Is AI a Threat to Job Security?

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Is AI a Threat to Job Security?

AI has, on the one hand, been hailed as a revolutionary invention for the unprecedented prosperity of humankind and, on the other, condemned as a monstrous threat that would tear us apart. But as every coin has two sides, AI is no different and while the naysayers may predict the end of the world as we know it, with machines ruling the world in a dystopian future, the people who see potential in the technology to change the world for the better continue to leverage it to make better products and solutions. It is no surprise then that the global AI market is predicted to hit a whopping $190.61 billion market value by 2025.

Let us discuss a conundrum that has been discussed widely on how AI may take away millions of jobs and take its toll on the global economy. If the technologies keep improving will they make millions jobless? Or is it possible to strike a healthy coexistence for AI and us?

In case technological singularity does become a reality, our chances of survival are very little let alone our livelihood. It will set the ball rolling for a world war between AI and humans — a war for resources and dominance. Despite giving it a fair chance, an overhyped tomorrow run by AI and machines with humans on the leash is beyond the scope of this article. We will only be talking about the present and how AI is expected to make an impact on our careers and economy in the imminent future.

Automation and digitization

Digital technology has penetrated deep into every layer of a business organization to achieve more efficiency. Although many predicted that digitization would sweep off all jobs, that hasn’t been the case. It is capable of providing more jobs than it displaces.

With the onset of Artificial Intelligence, repetitive and low-value unskilled labors are delegated to computers or machines. According to Semrush, 80% of retail executives expect their companies to adopt AI-powered intelligent automation by 2027. AI has streamlined administrative tasks like recruitment, dataset analysis, and onboarding. In fact, the Gartner 2019 Artificial Intelligence Survey reports that 17% of organizations use AI-based solutions in their HR function and another 30% will board the bandwagon by 2022. However, marketing and sales departments, with a 40%, believe AI technology and machine learning are crucial to their success more than any other department.

CRM or customer relationship management systems, which involve huge datasets, can be transformed into a seamless and automated process using AI. Not surprisingly, chatbots responded to 85% of customer service interactions in 2020.

Data can be updated and proofread by AI at a much faster rate when compared to humans. In data analysis and decision making, Artificial Intelligence can collect data in a structured manner, employ algorithms to analyze the data, and deliver real-time feedback to administrators and the management. Since AI has a wider latitude of decision-making ability, decisions made by AI are expected to be unbiased.

AI in creative jobs

AI has been bringing new use cases to many creative industries from advertising to music and writing.

For example, AI can significantly enhance the quality of music composition, the appeal of music performance to a particular demographic, and obviously, sound processing and composition technology. When it comes to writing, there are now many AI-run tools that help writers edit, proofread, and rewrite articles for better accuracy, readability, and likeability. In the advertising and marketing industry, AI can help programmatic advertising exchanges and ad tech platforms govern the real-time purchase and sale of advertising.

However, the real question is,

‘Will AI be able to replace creative services?’

Today, AI creates new ideas using two methods primarily. By experimenting with new combinations and exploring the potential of conceptual spaces.

For example, Kim Binsted, a Ph.D. holder in Artificial Intelligence, described a program called JAPE (Joke Analysis and Production Engine) that could create jokes. This was way back in 1994. JAPE weaves puns from a general, non-witty, lexicon and delivers them in a question-answer mode.

Question: What is the difference between leaves and a car?

Answer: One you brush and rake, the other you rush and brake.

Question: What do you call a strange market?

Answer: A bizarre bazaar.

Obviously, the jokes were not always funny. The program generates jokes by utilizing the phonetic similarities between words like bizarre and bazaar and it may not always suit the human palette. The jokes have to be filtered by humans before publishing.

Creativity is inventiveness. Creativity requires the employment of imagination to come up with original ideas. If AI becomes self-reprogrammable, will it be creative too? Maybe. We will have to wait and see.

Unchecked growth of corporations

We have seen how technology and digitization have entirely changed the face of the global economy. Companies that have access to state-of-the-art technology and are among the first to integrate them into their operations gain a significant edge in the market. 75% of executives are afraid they are going to shut down within five years if they don’t scale AI.

Now, let’s face it, AI is not exactly affordable for small-scale businesses and enterprises. Unlike the free chatbots you can download and use today, when AI technology attains maturity, it is going to cost a heck lot. Not just for research, but also adoption and integration. This will inevitably pave the way for the rise of monopolistic corporations and the unequal distribution of jobs.

However, to reap the full benefit of the technology, they will eventually have to pass down the technology to small and medium-scale ventures in the market. The market and the market players will share the technology and make use of it for mutual benefit.

How Mindsync is bringing affordable AI technological innovations to market

Since the time Alan Turing invented the Turing machine and laid the foundation stone for Artificial Intelligence, a dystopian future taken over by machines has always been an intriguing topic for scientists, tech enthusiasts, and novelists alike. However, the future of Artificial Intelligence and our job security is decided by the regulations that will be put into place. Governments should facilitate the free flow of innovation without letting it intervene in the human right to life and livelihood.

Mindsync is a decentralized platform that brings together hackers, data scientists, machine learning developers, big data and computing power suppliers, investors and volunteers to help organizations solve complex business tasks. Mindsync aims to accelerate the growth of AI and create a community-run global marketplace for AI solutions through decentralized bounty programs.


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