AI is Replacing Human Tasks Faster Than You Think

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AI is Replacing Human Tasks Faster Than You Think
Corporate America is swiftly integrating artificial intelligence to automate work traditionally done by humans. According to a survey released Thursday by Duke University and the Federal Reserve Banks of Atlanta and Richmond, 61% of large U.S. firms plan to use AI within the next year to automate tasks previously handled by employees.
These tasks range from paying suppliers and processing invoices to financial reporting. Some businesses are already leveraging AI chatbots like ChatGPT for creative tasks, such as crafting job posts, writing press releases, and building marketing campaigns.
The survey findings indicate a growing reliance on AI to reduce costs, increase profits, and boost worker productivity. “You can’t be running an innovative company without seriously considering these technologies. You run the risk of being left behind,” said John Graham, Duke finance professor and academic director of the survey, in an interview with CNN.
The CFO Survey, a collaboration between Duke and the Atlanta and Richmond Fed banks, revealed that nearly one in three firms, regardless of size, plan to use AI in the next year for tasks traditionally performed by humans.
Why Companies are Adopting AI
The trend is particularly prominent among larger firms with the financial resources to invest in AI. Nearly 60% of all companies surveyed, and 84% of large companies, reported using software, equipment, or technology, including AI, to automate tasks over the past year. The survey was conducted between May 13 and June 3.
Companies are deploying AI for various reasons, including improving product quality (58% of firms), increasing output (49%), reducing labor costs (47%), and substituting for workers (33%).
Despite concerns about job loss, some experts believe AI won’t cause mass unemployment immediately. “I don’t think there will be a lot of job loss in the next year,” Graham noted. “In the short run, this will be more about plugging some holes and possibly not hiring someone they would have otherwise — but not laying someone off. In part, that’s because this is all brand new.”
AI as Co-Pilots
Workers will still feel the impact of AI adoption. “This could give humans more time to prioritize what is most important and rewarding,” Graham said. Reid Hoffman, co-founder of LinkedIn, suggested that AI will disrupt some jobs but not immediately. “Years, not decades, but years, not months,” Hoffman said, predicting that in three to five years, we will all have AI co-pilots assisting us in various tasks, from cooking dinner to professional duties.
Hoffman emphasized that AI will transform jobs rather than eliminate them. “Human jobs will be replaced — but by other humans using AI,” he explained. “The whole idea is to be the human who is using AI, to learn it, to do it, to make it happen.”
AI and Inflation
In the meantime, both employers and employees remain concerned about the cost of living and inflation. The CFO Survey identified inflation as the second biggest concern for U.S. chief financial officers for the coming year, following interest rates and monetary policy. Most CFOs (57%) expect their product prices to rise at a faster-than-normal pace this year.
Interestingly, companies that have implemented automation over the past 12 months anticipate slower price hikes compared to those that haven’t. Graham indicated that while AI could eventually help moderate price increases, it is unlikely to be a major force in easing inflation in the near term. “It doesn’t feel like it will be the cure in the next year,” he said.
Significant Risks
The rapid adoption of AI raises concerns about safeguards and regulatory frameworks. Treasury Secretary Janet Yellen recently warned that AI’s use in finance presents both “tremendous opportunities and significant risks.” A report by Senator Gary Peters, chair of the Homeland Security and Government Affairs Committee, highlighted that existing regulations inadequately address AI usage in hedge funds, noting a lack of requirements for human involvement in decision-making, including trading decisions.
Graham advised that companies across all industries should have robust risk management systems and redundancies as they experiment with AI. “There has been rapid adoption of AI,” he said. “I hope it’s being done with a grain of salt. There will be some situations where companies have embarrassing products or supply chain issues because they moved a little too fast.”

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