Human tasks

AI is Replacing Human Tasks Faster Than You Think

Corporate America is swiftly integrating artificial intelligence (AI) to automate jobs traditionally performed by humans. According to a recent survey by Duke University and the Federal Reserve Banks of Atlanta and Richmond, 61% of large US firms plan to implement AI within the next year to streamline tasks previously handled by employees.

These tasks span various functions, from financial reporting and supplier payments to creative tasks like crafting job posts, writing press releases, and building marketing campaigns. This shift towards AI is driven by companies’ desires to cut costs, boost profits, and enhance productivity.

“You can’t be running an innovative company without seriously considering these technologies. You run the risk of being left behind,” said John Graham, a finance professor at Duke and the academic director of the survey, in an interview with CNN.

The survey revealed that nearly one in three firms, regardless of size, intends to employ AI for tasks once managed by humans within the next year. This trend is already evident among larger companies with the resources to experiment with AI. Around 60% of all companies, and 84% of large firms surveyed, have utilized AI to automate employee tasks over the past year.

Bosses are turning to AI for various reasons, including increasing product quality, boosting output, reducing labor costs, and substituting for human workers. However, experts like Graham suggest that AI will not cause immediate mass job loss. Instead, it will help fill gaps and potentially reduce hiring needs without leading to widespread layoffs.

AI’s adoption is expected to transform job roles rather than eliminate them outright. Reid Hoffman, co-founder of LinkedIn, predicts that AI will act as a “co-pilot” for humans in the next few years, assisting with tasks from cooking dinner to professional duties. Hoffman emphasized that AI will transform jobs by enhancing human capabilities rather than replacing humans entirely.

Despite the optimism surrounding AI, concerns about inflation and cost of living persist among corporate leaders. The CFO Survey highlighted that inflation remains a top concern for US chief financial officers, with many expecting product prices to rise faster than usual. Interestingly, companies that have adopted automation anticipate slower price hikes compared to those that haven’t.

While AI has the potential to moderate price increases, Graham cautioned that it might not be a significant force in easing inflation in the short term. The rapid adoption of AI also raises concerns about the lack of regulatory frameworks and safeguards. Treasury Secretary Janet Yellen recently highlighted the “tremendous opportunities and significant risks” posed by AI in the financial sector.

A report by Senator Gary Peters found that current regulations inadequately address AI use by hedge funds, with no mandates on human involvement in decision-making processes. Graham advised companies to implement strong risk management systems and redundancies as they experiment with AI to avoid potential pitfalls.

“There has been rapid adoption of AI,” Graham said. “I hope it’s being done with a grain of salt. There will be some situations where companies have embarrassing products or supply chain situations because they moved a little too fast.”

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