Aris Tsangaris
Artificial Intelligence (AI) is not something new. It has been around for years. However, no one can deny the extremely high popularity it gained this year, and the pace in which it transforms the world.
Reports keep being released, suggesting that "generative" AI systems, such as ChatGPT, could potentially automate large proportions of the work done, leaving millions of workers at the risk of becoming redundant.
Goldman Sachs, in a recent report, suggests that a quarter of the work done in the US and eurozone could be automated, raising the annual global gross domestic product by 7% but, at the same time, bringing "significant disruption" to the labor market, exposing the equivalent of 300 million workers to automation.
Even more, the internet is now filled with speculations on which roles and professions are likely to be hit by AI first and the most, with lawyers and administrative staff , tech and media jobs and finance jobs in the first line, i.e. with a seemingly greatest risk of becoming redundant.
But not all is black. Where concerns regarding the impact of AI on the labor market are understood, it is important to acknowledge that like any transformative technology, AI can both create new job opportunities and revolutionize industries. With AI, businesses can analyze vast amounts of data in real-time, gaining valuable insights and making better decisions faster. This has the potential to revolutionize customer service, marketing, and operations, creating more personalized experiences and optimizing efficiency.
At Royal Pine we never shy away from anything innovative. We see this potential and we acknowledge AI as the game-changer it is for businesses across all industries but especially in ours, where the client-firm relationship is paramount. By leveraging AI, we can enhance the efficiency of our operations and create more personalized experiences for our clients, ultimately strengthening the relationships that are at the heart of our business.
Historically, the internet and calculators faced similar opposition but ultimately demonstrated their tremendous potential to improve human society. AI is no different, and if we adopt a collaborative and optimistic approach, we can overcome the challenges and fully realize the benefits that it has to offer.
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.