The truth about AI replacing 300 million jobs

By now it is not a secret that AI has been a hot topic for a while. While we can all agree that it is useful tool for our day to lives, it also poses danger for loss of jobs across the world.

Goldman Sachs released a reported that up to 25% of all jobs could be fully automated in the near future. This led to many discussions on whether AI could replace human workers. The report suggests that 18% of work worldwide could be computerized. That means the effects on the more developed economies could be worse than those across the developing ones.

The light at the end of the tunnel

However, the report also suggests that “exposure to automation” does not imply the elimination of human-involved jobs. It is believed that many non-white-collar professions are not prone to negative effects from automation.

Furthermore, according to experts, the ability to operate next-gen AI tech will be decisive for professionals, instead of them becoming redundant because of Chat GPT-like solutions. The current state of generative AI does not have competence to replace any qualified specialists in a team.

The report also advises that any calculations provided by machine learning algorithms will need to undergo re-checks. One thing to note is that despite recent upgrades, the generative AI is still biased. Entrepreneurs are advised to take a careful approach to AI and to beware of potential biases in the technology.

What you can do

Be cautious with AI

It is important to be cautious with AI, as it is still in its early stages. The report actually advises entrepreneurs to avoid rushing into cut-offs, as even when further AI advancements arrive. They will still need their team to manage the new software to obtain the best results.

Check your facts first

You should also check your facts as there are risks of being completely misguided when using ChatGPT and other tools. The amount of time and operational resources required to run reviews/checks challenges the common belief that the extended use of AI leads to higher productivity with less budget spending.

Don’t fall for the bias

Entrepreneurs are also advised to beware of the potential biases in AI technology. Despite recent upgrades, the generative AI is still biased. For example, its latest “knowledge acquisition dated to 2020 – 2021”, which raises concerns about its ability to provide accurate information. Any calculations provided by machine learning algorithms will need to undergo re-checks.


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