Business Chief USA August 2020

TECHNOLOGY
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out across 60% of all occupations
could be automated, though it
noted: “Because automation applies
at the task level, AI seems likely to
change more occupations than it
will eliminate outright.” And, while
the aforementioned automation of
around 50% of tasks at a cost saving
of $900bn is staggering to consider,
“this does not mean that companies
will replace workers with machines
overnight just because it is technically
feasible to do so. The pace and extent
of automation will be determined by
how companies view the business
case, weighing considerations such
as the cost of these technology systems,
their ease of use, labour market
dynamics, the value that could be created,
the customer experience, their
own capabilities and regulatory and
social acceptance.”
The latter points made here are
perhaps the most vital impediments
to the potential havoc that AI could
wreak on labour markets ill-prepared
for its introduction: it won’t happen
immediately and there is time to
integrate the technology thoughtfully
across economies. In short, as has
AUGUST 2020