A few weeks ago the new U.S. Treasury Secretary Steven Mnuchin took some public flak for suggesting, in response to an interviewer’s question, that he was “not worried at all” that artificial intelligence would threaten the jobs of human workers, because in his view it is “50 or 100 years away.”
It’s not clear why Mnuchin would say that, but with respect, I have to correct him. Here’s a more accurate timetable for the likely economic impact by AI: Two years at most.
There’s growing evidence that as companies embrace AI to stay competitive, which they will, in the end these changes will create more jobs than they destroy.
The original question to Mnuchin was rooted in popular worries that AI will eliminate jobs in the near future. However there’s growing evidence that as companies embrace AI to stay competitive, which they will, in the end these changes will create more jobs than they destroy.
Earlier this year, ServiceNow commissioned a survey of senior executives at 1,874 companies of varying sizes across numerous industries in seven global markets. We asked their views on what automation might mean for their business in the next few years.
My point of view: on a micro basis the assumption is that the deprecation of the investment and the additional staff costs (and all related expenditures) will be surpassed by additional revenue from the existing customers or new customers using current services or new services. How often will that be the case?