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Corporate America thinks AI will be massively disruptive.
It’s estimated to fuel 20% – 50% productivity gains for many jobs.
That means companies can dramatically reduce the number of employees.
Here are two recent examples…
Geico recently cut its workforce by 20%.
That resulted in the elimination of nearly 8,000 jobs last year.
Geico says it’s working to streamline its technology stack. And that it’ll create efficiency gains along the way.
You have to imagine that Artificial Intelligence is playing a big role in the cuts at Berkshire’s auto insurance company.
IBM Replaces 8,000 Jobs with AI.
Last December IBM said it was “massively upskilling all employees on AI.”
That came after announcing that 8,000 employees would be replaced by AI.
AI is the biggest technological breakthrough since the Internet.
The biggest hedge funds and high frequency traders are already using this technology. And the biggest asset managers are using it for their clients.
Ian