Artificial Intelligence was considered a buzzword by many a couple of years ago. It was a term of science fiction, something that was out of the common man’s reach. But, in one short year, things changed. There was an unprecedented boom in AI technologies, bringing the future to today. Although this was welcomed by most, there was a looming threat of existing jobs being put to rest. This blog will take a deep dive into how AI is transforming industries around the globe, and how it is challenging the jobs of millions of people.
How Did It All Start?
The world of AI has been growing slowly but surely for the majority of the last decade. There were improvements but nothing significant enough that could create a global impact. This changed, mainly, in the year 2022. Compared to 2018, adoption rate has been more than double.
Tech and financial industries were among the first adopters of these tools, which resulted in a significant improvement in operational productivity. With AI being able to manage repetitive tasks while remaining accurate, there was no doubt that it would result in an increase in lay-offs in various industries.
The Announcement Of ChatGPT
ChatGPT is what led to a widespread adoption of AI tools in 2023. It was announced at the end of November 2022, and within a short time span of two months, it had already been in the hands of a whopping 100 million users. In comparison, the most popular social media platform today, Facebook, reached 100 million users in 4.5 years.
Since then, the internet has been crowded with a plethora of AI tools, all of which have been used extensively by millions of people around the globe.
Some of the most popular AI tools being used today, other than Open AI’s offerings are:
MidJourney
A market-leading text-to-image generator, which can create pictures that resemble a user’s prompts. Although it has been met with negativity by a small number of people, it has still been a massive hit with over 16 million people.Microsoft Bing Chat
Microsoft has been a massive supporter of AI. It not only invested billions of dollars on OpenAI but also worked with them to create its own Bing powered chatbot, called Bing Chat. Unlike ChatGPT, it is completely free and even has access to the internet.GitHub Copilot
Designed to help while coding, GitHub Copilot has been extremely popular among developers. It writes code, finds fixes, all within mere seconds. It is used by millions of developers and thousands of organizations, helping them in boosting productivity.
With an unprecedented number of users, AI has ushered the world into a new era. It has allowed companies to reach new heights but has also been a major reason for an increase in unemployment. The following section will take a deep dive into how these tools have threatened the careers of countless people.
Careers Soon To Be Replaced By AI
Despite being in the mainstream for just over a year, many people have been out of their jobs due to recently developed tools being just better at performing similar tasks. Let’s take a closer look at who is and will be affected the most:
Graphic Designers
Graphic Designers create images and illustrations that not only reflect a brand’s identity but get a message across in a meaningful and effective way. Their task is to do everything in a consistent fashion while adhering to strict graphical guidelines.
With the rise of text-to-image generators, they are to be affected the most.
These tools not only create images and illustrations in minutes but they do so in new and creative ways. They can maintain alignment and design with consistency.
Although these tools are not designed for complex scenarios, there is no doubt that this will be addressed in the near future. With the recent announcement of Open AI’s Dall-E 3, there has been a substantial improvement in creating the desired words and sentences.
One example is the thumbnail for this blog. It is entirely AI-generated! You might notice a few discrepancies now, but you certainly didn’t in the beginning!
Data Entry Clerks
Data entry is a long and tedious process that can only be done by the most attentive people. It requires inputting data into a computer from various sources, ensuring accuracy.
This task is something that can take hours and, in some cases, even days. But with tools like ChatGPT and others, it has become a breeze. Insert the relevant data and a perfectly organized file is created and customized to the user’s requirements. All of this is done in seconds, making this a viable option for companies dealing with vast amounts of data.
Travel Agents
Although the process of booking tickets and renting out apartments is almost completely automated at this point, travel agents do still exist. They are able to offer better deals and provide recommendations.
All of this is changing with AI integration. With internet access, these tools can scour the internet instantly, improving the experience for people.
Another advantage of AI integration is that it can personalize recommendations in a much faster and efficient manner than traditional methods.
Accountants
The job of an accountant is hectic and requires an eye for detail. They make sure all financials are in check and not even one cent has been misplaced. Well, AI can do that at a much faster rate.
It can calculate, update, and report findings in the blink of an eye, making traditional accounting a thing of the past. Instead of doing all required accounting tasks at the end of the month, all of it is done in real time, ensuring all financials are in check, and critical decisions can be made before it’s too late.
It does not end there. Practical work such as driving is set to be autonomous too, putting the livelihood of hundreds of thousands of Uber and Lyft drivers at stake.
The Cost Factor
With the recent boom of AI technologies and regular improvements in machine learning, the cost of running AI-centered programs is decreasing.
Existing Services
If companies opt for off-the-shelf AI tools, there is no denying that the cost comparison is simply one-sided. These tools offer unlimited access in exchange for a small monthly subscription. Comparing that with fixed salaries for entire teams certainly puts things in perspective. This is a major reason why companies are reducing their workforce size.
But the reality is, these products are not perfect. Firms must learn their way around them and find workarounds if they cannot perform certain tasks.
Specialized AI Systems
There is also an option for firms to invest in customized AI tools. These have been built from the ground-up to perform required tasks. There is no denying that they might excel at that but the cost, when compared to off-the-shelf services, is incomparable. Plus, the infrastructure required and the maintenance cost is extremely high too. In this regard, it makes more sense to continue working with existing employees.
The cost factor is what is currently preventing businesses from adopting AI Technologies widely, especially due to the limitations of prebuilt ones. But that is set to change in the not-so-distant future.
Conclusion
AI is not science fiction anymore. It is a reality and it is here to stay. It will continue to improve and will benefit possibly billions around the globe. It was always a possibility that it might replace individuals, and that is also a thing of the present. A famous quote summarizes this blog up nicely: “AI won’t replace you. Someone using AI will”. If you are reading this, it’s time to make a change. Embrace these new technologies, so you can prove yourself as an indistinguishable resource!
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