Breaking News :

COMEX Global Technology Show 2024 Kicks off

HM The Sultan Arrives in Kuwait

Kuwaiti diplomat: Omani Sultan’s Kuwait visit indicative of strong ties

UAE President holds dinner banquet at Qasr Al Watan in honour of Sultan Haitham bin Tariq

UAE President receives Sultan of Oman upon arrival in UAE on state visit

Oman and UAE: Fraternal Bonds, Strategic Relations and Economic Partnership

OIA Announces Social Investment Policy, Launches “Qimam” Platform

POPS Supervisory Committee Holds First Meeting in 2024

Bank Muscat’s Sayyarati Auto Finance Option Comes with the Best Financing Facilities for Customers

“Ooredoo Oman Welcomes Khawla Al-Amiri as Chief People Officer, Reinforcing Commitment to Local Leadership Empowerment”

Bank Muscat Launches EAGLEs Programme: A Pioneering Leadership Engagement Across Branch Network

“Forging Tomorrow: A Global Imperative for Advanced AI Infrastructure”

“High-Paying Careers in Artificial Intelligence: Securing Your Future in the Evolving Job Market”

HM The Sultan Issues Two Royal Decrees

Unlocking New Horizons for Entrepreneurs: The Fourth Industrial Revolution

Royal Army of Oman Celebrates Passing Out of Officer Cadets, University Officers

HM The Sultan Offers Condolences on the Death of Kuwaiti Emir

HM The Sultan Gives Audience to Business People in India

HH Sayyid Theyazin Conveys HM The Sultan’s Greetings to Russian President

First Muscat Dialogue Sessions Begin

Oman and Switzerland Strengthen Bilateral Cooperation with Multiple Memoranda of Understanding

Empowering Coastal Women in Oman: “Mina” Project Unveiled

Information Minister Affirms Keenness to Strengthen Communication with International Media Institutions

“Oman’s Education and Innovation Drive: Sultan Haitham’s Vision”

UAE Space Agency launches National Space Academy to develop national cadres

HM The Sultan Presides over 8th Term Convening of Council of Oman

Selecting Topics Phase Launched of “Together we Make Progress” Forum

HM The Sultan Issues 2 Royal Decrees

Interior Minister visits Operations Chamber of Shura Council Elections

Omanis Cast Ballots for Shura Council’s 10th Term Membership

“Navigating Talent Challenges in Oman’s Telecom Sector”

“Bank Merger in Oman: A Human Resources Transformation Story”

Omantel’s 5G Excellence Recognized with “Samena Communications Award”

NHS scientist awarded £58,000 after being named ‘Paininarse’ on spreadsheet

‘Kill list’ | Mystery doc shows list of LinkedIn staff facing redundancy, days before HR announcement

HM The Sultan Receives Ambassadors’ Credentials

“Empowering Omani Women: A Message of Hope and Progress”

Mohammed bin Rashid opens GITEX GLOBAL

HH Sayyid Bilarab Chairs Meeting of Omani Startups’ Supervisory Committee

“Dhi Yazan bin Haitham Al Said Inaugurates Duqm Economic Forum “

Omani Woman: Clear Vision & Remarkable Achievements

“Strategies for Cultivating a Healthy and Productive Work Environment”

“Essential Reading for HR Professionals: 17 HR Books You Can’t Miss in 2023”

“Future-Proofing Your Career: Essential Skills for Tomorrow’s Job Market”

MAWARED annual book

Transformational Leadership: Inspiring Change and Achieving Excellence

“al sulaam Program (Episode four) with Dr. Aamal al bussaidi .”

“al sullam Program (Episode Two) with Dr. Ahmed Al-Ghusani.”

