Chris Curl,
Editor
Oct. 10, 2024
We were supposed to be living like George Jetson by now, but such a reality clearly didn’t pan out.
History is filled with utopian dreams about how technology will transform human existence. More often than not, these dreams never materialize.
Is AI the groundbreaking technology set to revolutionize our lives, or is it yet another far-off dream?
There's certainly no denying its growing influence in our everyday tasks, from our smartphones' smart features, chatbots, autonomous vehicles like Tesla's, to creative fields where AI helps non-experts craft music and videos.
Proponents argue that AI promises unprecedented advances, potentially exceeding even the significance of electricity in how it will redefine industries and daily living.
According to AI's intricate structure, its core operation revolves around machine learning — where models are trained with data to recognize patterns and make predictions. Within this, deep learning simulates the human brain's capacity to process information, using artificial neural networks.
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AI systems like generative models, including popular tools like GPT and Google's Gemini, harness this technology for language and creative tasks. So far these applications have been the most popular among the general population.
But AI has many other use cases.
AI is expected to contribute $15.7 trillion to the global economy by 2030. However, the threat of job loss due to automation lingers, with many experts estimating a significant displacement of jobs as AI becomes more prevalent.
Numerous reports have highlighted concerns regarding the disruptive impact of AI on the economy, chiefly the potential for significant job losses across various sectors.
For instance, a study by the World Economic Forum forecasts that while AI could create approximately 97 million jobs by 2025, it may also displace around 85 million roles. This shift is often due to automation taking over tasks traditionally done by human workers.
Examples of AI-Induced Job Disruption:
- Manufacturing: Automation and robotics are increasingly replacing manual labor, leading to a reduction in assembly line jobs.
- Transportation: The rise of autonomous vehicles poses a threat to jobs for drivers in logistics and public transport sectors.
- Retail: AI-powered checkout systems and inventory management could result in fewer cashier and stock-keeping roles.
- Customer Service: Chatbots and virtual assistants are becoming common, reducing the need for large customer support teams.
- Data Entry & Analysis: Automated software can efficiently handle data processing tasks, diminishing demand for human input jobs.
While AI has the potential to boost efficiency and create new job opportunities, it also necessitates a significant shift in skills and job roles, making it crucial for policymakers to address the transition of impacted workers into new employment areas.
And many rightly worry about the impact AI will have on human creativity.
Despite these concerns, it is apparent that nothing will stop the AI train at this point as the technology will continue to advance rapidly. As such, it is crucial to have conversations about the ethical implications and potential consequences of this growth. This includes addressing issues such as bias in AI algorithms, data privacy, and accountability for decisions made by AI systems.
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Keep coming back,
Chris Curl
Editor, Daily Profit Cycle