Eight myths about AI’s effect on the workplace
The interplay between technology and work has always been a hot topic. While technology has typically created more jobs than it has destroyed on a historical basis, this context rarely stops people from believing that things are “different” this time around. In this case, it’s the potential impact of artificial intelligence (AI) that is being hotly debated by the media and expert commentators. Although there is no doubt that AI will be a transformative force in business, the recent attention on the subject has also led to many common misconceptions about the technology and its anticipated effects. AI is going to be a seismic shift in business – and it’s expected to create a $15.7 trillion economic impact globally by 2030. But understandably, monumental shifts like this tend to make people nervous, resulting in many unanswered questions and misconceptions about the technology and what it will do in the workplace. Demystifying myths Here are the eight debunked myths about AI: Automation will completely displace employees Truth: 70% of employers see AI in supporting humans in completing business processes. Meanwhile, only 11% of employers believe that automation will take over the work found in jobs and business processes to a “great extent”. Companies are primarily interested in cutting costs with AI Truth: 84% of employers see AI as obtaining or sustaining a competitive advantage, and 75% see AI as a way to enter into new business areas. 63% see pressure to reduce costs as a reason to use AI. AI, machine learning, and deep learning are the same thing Truth: AI is a broader term, while machine learning is a subset of AI that enables “intelligence” by using training algorithms and data. Deep learning is an even narrower subset of machine learning inspired by the interconnected neurons of the brain. Automation will eradicate more jobs […]