Artificial intelligence is in almost every workplace in some format and is here to stay – but are you?
That is a genuine concern for many employees in a world where more and more tasks are being automated and performed quicker by robots or artificial intelligence systems.
Business owners have an obvious incentive to tap into the potential of AI, with cost savings to be made if efficiencies lead to a reduction in staff levels. Estimations of the impact on the global economy vary but a report from Goldman Sachs last year predicted that the use of AI could lead to a seven per cent increase in global GDP over the next 10 years, with 300 million full-time jobs exposed to automation.
But while some jobs may be at risk due to AI, others are likely to be changed rather than replaced and the implementation of new technologies can lead to new opportunities through innovation.
In the same way that major technological developments such as the internet and cloud-based software have resulted in whole new industries, AI looks set to be the next major game changer.
So instead of worrying about being forced out by AI, the challenge is to find the best ways to harness its power and make the most of these new opportunities.
Harvard Business School professor Karim Lakhani is an expert on machine learning in the workplace and said: “What I say to managers, leaders, and workers is: AI is not going to replace humans, but humans with AI are going to replace humans without AI. This is definitely the case for generative AI.”
Change is coming fast too. Research by PwC estimates AI will contribute $15.7 trillion to the global economy by 2030 - more than the economies of China and India combined currently.
Employees can proactively prepare for the inevitable changes by developing the attributes which AI will struggle to replicate, such as creative thinking and communication skills.
And rather than shy away from the rise of AI, it will be increasingly important to embrace it. Continuous learning and self-development can ensure individuals are better placed to make the most of new opportunities while allowing machines to take care of the most mundane tasks.
American computer scientist Astro Teller is an expert in the field of intelligent technology, having directed Google X (now X) laboratories.
Asked about the threats and potential of artificial intelligence, he said: “AI does not keep me up at night. What does? The idea that we might not use AI to its fullest, to help us collaborate and understand each other better.”
The potential of AI is being investigated in many industries, including iGaming which is a significant part of the Maltese economy.
Dinos Stranomitis is COO of leading sportsbook provider Altenar and agrees that the increasing use of artificial intelligence will lead to a change in job roles rather than replacing them.
“I do not expect there to be a reduction in employment. On the contrary, I think we already have a necessity to have more people in many areas and we are creating more sophisticated jobs,” he said.
“I expect that some lower-level jobs will be replaced and we can see that many customer service jobs will not need to be done by humans in the coming years.
“When it comes to sportsbook trading, we already see indications that sports feeds are replacing a big part of what was a trader’s role maybe 10-15 years ago. But humans will still have the upper hand and will define the role of a robot and what the boundaries are.
“In the industrial revolution in the 18th century, people were scared that trains and cars would take over from humans but it never happened; instead it helped humans go to the next level of transportation and move things around. In the same way, AI will give a different dimension to commerce.”
So while the impact of AI and robots will be significant, the challenge now is to embrace the potential that it offers to drive economic growth and make the most of new opportunities.