The epidemic and its consequent closure have accelerated the adoption of artificial intelligence (AI)-based business automation tools in the UK, according to a report by Faethm AI, a SaaS analytics platform.
Reports show that these AI tools could leave 1.4 million UK employees (or 4.8% of the workforce) off work this year.
According to Faethm AI, overlapping many existing roles is “a potential byproduct of technological change.” For countries to take advantage of potential productivity gains, governments must retain, retrain, and rearrange employees.
The report explains that the financial services industry as well as the wholesale and retail industry are at the most risk. These two sectors each account for nearly 5 million workers, of which nearly a tenth (932,000 full-time roles) play a role that can be automated.
Another potential problem is that job losses do not spread evenly across the country. With 5.3% of potentially affected workers, Wales is at the most risk, followed by Northern Ireland (5.2%) and Northwest England (5.1%).
But not everything is gloomy when it comes to AI adoption. The report also says that technology can augment human tasks, allowing people to get rid of their daily tasks and focus more on their creative tasks.
Faethm claims that 2.9% of work in the UK could be improved through AI, resulting in a 1.3% capacity increase across the economy. This means that the time it takes to complete work activities is reduced by 1.3%.