At DevReady, one of our values is Continuous Growth. We say that we never stop learning. We constantly improve ourselves, our products, our services, and our operations. This is a critical principle for any person or organization that desires to grow and make an impact in this world.
As the Age of AI is dawning, this principle is no longer only critical; it is existential. In fact, Peter Diamandis says “There will be two kinds of companies at the end of this decade… Those that are fully utilizing AI, and those that are out of business.”1
You can’t afford to wait. We can’t afford to wait. The AI Disruption is here, and we must take action.
AI is Here
As we start 2024, 180 million people use ChatGPT. The website had 1.6 billion visits in December alone. Tesla’s AutoPilot (Full Self Driving or FSD) has been in production for some time, and with the latest advances in AI, it will not be long before it reaches Level 5 autonomy and has the ability to operate in any condition without human intervention.
AI is here, and the full impact is hard to comprehend. The way most people are experiencing AI through ChatGPT is incredible, but it is also extremely limited compared to what AI will empower us to do within the next few years. Diamandis says that, by the end of the decade, “we’ll reinvent every industry”.2
The truth is that AI will transform every aspect of our lives in the way that the discovery of electricity changed the world in the 19th and 20th centuries – but our world will transform in 10 years instead of 200 years, as was the case with electricity.
AI Disruption in Business Models
PricewaterhouseCoopers reports that “AI, robotics and other forms of smart automation have the potential to bring great economic benefits, contributing up to $15 trillion to global GDP by 2030.”3 No one denies the potential benefit of AI. Even those who are very concerned about the implications of AI cannot help but also acknowledge the enormous benefit. Even Garry Kasparov, the chess grandmaster who lost a game to IBM’s Deep Blue in 1997, saw the benefit. He coined the term ‘Centaur’ to describe how both humans and artificial intelligence would learn from each other how to play better chess. It’s true for Kasparov and the game of chess, and it’s true for today’s business leaders and every organization.
AI will disrupt everything. But it might not disrupt in the way that you think. The future of AI in the workplace (and in everyday life) will look more like Tony Stark working with Jarvis. Everyone will have a super-intelligent co-pilot. Forward-thinking business leaders need to consider every role and every process in their organization and explore how AI might be deployed.
Disruption in the Workforce
There is always another side of the coin when it comes to disruption – those who are being disrupted. Make no mistake, the disruption caused by the Age of AI will be like nothing the world has ever seen.
Goldman Sachs predicts that 300 million jobs will be lost or degraded globally.4 The World Economic Forum suggests that 14 million jobs (or 2% of total employment) could be affected by 2027.5 Some say these estimates are too optimistic. We mentioned Tesla’s FSD earlier. How long will it be before the 6 million people who drive for a living will be displaced?
At the risk of being repetitive, this will change everything. This IS changing everything.
However, Goldman Sachs also predicts that 7% of current US employment will be ‘substituted’ by AI while 63% will be complemented and 30% will be unaffected. In other words, AI will ultimately boost total output despite the massive workforce disruption. History teaches us this lesson as well. 60% of workers today are employed in occupations that did not exist in 1940. That means that 85% of new jobs in the last 80 years are explained by the creation of new roles using new technology.
Where do we go from here?
As I mentioned at the start, one of our values at DevReady is Continuous Growth. Another value we have that is equally important is Strategic Impact. For us, this means that we invest our corporate and individual resources in opportunities that have the potential to provide an exponential return. History has never seen the rapid change that is about to happen. But history has also never seen the amount of opportunity that is available right now.
Some will be left behind. However, many will find ways to leverage AI in a way that will create extraordinary value for themselves and for our world. We get to choose which role we will play.
– Written by Michael Shrader, CEO