While we are quite a ways away from Tony Stark’s “J.A.R.V.I.S,” artificial intelligence (AI) is becoming more responsive and interactive with humans and their needs. With recent advancements in technology, AI has become a hot topic extensively discussed among industry experts and the general public. 

As with any technological innovation, there are new concerns and challenges surrounding the regulation of AI and its potential to completely transform people’s lives around the world, and not necessarily in a good way.

One form of AI that has recently caught a lot of traction and attention is generative AI - AI models that are used to generate content. It can be used to generate images, music, and even text. This technology works by analyzing large amounts of data and using that information to create something new. 

ChatGPT and Dall-e have already started making an impact on various industries, including accounting and finance, marketing and advertising, and legal services. Legal services, for example, can be too costly for someone to hire. There are now companies incorporating AI into legal services which can read contracts faster and apparently more accurately than humans.

The rise of AI and generative AI as we know it today is somewhat akin to the dotcom hype of the early 2000’s and the ascent of Internet 2.0. Their emergence has revolutionized communication, access to knowledge, our ability to gather and analyze vast amounts of data, and created new forms of content. The workforce landscape will change, without a doubt. However, that may not necessarily mean that the change will be a gloomy one. New jobs will also be created, demanding an entirely new range of skills and practices.

As we are now well aware, the internet did not completely replace traditional jobs and businesses but instead enabled and assisted them. Similarly, while generative AI has the potential to create new jobs and opportunities, organizations aim to implement it in a way not to replace humans but instead assist and enable them.

However, concerns loom over employment and generative AIs potential to transform the job landscape as we know it.

One key concern surrounding the widespread adoption of generative AI is the impact it will have on job markets. According to a recent report by the World Economic Forum (WEF), automation and AI are expected to create 2.6 million jobs, with most roles for big data specialists, machine learning specialists, and data analysts. 

The WEF estimates that the top three fastest declining roles include bank tellers and related clerks, postal service clerks, and cashiers and ticket clerks. These likely changes invite organizations to adjust the way they work, adopting training for staff to get more familiar with big data and AI.

One of the world’s highest esteemed banks, Goldman Sachs, stated in a report that generative AI will likely impact 300 million jobs, a significantly higher estimate than that of WEF. In their report, they highlighted that in the US, 46% of office and administrative support roles can be automated, as well as legal (44%) and architecture and engineering (37%) tasks. 

The jobs least likely to be automated are the more physically intensive ones such as construction and crafts. Goldman Sachs Senior US software analyst, Kash Rangan, reiterates the main, key message that “generative AI can streamline business workflows, automate routine tasks, and give rise to a new generation of business applications,” accentuating AIs use in aiding humans perform their tasks.

Observing the jobs that are most likely to be automated with generative AI and the AI industry in general, Cyprus’ services sector, which contributed just over 73% of the island’s GDP in 2021, requires immediate action to facilitate the adoption of AI and training in using the technology. While the technology has the potential to streamline processes and reduce costs, it will also require investment in new skills and training for employees to adapt to these changes. These needs must become a priority for Cyprus as nearly 80% of Cyprus’ employees work in the services sector.

It is not only a critical point to note for employees, their skills, and job security, but also for businesses to remain competitive. Adopting technological advancements early grants organizations a competitive advantage in that they accumulate experience and competencies much earlier than their competitors. 

In Mckinsey’s “The State of AI” report in 2022, they highlighted that organizations that have adopted AI and generative AI are lightyears ahead of their competition, “we see more indications that these leaders are expanding their competitive advantage than we find evidence that others are catching up.”

As society continues to debate the implications of adopting technologies such as generative AI, it is imperative to at least test the technology and observe how it can be leveraged. According to the Financial Times, “Generative AI advocates say the systems can make workers more productive and more creative.”

On the other hand, people are struggling to rely on generative AI for accurate results. “The computers may come up with believable-sounding answers, but it’s impossible to completely trust anything they say. They make their best guess based on probabilistic assumptions informed by studying mountains of data, with no real understanding of what they produce.”

Adding even further to the uncertainty of adopting AI technology and promoting its development is seen in Elon Musk’s signing of a plea to halt organization’s AI development and implementation projects. The open letter came out only weeks after the release of ChatGPT-4, an even more powerful version of the generative AI. 

The letter states that “Advanced AI could represent a profound change in the history of life on Earth, and should be planned for and managed with commensurate care and resources… Unfortunately, this level of planning and management is not happening, even though recent months have seen AI labs locked in an out-of-control race to develop and deploy ever more powerful digital minds that no one - not even their creators - can understand, predict, or reliably control.”

Regardless of the various discussions, ponderings, and initiatives taken to implement or pause the development of generative AI and the AI industry, it is paramount for organizations and professionals to understand the technologies and experiment with them. Falling behind in adopting technology remains as a threat to organizations that dismiss AI as anything less than something that is globally transformative.

Cyprus and businesses based in Cyprus will ideally proactively follow the regulations and policies regarding generative AI and AI as a whole to not only continue developing its robust ICT sector, but also to ensure the safety and security of the workforce.