Artificial intelligence (AI) has been viewed with a mix of optimism and concern regarding its impact on the workforce. Initially, there were predictions of widespread job replacement by AI and intelligent automation, but the reality has been more nuanced. Brent Field from Infosys Consulting suggests that AI’s impact on job cuts may be relatively small in 2024, with AI acting more like a team member enhancing overall productivity rather than replacing entire job functions.
The emergence of generative AI, exemplified by models like ChatGPT and Bard, has added a new dimension to AI’s capabilities. While generative AI has enabled average individuals to interact with AI for tasks like generating code and prose, its automation potential is still limited. Akhil Seth from UST describes generative AI as more of a first-draft creator, requiring human moderation and not yet capable of independent decision-making.
Regulation around generative AI is expected to become clearer in the near future, with legal teams and corporations needing to navigate the evolving landscape to ensure compliance and ethical use. UST’s use of generative AI to convert COBOL code to Java highlights its practical applications but also underscores the need for understanding regulatory implications.
Proviti, a global consulting firm, emphasizes the importance of responsible AI governance across three key areas: users, creators, and controllers. Establishing governance committees comprising both business and IT stakeholders is crucial for addressing risks, ensuring compliance, and driving innovation while mitigating potential biases and ensuring transparency in AI models.
While businesses are increasingly investing in AI training for employees, Deloitte’s survey suggests that generative AI efforts are currently focused more on efficiency and cost reduction rather than innovation and growth. Addressing talent and workforce challenges arising from generative AI adoption remains a significant concern, with many leaders uncertain about the specific skills and roles needed for AI-driven transformations.
In conclusion, while AI offers tremendous potential for enhancing productivity and driving innovation, responsible governance, and proactive talent management are essential to maximize its benefits while mitigating risks and ensuring ethical use.
