High Costs of Automation Could Slow Down AI Takeover in Workforce, MIT-IBM Study Reveals
Summary:
A study by MIT and IBM reveals that the potential AI employment takeover might be slower than anticipated due to the high costs associated with automation. The research suggests that presently, it might not be economically viable to automate many roles seen as potential candidates for AI. High expenses linked to AI system training and roll-out present a significant barrier. Although the transition to an AI-dominated workplace may still occur, the pace was found likely to be gradual. Thus, understanding the rate of AI task automation is crucial for making informed business and policy decisions.
Scientists from MIT and IBM have published a study suggesting that the anticipated AI takeover of jobs may be less severe than predicted due to the high costs associated with this automation. It's been widely speculated that AI could take over human roles in the workforce, with some predictions suggesting up to half of all present human-performed jobs are at risk of being automated. However, this new study from the MIT-IBM Watson AI Lab indicates that the financial burden of such an endeavour could prove prohibitive for some companies.
The recently published paper, "Beyond AI Exposure: Which Tasks are Cost-Effective to Automate with Computer Vision?,” suggests that from a cost efficiency standpoint, automating a large portion of roles previously identified as potential candidates for AI automation might not be economically viable in today's market.
One of the crucial barriers limiting the adoption of AI identified in this research is the high expense associated with training and rolling-out such systems. While AI systems like ChatGPT can be customized for specific roles, their generalist function often makes them unsuitable for many business needs. Implementing a tailor-made AI system or outsourcing these functions to a specialized provider would likely result in costs exceeding the existing operational expenses.
The researchers emphasize that this doesn’t necessarily mean there is no cause for concern from the human workforce. The transition to a workplace dominated by AI will likely happen, it just isn't expected to occur rapidly.
The penetration of AI into businesses seems to be happening incrementally, with most companies still in the early stages of determining the viability of AI within their operations. Rapid advancements in the field of AI make it difficult to forecast which jobs will inevitably be taken over by machines and which won't, especially given the influence of both short and long-term economic considerations on this decision. The researchers concluded that understanding the rate of AI task automation is critical to making informed business and policy decisions.
Published At
1/22/2024 8:32:08 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.