The Industrial Revolution upended manual labor, replacing many jobs that were done with human muscle with machines that could do the job quicker and cheaper. The unfolding Artificial Intelligence (AI) Revolution is largely coming after the jobs of the more educated professional class as business uses for AI increases.
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According to an analysis by Goldman Sachs, over the next 10 years artificial intelligence (AI) could increase economic productivity by 1.5% per year, resulting in a 30% or more jump in S&P 500 profits over the next decade. The anticipated productivity gains means that its use will be spread wide and deep into almost every facet of the American economy, from manufacturing and services to marketing and advertising.
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The media are filled with breathless reporting on the ChatGPT revolution, replacing the metaverse as the “next big thing” in the minds of many investors. There’s good reason for the enthusiasm since it just may change work as we know it.
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With the advent of automation and artificial intelligence, many workers will find themselves, in the not-too-distant future, facing the very real prospect of being replaced by a machine.
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What impact might artificial intelligence have on the intellectual diversity within an organization, human-machine collaboration in the workplace and firm culture?
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