Every time there is an innovative leap in technology, an emerging market is created and there are those that embrace it and those that are skeptical, and this was the case for Artificial intelligence as well. When ChatGPT emerged in the market, back in November 2022, the narrative was no different. Now, everyone is fixated on AI and the possibilities it brings, which has opened numerous discussions about its impact on society and the job market.
Additional attention is given to the fact that the growth of AI is unavoidable, which lets us grasp the reality that nearly every industry will need to adapt to utilize the technology. This is a harsh reality, which brings a lot of challenges ahead.
At Fortune's Brainstorm AI conference in London, Sachin Dev Duggal stated, AI is unquestionably powerful. He said that the excitement surrounding its potential may be exaggerated and that it is by no means a recent innovation.
There are two schools of thought on artificial intelligence: those who think it won't have a significant impact on our future and those who think it will permanently alter the course of history.
Will AI do more good than harm?
Just like any other advancement in technology, Artificial intelligence has both positive and negative impact on society. It is directly proportional to how we use it. AI can help humans in combating their day-to-day life problems. It can help improve decision making, increase productivity, and solve complex problems.
Benefits of Artificial Intelligence
Effective AI is more accurate and faster than humans at repeated jobs.
Better judgment by evaluating vast volumes of data, AI can assist humans in making better decisions.
Identification of patterns AI is able to identify patterns in data, including digital fraud, voice, and medical images.
Apart from the above-mentioned advantages AI can lessen human error as well. Even though there are more planes in the skies, autopilot has decreased crashes. While research and development may benefit from AI's speed and efficiency, the number of real jobs needed to complete the task may actually decrease.
Sachin Dev Duggal claims that the technology's intuitive user interface is the primary cause of the surge in interest. He highlights a "design paradigm shift" in which the AI technology was made approachable via an interface that resembled a straightforward WhatsApp chat. This change sparked widespread curiosity and creativity by enabling individuals to interact with AI in a way that felt intuitive and natural.
Sachin Duggal founded Builder.ai, a platform that aims to make software development as easy as ordering pizza. With more than 900 employees and more than $450 million raised, Builder.ai has solidified Duggal's position as a major player in the tech sector.
Is Increased Productivity Equal to Fewer Jobs?
Increased productivity does not mean that it will reduce the number of jobs or will create mass layoffs overnight. It might mean that businesses might not need as many workers as they normally would.
Sachin explained that the increase in the use of technology will only help human forces distribute their tasks so that we can focus much more on creative tasks. For example, Sachin Duggal concluded that he is not someone who likes to take notes, in that case AI can help him do that so that he can focus on the much more vital tasks.
We are now aware that we can increase productivity. Duggal stated, "We're going to hire fewer people because we can now do things that we couldn't do before, but I don't see anyone leaving the company because AI has replaced entire jobs."
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