AI replacing humans: Working faster than expected

(New York) - U.S. companies are rapidly using artificial intelligence (AI) to automate jobs once done entirely by humans in an effort to cut costs, boost profits and increase worker productivity.

According to a survey of finance executives released today, 61 percent of large U.S. companies plan to use AI within the next year to automate tasks performed by employees, ranging from paying suppliers and invoicing to preparing financial reports.

The survey, conducted by Duke University and the Federal Reserve Banks of Atlanta and Richmond, found that almost a third (32%) of companies, regardless of their size, plan to use AI in the next year to perform tasks once done by humans. Nearly six in 10 companies surveyed revealed that they have relied on software, devices or technologies, including AI, to automate in the past year.

Graham, a finance professor at Duke University, said in an interview with CNN: "You can't run an innovative company without seriously thinking about these technologies." You risk being left far behind."

The survey found that companies are turning to AI for multiple reasons, including improving product quality (58 percent), increasing production (49 percent), reducing labor costs (47 percent), and replacing employees (33 percent).

Still, Graham doesn't think AI will lead to mass unemployment, at least not at this stage. "In the short term, it's more about closing some loopholes or maybe not hiring people who were going to be hired, but not laying people off."

Hoffman, the co-founder of LinkedIn, also believes that AI will not completely replace humans, even years from now. "It's going to be a job transformation. Human jobs will be replaced, but by people using AI."