The Impact of AI on Our Future
Artificial intelligence (AI) has had a profound impact on society, transforming everything from how we work and communicate to how we make decisions and solve problems. With its ability to analyse vast amounts of data and learn from experience, AI is driving innovation across industries and reshaping our understanding of what is possible. However, AI also raises ethical and social challenges that must be addressed to ensure its benefits are shared fairly and responsibly.
One of the main topics under discussion regarding AI is the risk to jobs and employment. 10 years ago, in 2013, the University of Oxford conducted a study to estimate “the probability of computerisation for 702 detailed occupations” and concluded that 47% of jobs in the United States were at high risk of being replaced by AI the next two decades. A more recent study by Goldman Sachs found that AI tools could significantly impact 300 million full-time jobs globally, substantially disrupting the job market.
The main roles widely reported as likely to be affected include:
· Customer service agents
· Finance jobs (Financial analysts, personal financial advisors)
· Graphic designers
· Legal industry jobs. The New York Times wrote an article focussing on the legal profession and how it will be affected.
· Market research analysis roles
· Media jobs (such as advertising, content creation, technical writing, and journalism)
· Tech jobs (including coders, programmers, software engineers, and data analysts)
· Traders (Wall Street industries, from trading to investment banking)
The Business Insider expands on these areas in their recent article.
Open.ai researched roles that might be affected, the measure being “whether access to a GPT-powered system could reduce the time it takes for a human to perform a specific work task by at least 50 per cent”. They asked humans and three different Large Language Models (LLMs) which roles they thought would be most affected and which they thought would not be affected. They found some interesting correlations and differences.
How will the marketing and advertising industry be impacted by artificial intelligence?
AI is already transforming the marketing and advertising industry, offering new ways to target and engage audiences, optimize campaigns, and measure results. With AI-powered tools, marketers can analyse vast amounts of data to gain insights into consumer behaviour, preferences, and trends, enabling them to create more personalized and effective campaigns.
AI can also help automate repetitive tasks and optimize ad placement, reducing costs and increasing efficiency. However, AI also raises concerns about privacy and the potential for biased decision-making. As AI continues to advance, it will be essential for marketers to balance the benefits of automation with the need for ethical and responsible use of consumer data.
Will AI and/or ChatGPT replace any roles in marketing?
AI and ChatGPT are already replacing some roles in marketing, particularly those that involve repetitive tasks or data analysis. For example, chatbots powered by AI are increasingly used for customer service and support, freeing up human agents to focus on more complex issues. AI can also automate tasks like data entry, segmentation, and lead scoring, enabling marketers to save time and resources. However, AI is unlikely to completely replace human marketers, as it still lacks the creativity, intuition, and emotional intelligence required for some aspects of marketing, such as brand strategy and creative development. Instead, AI is more likely to augment human capabilities, enabling marketers to work more efficiently and effectively.
How will Recruitment be Affected?
Notably, in a study on employment, recruitment did not feature in Open.Ai’s research. However, in this article, “Hey ChatGPT, Find Me a Job – My Interview with Our New Computer Overlords, ChatGPT responded to the question, “Does Microsoft plan on replacing recruiters in the future with AI systems like yourself?” with the following:
“It is possible that technology like AI systems could play a role in the recruitment process in the future, but it is unlikely that AI systems like myself will completely replace recruiters.
Recruitment is a complex and multi-faceted process that involves not just reviewing resumes and job applications but also engaging with candidates, building relationships, and assessing their fit for the company and specific role. While AI systems can assist with certain aspects of the recruitment process, such as resume screening and scheduling interviews, the human touch and judgment provided by experienced recruiters are critical components of the recruitment process that are difficult to replicate with technology alone.”
The Human Side
Despite the considerable buzz surrounding the development of LLMs, the general opinion is that humans won’t be fully replaced. According to Forbes, “AI Content Generation Won’t Replace Humans; It Will Make Them More Powerful”. Anu Madgavkar, a partner at the McKinsey Global Institute, told The Business Insider that “human judgement must be employed in using these technologies to prevent errors and biases … It is crucial to consider these tools as tools for enhancing productivity rather than full replacements for human labour”.
Some of the reasons frequently given for this are that, as yet, AI does not have the emotional intelligence or soft skills, it can only work with the data it receives, and it needs humans to make it work. You would also be unwise to rely on AI-produced content or results without fact-checking.
In conclusion, artificial intelligence is a transformative technology with the potential to revolutionize many aspects of our lives, including marketing and advertising. Several studies suggest that AI could lead to significant job displacement, particularly in roles that involve repetitive tasks, the human touch, judgement, and emotional intelligence that are critical components of many roles cannot be replaced by technology alone. Equally, while AI offers new opportunities for innovation and efficiency, it also raises important ethical and social questions that must be addressed. As AI continues to advance, it will be essential for individuals, organizations, and governments to consider the broader implications of its use and ensure that its benefits are shared fairly and responsibly. Ultimately, the impact of AI will depend on how we choose to develop and apply this powerful technology in the years to come.