Generative AI could be a major threat to the job security of millions of people.
A recent study showed that using ChatGPT costs only 0.45 percent of the cost of hiring a senior data analyst earning approximately $90,000 annually — or 0.71 percent of a junior-level employee.
With the rise of Generative Artificial Intelligence, the debate about whether it will eventually replace human jobs has been discussed time and again, and rightly so. Some companies, including IBM, have already indicated that they will stop hiring for certain job roles to be filled by LLM-powered AI bots.
Now, a recent study found that using ChatGPT only costs 0.45 percent of the cost of hiring a senior data analyst who earns about $90,000 a year — or 0.71 percent of a junior-level employee. .
Researchers at Damo Academy, the research wing of Chinese e-commerce giant Alibaba and Singapore’s Nanyang Technological University, have revealed that using Large Language Models (LLMs) – such as GPT-4, which powers OpenAI’s ChatGPT – It costs less than 1% to hire one. While human analysts for data analysis are “turning into comparative performance.”
As reported in the South China Morning Post, the rise of generative AI could pose a serious threat to job security around the world, and has the power to ultimately transform the workforce.
Furthermore, with humans being humans—and generative AI being more efficient—the study states that AI takes a fraction of the time it would take a human to complete tasks.
The report states, “The GPT-4 can outperform even an entry-level human analyst in terms of performance, which was assessed through a range of metrics, including accuracy and flow on the charts and the insights they produce.” “
“However, GPT-4 fell behind humans in terms of presentation and formatting in some cases, including showing the correct data in the graphs,” the report said.
Goldman Sachs predicts that more than 300 million jobs could be lost due to AI in the near future.
The risk to jobs and then ultimately, the livelihood of humans is not the only fear that generative AI has to offer. Top AI researchers, including the godfather of AI, Geoffrey Hinton, have indicated that AI could be dangerous in the long term, and that far-fetched realities only shown in movies like Killer Robot could one day become reality if generative AI continues to advance. . In addition, OpenAI CEO Sam Altman himself joined experts in raising the “risk of extinction from AI”.
(With inputs from IANS)
