Is AI Coming for Our Jobs?
In short, if we don’t embrace it, yes! The foot is really on the accelerator now. An AI system has reduced the forecasting period in one Corporation from 46 days to around 6, doing the job that graduates would usually do.
The impact of AI on the creative industries has been even more profound. A notable instance is Tyler Perry’s decision to halt funding for a new film studio after witnessing the capabilities of Sora, an AI-driven platform.
The Sora Phenomenon and Its Implications
Did anyone see the scary (in the traditional sense) Will Smith eating spaghetti video, created by AI, almost exactly a year ago?
Compare that to the amazing hi-res video demonstration, released earlier this year, Open AI’s Sora can produce now with just a few lines of text:
The leap in quality within one year is phenomenal. Similar leaps in photography have been made.
While this development highlights AI’s efficiency and cost-effectiveness, it also raises concerns about job displacement and the need for workforce adaptation. Certainly, this has cost many creatives work as what used to take teams of people to do can now be done by those who know how to use AI, albeit not quite perfectly yet and you often need that human in the loop.
Of course, it has been used by scammers
BBC presenter, Liz Bonin, is one victim of a lost job. Her likeness was used in an ad campaign without her knowledge or permission where scammers used AI to generate her voice and likeness to land an advertising job. They trousered £20k for their efforts: https://www.theguardian.com/technology/2024/apr/28/bbc-presenters-likeness-used-in-advert-after-firm-tricked-by-ai-generated-voice
What can we do about it
The adoption rate is still quite low, but it’s clear that this is the future and it’s important to learn how it will impact our industries, so as not to get left behind. Rather than viewing AI as a threat to our livelihoods, we should consider it a powerful tool that opens up new possibilities.
For all of us, the challenge will be to integrate these technologies in ways that complement and enhance human skills, not replace them. For accountants, the rise of AI means we can transition from traditional number crunchers to strategic advisors who offer more significant value through analytical insights and financial foresight. The key lies in leveraging AI to enhance our expertise and expand our service offerings.
