The utilization of artificial intelligence (AI) to automate tasks is on the rise among U. S. companies, according to a survey conducted by Duke University's Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. While companies have been automating tasks for generations, the survey revealed that 60% of companies are planning to incorporate software, equipment, and/or other technologies to automate tasks within the next 12 months, remaining consistent with the previous year's figure of 59%. However, the survey highlights a significant tipping point regarding the use of AI. Among businesses that anticipate automation within the next year, approximately 54% plan to employ AI tools to automate employee tasks, compared to 27% who do not. This is a notable contrast to the prior 12 months, during which 37% utilized AI for automation and 60% did not. Duke finance professor John Graham, the academic director of the survey, commented that CFOs reported utilizing AI for various tasks such as supplier payment, invoicing, procurement, financial reporting, and optimizing facility utilization. In addition, companies have been utilizing ChatGPT to generate creative ideas, draft job descriptions, contracts, marketing plans, and press releases. Large companies are leading the way in leveraging AI for automation, with 76% planning to adopt it in the coming year—a significant increase from the 55% observed in the previous year. However, small companies are also embracing AI, with 44% planning to use it for task automation within the next 12 months, compared to 32% who won't.

This is an increase from the 29% that did so in the prior 12 months. It's important to note that the survey does not indicate a complete replacement of human workers with AI, as employees perform multiple tasks within their roles. Nevertheless, the survey suggests that AI skills will become increasingly vital in the workplace, potentially sooner than expected. Reid Hoffman, cofounder of LinkedIn, estimates that within three to five years, humans will likely have an "agent copilot" to assist them with various tasks. He emphasizes that job transformation will occur, with human jobs being replaced by other humans utilizing AI. The goal is for individuals to learn, utilize, and execute AI effectively. In the long term, the impact of AI on the labor market could be significant. Venture capitalist Kai-Fu Lee reaffirmed his prediction from 2017 that AI will replace 50% of human jobs within the next decade. During a Fortune Innovation forum in Hong Kong, he stated that his timeline has proven to be unexpectedly accurate, with widespread belief supporting the pace of AI adoption since the emergence of generation AI.