Artificial intelligence (AI) has been one of the hottest buzzwords in the tech industry for years and for good reason. It’s the stuff of science fiction: machines that can learn, reason, and make decisions on their own.
The phrase “artificial intelligence” was first coined in the 1950s and has come a long way since. In the early days, AI was limited to simple tasks such as playing chess and solving mathematical equations.
A lot of the notions around AI in the past were influenced by popular culture with movies such as “The Terminator” and “The Matrix,” and fictional characters like Commander Data from “Star Trek: The Next Generation.” These cultural references have become a revered mythology that’s often associated with AI.
But AI is no longer just a fantasy. It’s becoming a reality, and it’s impacting every aspect of our lives, including the workforce. With advent of deep learning and neural networks, AI can now recognise speech, analyse images, and even drive cars.
Today, advancements in AI technology have left no field untouched. In healthcare, it’s boosting diagnoses, personalising patient care, and helping medical professionals make informed decisions. Education is also getting a makeover with AI as it powers personalised learning experiences. Retailers are automating processes with AI for inventory management, pricing, and shipping, all to increase efficiency and reduce costs. And in finance, AI is analysing data, preventing money laundering, predicting market trends, and optimising financial operations.
Governments worldwide are also jumping on the AI bandwagon. In the Middle East, the UAE is taking the lead with the National Strategy for AI 2031 and even its own Minister of State for Artificial Intelligence. They’ve also set up a council to create an AI-friendly environment and promote public-private collaboration.
Saudi Arabia is also pushing hard, prioritising AI development in their Vision 2030 programme and establishing the Saudi Data and AI Authority to drive innovation in key sectors. In the East, China is also in on the action, with massive investments in AI that could net them $150 billion by 2030.
Exploring the world of AI
Artificial intelligence can be divided into three widely accepted subcategories: narrow AI, general AI, and super AI.
Narrow AI, also known as weak AI, pertains to intelligent systems designed to perform specific tasks or solve particular problems. Think Siri, Alexa, and Google Assistant. ChatGPT is another example of ANI, as it’s programmed to generate text responses to specific prompts.
Meanwhile, General AI, also called strong AI, is a hypothetical concept of creating machines capable of reasoning and thinking like humans. This type of intelligence would be able to understand any intellectual task, think abstractly, learn from its experiences, and use that knowledge to solve new problems. This is said to be the ‘ultimate goal’ of AI research.
Finally, we have Artificial Super Intelligence (ASI), a hypothetical system that surpasses human intelligence in all aspects and outperforms humans in every function. While it’s still a long way off, the potential benefits of ASI are astounding. However, if developed unethically or unchecked, ASI could have negative implications.
Over the recent past, there have been numerous breakthroughs in artificial intelligence, but some of the latest and most remarkable advancements include the latest releases of GPT 3.5 and 4.
GPT 3.5 and 4 are language models that can generate natural-sounding text. ChatGPT, the AI chatbot, is one of the most popular AI tools and can translate languages and answer questions.
Self-driving cars are another exciting area of AI innovation, with Tesla’s autopilot feature and Alphabet’s Waymo offering autonomous rides. Robotics has also made incredible progress, with Boston Dynamics creating robots that can navigate challenging terrain. Finally, DeepMind, a Google sister company, is pushing the boundaries of artificial general intelligence and has already created programs that can predict protein structures and diagnose eye diseases.
AI anxiety in the workplace
In addition to government investment, many businesses across the world are also leveraging AI technology to improve their operations and drive growth. From using AI-powered chatbots to improve customer service to using machine learning algorithms to optimise supply chain operations, businesses across various industries are finding new and innovative ways to harness the power of AI.
With AI tools taking over mundane tasks, (in addition to seemingly creative tasks), there are increasing concerns about its impact on the workforce. According to a recent report by McKinsey, up to 800 million jobs could be displaced by automation by 2030. AI is already being used to automate repetitive tasks such as data entry and customer service, but it’s also set to impact highly skilled professions such as law and medicine. In fact, a recent study by Deloitte found that 100,000 legal jobs could be automated in the next 20 years.
However, while many people fear that AI will replace human employees, there is a high chance that managers are more likely to be replaced ‘first’.
A global study conducted by low-code software firm Pega revealed that 78 percent of executives believe that increasing the use of AI and robots will reduce middle management ranks significantly.
Despite years of experience and expertise, managers are some of the easiest people to replace with AI. One of the reasons is the cost-effectiveness of AI. Managers are expensive to hire, whereas the initial investment in AI is more expensive, but the cost of maintenance and upgrading is significantly lower. Additionally, with AI lacking emotional intelligence, it is less likely to ask for a raise.
AI can also analyse data and make informed decisions like a human manager. Thus, high-skilled workers may not require as much supervision as business owners think, and AI tools can equip them for proper reporting, self-management, and data-backed decision-making.
But it’s not all doom and gloom. Industry reports have noted that while the proliferation of AI will continue to disrupt workforces it will also create new jobs, with a net increase of 20 million jobs worldwide. Workers will need to adapt to new technologies and acquire new skills to remain relevant in the job market.
In the short term, there may be job losses in certain industries, but in the long term, AI has the potential to create more jobs than it displaces.
As for managers, there will remain some complex tasks that will require the expertise of seasoned leaders. These include handling complex client relationships, boosting team morale, and negotiating deals requiring high-level skills like emotional intelligence, critical thinking, and creativity, which are currently beyond the capabilities of AI. Therefore, AI can handle routine tasks, leaving managers with more time to focus on high-level tasks that require their unique skills and expertise.
The future with AI
There has been no better time to be in the world of AI than now. The advancements in the field today are playing a huge role in shaping the future of business and work.
AI has the power to transform the way we live, work, and even save lives. Voice assistants can hail rides from autonomous cars to get to work where they can use AI tools to be more efficient than ever before. Doctors can use AI tools to make faster and more accurate diagnoses, potentially saving countless lives.
The race to develop cutting-edge AI technology is heating up, with top players like OpenAI, Microsoft, and Google leading the charge. But many more are following suit including Baidu, Alibaba, Tesla and Amazon, making the future of AI more exciting than ever. With so many talented minds and groundbreaking technologies pushing the boundaries of what’s possible, it’s clear that we’re on the cusp of a truly transformative era in human history.
While AI won’t replace all jobs, it will change the nature of work. Opinions on how quickly AI will surpass human capabilities vary. But AI can’t run on its own, so people will need to adapt to new technologies and acquire new skills to position themselves for the jobs in an AI-driven future. AI is a powerful tool that can help us tackle society’s biggest challenges, but it’s up to us to use it wisely.