Nama Group and Omani Society for Human Resource Management (OSHRM) announce strategic partnership in Human Resources development

Saudi Oil Giant Aramco Announces $121 Billion Profit in 2023

Tender Board Signs Agreements with Karwa Motors on Government Procurement, School Bus Purchase

Najahi Business Banking from Bank Muscat: Empowering Small Businesses

His Majesty Exchanges Ramadan Greetings With Arab, Islamic Leaders

A’Rustaq Hospital Diagnoses Child with Gastric Wall Vein Bleeding

QCB Launches ‘FAWRAN’ Instant Payment Service

National Development Fund Partners with World Economic Forum

Qatar Chairs 49th Meeting of GCC Standing Committee for Combating Harmful Practices in International Trade

Saudi Arabia’s Air Connectivity Program Signs Deal with Eurowings to Enhance Air Connectivity between Saudi Arabia and the EU

HM King presented unique development model: Omani Ambassador

July 14, 2024

Humans still cheaper than AI in vast majority of jobs: MIT study

Artificial intelligence can’t replace the majority of jobs right now in cost-effective ways, the Massachusetts Institute of Technology found in a study that sought to address fears about AI replacing humans in a swath of industries.

In one of the first in-depth probes of the viability of AI displacing labor, researchers modeled the cost attractiveness of automating various tasks in the US, concentrating on jobs where computer vision was employed — for instance, teachers and property appraisers. They found only 23 percent of workers, measured in terms of dollar wages, could be effectively supplanted. In other cases, because AI-assisted visual recognition is expensive to install and operate, humans did the job more economically.

The adoption of AI across industries accelerated last year after OpenAI’s ChatGPT and other generative tools showed the technology’s potential. Tech firms from Microsoft Corp. and Alphabet Inc. in the US to Baidu Inc. and Alibaba Group Holding Ltd. in China rolled out new AI services and ramped up development plans — at a pace that some industry leaders cautioned was recklessly fast.

Fears about AI’s impact on jobs have long been a central concern.

“‘Machines will steal our jobs’ is a sentiment frequently expressed during times of rapid technological change. Such anxiety has re-emerged with the creation of large language models, the re-searchers from MIT’s Computer Science and Artificial Intelligence Laboratory said in the 45-page paper titled ‘Beyond AI Exposure.’ “We find that only 23 percent of worker compensation ‘exposed’ to AI computer vision would be cost-effective for firms to automate because of the large upfront costs of AI systems.”

Computer vision is a field of AI that enables machines to derive meaningful information from digital images and other visual inputs, with its most ubiquitous applications showing up in object detection systems for autonomous driving or in helping categorize photos on smartphones.

The cost-benefit ratio of computer vision is most favorable in seg-ments like retail, transportation, and warehousing, all areas where Walmart Inc. and Inc. are prominent. It’s also feasible in the health-care context, MIT’s paper said.

A more aggressive AI rollout, especially via AI-as-a-service subscription offerings, could scale up other uses and make them more viable, the authors said.

The study was funded by the MIT-IBM Watson AI Lab and used online surveys to collect data on about 1,000 visually-assisted tasks across 800 occupations. Only 3 percent of such tasks can be automated cost-effectively today, but that could rise to 40 percent by 2030 if data costs fall and accuracy improves, the researchers said.

The sophistication of ChatGPT and rivals like Google’s Bard has rekindled concern about AI plundering jobs, as the new chatbots show proficiency in tasks previously only humans were capable of performing.

The International Monetary Fund said last week that almost 40 percent of jobs globally would be impacted and that policymakers would need to carefully balance AI’s potential with the negative fallout.

At the World Economic Forum at Davos last week, many discussions focused on AI displacing the workforce. The co-founder of Inflection AI and Google’s DeepMind, Mustafa Suleyman, said that AI systems are “fundamentally labor-replacing tools.”

One case study in the paper looked at a hypothetical bakery. Bakers visually inspect ingredients for quality control on a daily basis, but that comprises only 6 percent of their duties, the researchers said.

The saving in time and wages from implementing cameras and an AI system is still far from the cost of such a technological upgrade, they concluded.

“Our study examines the usage of computer vision across the economy, examining its applicability to each occupation across nearly every industry and sector,” said Neil Thompson, director of the FutureTech Research Project at the MIT Computer Science and Artificial Intelligence Lab. “We show that there will be more automation in retail and healthcare, and less in areas like construction, mining or real estate,” he said via email.

Read Previous

In pictures: Dubai’s most expensive mega mansions for sale in 2024

Read Next

Meethaq Receives Oman’s Most Trusted Islamic Banking Brand

Most Popular