"AI is coming to take your Job" Or is it?
Today, we’re so used to modern day conveniences, we can barely imagine life without it. So just for this, I invite you to use your imagination and go back in time. Imagine the clatter of the first steam engines, the uneasiness around the invention of the telephone, or the first public outcry against rock and roll. Each of these historic moments arguably sparked what we now recognise as a moral panic - a fear of the new and unknown. Fast forward 2024, and the spotlight is on Artificial Intelligence (AI), today’s equivalent of the spinning jenny (You may need google for this one). Just as the Industrial Revolution reshaped society, AI endeavours to establish a new era of productivity and innovation.
Is History Repeating Itself?
The apprehension surrounding AI mirrors the outrage during the Industrial Revolution. Back then, machines were feared to usurp human labour, much like AI is viewed today. Yet, historical moral panics - be it the mods and rockers, comic books, the internet or social media - all eventually found their place in the societal fabric. AI, too, is treading a similar path.
The comparison isn't just metaphorical. McKinsey Global Institute suggests that by 2030, AI could add approximately $13 trillion to the global economy, translating to about 1.2% additional GDP growth per year. This leap is reminiscent of the productivity boom witnessed during the Industrial Revolution, where annual growth rates in labour productivity in Britain accelerated from 0.5% to more than 1% post-industrialisation. Like its historical counterpart, AI promises a considerable boost in efficiency and economic output.
Generative AI, including models like ChatGPT, is at the forefront of this transformation. The National Bureau of Economic Research notes that AI-driven conversational assistants have already improved the productivity of customer support agents by 14%. Yet, this general use-case is just a glimpse of AI's potential to enhance, rather than replace, human capabilities.
The Future of Generative AI led productivity
But what about the future? Enter Ellie from Fifth Dimension AI. Ellie represents the next wave of AI tools designed to be industry specialists. Ellie focuses on the laborious, time consuming, document heavy tasks synonymous with real-estate planning; redefining property technology(proptech). She has been trained to be a silent, yet ever-present assistant to cut down processes that would otherwise take hours, into a matter of minutes. She's a testament to the evolving nature of AI - from a tool of automation to a partner in innovation.
The integration of similar AI into various sectors could add $2.6 trillion to $4.4 trillion annually to the global economy, significantly boosting economic development and sectoral improvement; not to mention all the prospective jobs that can be enhanced and created following its integration into modern day society. Social media managers would not exist if not for the dominance of Social, yet every big brand sees them as a priority.
While you may have heard of a cyber security analyst, you may be less familiar with a Prompt engineer, Machine Manager, Data detective or an AI Business strategist. Yet, this is just the tip of the iceberg. The evolution of AI will create a huge demand for a skilled workforce in this evolving landscape. Can you imagine what skills and jobs will become the norm as a result of AI?
A final thought
As we stand on the cusp of this AI-driven productivity revolution, it's important to remember the lessons from the past. The Industrial Revolution, despite its initial resistance, ultimately paved the way for a prosperous future. AI promises a similar trajectory, potentially leading to a world where human and machine collaboration produces unprecedented levels of efficiency and creativity. So before you make your mind up on AI, think… “Am I just having a moral panic moment?”
If I've tickled your fancy and you’d like to dive deeper into the world of AI and discover how tools like Ellie can redefine productivity in your document heavy field, feel free to get in touch below.
