Washington: Workers fearing that their employers could use artificial intelligence to replace them might be right, according to data in a Federal Reserve Bank of Richmond report.
In a survey conducted earlier this month of firms using AI since early 2022 in the Richmond, Virginia region, 45 per cent said they were automating tasks to reduce staffing and labour costs.
Artificial intelligence generated text – another possibility for the technology.Credit: Getty Images
The survey also found that almost all the firms are using automation technology to increase output.
“CFOs say their firms are tapping AI to automate a host of tasks, from paying suppliers, invoicing, procurement, financial reporting, and optimising facilities utilisation,” said Duke finance professor John Graham, academic director of the survey of 450 financial executives.
“This is on top of companies using ChatGPT to generate creative ideas and to draft job descriptions, contracts, marketing plans, and press releases.”
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The report stated that over the past year almost 60 per cent of companies surveyed have “have implemented software, equipment, or technology to automate tasks previously completed by employees.”
“These companies indicate that they use automation to increase product quality (58 per cent of firms), increase output (49 per cent), reduce labor costs (47 per cent), and substitute for workers (33 per cent).”
In a speech on Friday, Richmond Fed President Thomas Barkin said, “we may well also be seeing a move up in productivity, driven perhaps by automation or even AI”.
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