𝐖𝐡𝐲 𝐀𝐈 𝐰𝐢𝐥𝐥 𝒏𝒐𝒕 𝐭𝐚𝐤𝐞 𝐨𝐮𝐫 𝐣𝐨𝐛𝐬

This article is written by Automationboutique

AI has the potential to automate 60–70% of tasks that employees do today, as estimated by McKinsey & Company in June.

But is AI set to replace the majority of jobs? No, it isn’t.

A new MIT study sheds new light on the role of AI in automating jobs.

The MIT researchers analysed the tasks AI would need to perform to replace jobs. They found that, while AI could technically handle specific tasks, the financial investment is currently too high for most companies. For example, a case study the researchers did shows that automating a part of a baker’s job using AI will be way more expensive than the savings the bakers get from the automation itself (… we think the 🤖 loaf might not taste as good either).

This is a situation that we encounter regularly.

In those cases, we don’t just look at what can be automated; we carefully weigh whether it should be, economically and ethically. If things don’t add up, we don’t push for automation. It is about finding that sweet spot where humans and AI collaborate, each doing what they do best, improving the workplace, not diminishing it.

Having strong principles in place can make all the difference in making the most of new technology.

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February 19, 2024

Comments

  1. Alex.Clearbox

    Machine Learning as a subset of AI can perform cash flow forecasting and Treasury account reconciliation, although with some caveats regarding data being clean and past representing the future.
    If one writes memos or reports, then it could help writing the first version of that. Meeting notes based on transcripts are also a good place.

    Automation, in my mind, has more impact on Treasury function and opportunity to transform it. Processes that are standardized, stable, with algorithmic decision-making, and digital stand a good chance to be highly automated.
    Anything like data gathering, ensuring that data is the same across different systems, regular reporting is a good candidate.
    One could even venture to other areas, such as FX Risk Management, for example.

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