British analytics software provider Automated Analytics has refuted claims that artificial intelligence (AI) will cause mass job losses, noting that the technology has more upsides for businesses. According to a recently published white paper, the company claimed that none of its 5,000 clients in the UK or US laid off their employees because of AI implementations.
The Whitepaper challenges the popular yet erroneous notion that the adoption of AI tools will lead to mass displacements of employees, with AI taking over their jobs. However, a YouGov survey shows that more than half of senior decision-makers in the UK still believe it to be true.
AI offers significant benefits without job losses
According to the 52-page Whitepaper titled Unlocking Data, Unlocking People: Harnessing the Power of AI to Transform Your Business, AI adoption led to £33.4 million in cost savings for the company’s clients in 2023. The report also highlighted additional benefits, including a 27% reduction in customer service calls, a 48.2% decrease in Google Ads cost per acquisition, a 32% increase in hires, and a 58% reduction in hiring costs.
These results are from analyzing the Automated Analytics software’s impact on its clients’ operations in the UK and the US. With a wide range of clients, including Restaurant Management Group, British Gas Dyno-Rod, Fourth, Europcar, KFC, and Hamptons Estate Agents, the company gained valuable insights across multiple industries.
Interestingly, the company discovered that large businesses that need to analyze vast amounts of data benefit more from using AI tools as they help with fast data analysis, providing them with relevant and unbiased insights to improve their decision-making.
It said:
“Businesses making use of Supervised Al data analysis can use its power to better enhance advertising strategies, optimise resource allocation, offer a better customer journey and improve operational efficiency to increase profits.”
Commenting on the significance of its report, Automated Analytics CEO Mark Taylor noted that the technology’s potential outweighs the risk, and the UK cannot afford to be left behind in the race to adopt it.
He said:
“AI is not about replacing jobs; it’s about enhancing productivity and creating new opportunities. Our white paper provides concrete examples of how AI can drive growth, efficiency, and competitiveness. The UK cannot afford to lag behind in this critical area.”
Meanwhile, the report also observed that small businesses also stand to gain a competitive edge by adopting AI, allowing them to operate at a greater scale even with fewer resources. It noted that instead of supplanting humans, the technology will augment their efforts by handling the data-intensive part of the work, enabling them to focus on the strategic areas and avoid burnout.
UK businesses at risk due to low AI adoption
While the report focused on AI’s benefits, it also expressed concerns about the low level of adoption by UK businesses, citing key business leaders’ incorrect perceptions of its benefits. The company noted that this is what the Whitepaper wants to correct as it could hurt economic development in the country.
According to Taylor, the UK has been more focused on regulating the technology than adopting it. Despite efforts by the government to encourage adoption by small and medium-scale businesses, many have still chosen to be cautious, although their fears are baseless.
It warned:
“This reluctance could spell trouble for the UK economy because without greater AI adoption, UK businesses may lose their competitive edge to more aggressive US firms.”
Nevertheless, the report acknowledged the barriers to adoption, particularly the trust and ethical concerns about the technology. It noted that these issues are solvable when there is greater transparency about AI’s capabilities and stakeholder involvement in the development and deployment of the tools.
Source: https://www.cryptopolitan.com/ai-will-not-replace-human-workers/