report by Accenture predicts that AI could displace up to 40% of jobs in the next 15 years. However, the same report also suggests that AI could also create new jobs, improve quality of work and increase earning potential.

Conclusion

From Joe's story and the quantifiable examples provided, it is clear that AI is taking over the workforce and that firms are increasingly using this technology to improve their productivity and profits. However, this technology is also causing distress among employees who are fearful of losing their jobs. It is important for firms to understand and acknowledge the concerns of their employees at this time. Below are some practical tips for workers and firms to tackle the rise of AI:

• For Workers: Upskill to stay relevant with industry changes and learn to work alongside AI.
• For Firms: Invest in employee training and development to upskill and educate employees about AI's benefits.
• For Both: Analyze and assess the impact of AI in the workforce while looking for ways to leverage new opportunities.