Bergur Thormundsson
Research expert covering technology in the Nordics, AI and smart cities
Get in touch with us nowA far-reaching and growing market
Generative AI is the latest innovation in the AI sphere, a large subindustry that is expected to go from strength to strength in the coming decade. Initial applications of generative AI have primarily been in artistic and creative processes, such as image creation and writing. However, through 2023 and into 2024, generative AI has been increasingly tested for a variety of additional business functions. As a result, its potential impact on industries around the globe cannot be understated, generating significant value in the high-tech, retail, and banking sectors to name just a few. Generative AI is thus poised to influence nearly all areas of the economy.Impact on previously protected fields
Generative AI represents a unique shift in the automation process for industries and professions globally. Whereas before automation was most likely to impact simple task professions, replacing manual labor, generative AI enables automation to target tasks that deal with texts and content creation like never before. A prime example of this would be lower-level legal functions or human resource work, particularly data management tasks of little ambiguity, such as the correct filling of certain paperwork or documents. These tasks might soon be delegated to generative AI assistants, ushering in a new era of professional upheaval that will require people and companies to reskill and refocus their efforts on adapting to the capabilities of AI programs.Opportunities for those quick enough to seize them
The rise of generative AI programs is expected to revolutionize the workforce in a significantly different way to previous waves of automation. This change should be a cause for concern for both businesses and individual workers. At a business level, firms will need to observe how competitors are adopting generative AI solutions, as well as avoiding any wastage in labor. For workers, there will be increased pressure to reskill and remain competent. While a cause for concern, generative AI also provides opportunities for those who can act swiftly and adapt, utilizing AI assistants such as Google’s Bard or Microsoft’s Copilot, enabling them to keep ahead in the AI race.
