Thomas Roulet, a professor of organizational sociology and leadership at the University of Cambridge, told Business Insider that while AI is often viewed as a tool for job and cost reduction, particularly in tech firms, its anticipated efficiency benefits have not yet fully emerged. Many companies investing in AI remain uncertain about how these gains will be achieved.
This sentiment aligns with Bain & Company's recent annual technology report, which noted that although AI is expected to enhance productivity, most organizations have not yet realized significant cost savings or revenue growth. The report highlighted that companies are still struggling to find the right approach to unlock AI's potential at scale.
A study by Danish economists, tracking 25,000 workers across 7,000 workplaces, found that the widespread use of AI chatbots has not significantly impacted earnings or working hours, according to a working paper published in May.
However, not everyone agrees. Kevin O'Leary, a "Shark Tank" investor with stakes in numerous small businesses, told Business Insider that AI's productivity benefits are measurable "on a dollar-by-dollar basis." He cautioned that ignoring AI could lead to companies being seen as outdated, but warned against adopting AI merely for appearances. Instead, firms should strategically consider how to effectively integrate the technology.
AI's Potential to Widen Inequality
Roulet emphasized that AI's benefits will likely be unevenly distributed, potentially deepening workplace inequality. As AI automates more tasks, the gap may widen between workers with skills that complement AI—such as software developers and creative professionals—and those in roles like administrative or manual labor, which are less aligned with AI capabilities.
Goldman Sachs economists predicted in August that generative AI could displace 6-7% of U.S. workers. Data from Revelio Labs, a workforce intelligence firm, indicates that roles such as information specialists, business analysts, and operations administrators have seen the most significant declines in open positions over the past two years.
Global AI spending is projected to nearly double, from under $1 trillion last year to over $2 trillion by 2026, according to Gartner. Tech giants like OpenAI and Oracle are investing heavily in AI microchips, data centers, and infrastructure. However, Roulet noted that this focus on AI investment may come at the expense of other sectors, including those that produce the high-quality data needed to train AI systems.
The Importance of Adapting to AI
Roulet advised young workers to be strategic in developing skills, as AI could render some obsolete while future technological shifts might further disrupt the job market. He stressed the importance of cultivating "learning skills" and a passion for continuous learning to remain adaptable to evolving workplace demands.