More than half (61%) of large US companies intend to deploy artificial intelligence (AI) systems over the next year to automate tasks that were previously performed by employees. This finding comes from a study conducted by Duke University and the Federal Reserve Banks of Atlanta and Richmond, as reported by CNN.
These AI systems will complement tools like ChatGPT and other chatbots, which are already used for tasks such as writing copy for job postings, creating press releases, and developing marketing campaigns. AI helps companies reduce costs, increase profits, and improve employee productivity. Nearly 60% of all organizations surveyed (and 84% of large companies) reported using software, hardware, and other technological solutions over the past year to automate tasks that were previously performed by employees.
Reasons for AI Implementation
Organizational leaders are turning to AI for a variety of reasons, including reducing employee costs. CFOs indicated that they are implementing automation to improve product quality (58% of companies), increase productivity (49%), reduce labor costs (47%), and even replace workers entirely (33%). However, in the short term, AI is not expected to have a significant impact on the US labor market. Experts suggest that company executives are using AI to fill some gaps and, at most, refraining from hiring new people who would have gotten jobs in the absence of AI. Laying off currently employed employees has not yet started.
Future Outlook and Market Transformation
Significant changes are expected in the coming years. Consumers may have “co-pilot agents” that assist with everything from preparing food in the kitchen to performing work tasks. This shift will transform the labor market. Some workers will indeed be laid off, but they will be replaced by new roles such as AI system operators. Experts emphasize the importance of learning AI-based tools to stay relevant in the modern workforce.
American companies frequently turn to AI, despite the fact that safety measures and regulatory frameworks for these systems are still being developed, notes NIXSOLUTIONS. Politicians and scientists warn about the associated risks, but experts remain hopeful that risk management tools will be used, reserves will be provided, and the introduction of new technologies will occur with a healthy dose of skepticism. We’ll keep you updated on these developments as they unfold.