Boom in Artificial Intelligence and its impact on your career

Because to ChatGPT's growth, artificial intelligence is currently the hottest issue in technology. The Microsoft-backed OpenAI chatbot's use of AI to answer queries, produce articles, and even present legal arguments has astounded and impressed users.

Because of its capabilities, individuals are now more concerned than ever about how, when, and if artificial intelligence may affect their careers and employment. While worries about AI-based technology replacing workers have grown, experts warn it's not nearly that straightforward.

Generating or replacing jobs?

Is AI going to displace certain jobs? The quick answer is a resounding "yes."

According to Steven Miller, retired professor of information systems at Singapore Management University, advances in artificial intelligence imply that technology can accomplish more and more, which will undoubtedly have an influence on occupations.

"It is increasingly possible as well as economically viable to replace a greater share of the portions of the human work of today with machines," he said in an interview with CNBC Make It. "As physical machines, software systems, and combinations of hardware and software get more capable as a result of AI-enablement."

According to Miller, some positions are more susceptible to this than others, particularly those that need a great deal of repetition or are dependent on detailed guidelines or standards that specify how something should be done.

On the other hand, it is more difficult for technology to replace jobs that need adaptation and flexibility since they change often.

According to Dimitris Papanikloaou, a professor of finance at the Kellogg School of Management at Northwestern University, jobs having a significant human component, like being a therapist, are especially unlikely to be replaced by technology. Professions that prioritise interpersonal skills are considerably more resistant to AI replacement, he claims.

Are more jobs on the way?

According to Steve Chase, consulting head at KPMG U.S., the worries are not unexpected. Like with other technical developments, it's normal for people to first dread losing their jobs and being replaced.

Yet, he continues, there are a few things that must be kept in mind. First off, comparable disruptions have occurred in the past, such as the introduction of computers or the use of more sophisticated and specialised machinery in manufacturing.

Even though they eliminated certain employment, they altered how and what people worked on, yet now we couldn't picture living without them.

According to Miller, this process has been going on for millennia, and history demonstrates that whenever new technology has eliminated one employment, it has been replaced by another.

He says that "the number of new employment created as a result of the capacity to produce and supply new sorts of goods and services... have far surpassed the number of jobs lost."

Using AI rather than opposing it

Papanikloaou emphasises that AI, as well as the technology and goods based on it, are still constrained in certain aspects.

"In my opinion, we are now pretty off from'real AI' in that every model we have focuses on predicting the appropriate action given a collection of inputs. A large portion of what AI accomplishes, according to him, is to combine current information with a specific objective. This is a long way from contributing to new information.

Hence, he believes, a future where humans coexist with artificial intelligence rather than being displaced by it is more probable right now. There are significantly more chances to use AI to support human employees' job than there are to totally automate it.

Chase concurs, pointing out how many companies are utilising AI to boost productivity or provide other forms of staff assistance.

According to him, "leaders are adopting AI to achieve material efficiencies for their businesses and help employees execute their tasks more successfully." By utilising AI, firms may restructure their workforces to cut down on time spent on tedious jobs and increase strategic decision-making.

According to Chase, firms must change if they hope to do this. This entails training staff members, assisting them in up- and re-skilling, and developing frameworks for employing AI technology responsibly. He said that several businesses had already started to use this.

Hence, even while AI algorithms and the technology that is based on them may not be ready to replace people's occupations, they will probably start to play a greater role in working life on a daily basis, maybe sooner rather than later.