Lee Bressler Points Out Distinctions Between AI & Automation
Financial services industry professional Lee Bressler addresses the importance of distinguishing between artificial intelligence and process automation.
With machine learning and AI two incredibly hot topics throughout 2018 and going into 2019, Lee Bressler looks at the key differences between groundbreaking artificial intelligence and more straightforward process automation as he debunks a number of myths surrounding the technology.
“There has been much talk about the ways in which artificial intelligence could replace current workers in the not-too-distant future,” says Bressler, an equity fund portfolio manager based in New York City.
Indeed, according to researchers at the University of Oxford, a collegiate research university in Oxford, England, as many as 47 percent of jobs in the United States could be at risk of replacement by artificial intelligence, robots, and other forms of automated technology by 2040.
According to Bressler, however, the threat may not be as real or as significant as it seems. “There’s something of a misconception that artificial intelligence and associated technologies will lead to huge company layoffs and massive spikes in unemployment,” he explains.
“While there is little doubt,”Lee Bressler continues, “that these technologies will ultimately replace certain job roles and tasks, the panic surrounding artificial intelligence is largely unnecessary.”
First and foremost, people must take into consideration the difference between artificial intelligence and more straightforward task automation, says Bressler. “There needs to be more clarity between what constitutes artificial intelligence and what simply amounts to automation,” he explains, “whereby which automation employs technology solely to tackle low level, often highly repetitive tasks, which may or may not currently be handled by human workers.”
Artificial intelligence, on the other hand, according to Lee Bressler, is much smarter. “Artificial intelligence works to pull together new insights, identify patterns, predict behaviors, and enhance customer experiences, among other things,” he explains, “but still relies heavily on data engineers and data scientists to maintain and refine the necessary algorithms.”
He continues, “While artificially intelligent solutions are capable of handling vast amounts of data more accurately and more efficiently than a human counterpart, as well as tackling many other tasks, they will always need intervention from humans.”
Accordingly, Lee Bressler says that while automation will undoubtedly replace certain roles, increased efficacy of processes as a result will open up new roles, and create demand for those skilled and in a position to oversee such matters.
“Ultimately,” he adds, wrapping up, “the true role of artificial intelligence right now, and in the immediate future, is to augment human capabilities and intelligence, and not simply to replace the
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