As GenAI emerges, Cognizant executive highlights its potential to bridge socio-economic gaps
The emergence of generative artificial intelligence (GenAI) in 2024 brings with it the promise of reshaping socio-economic dynamics, potentially acting as a powerful equaliser in society. As technological revolutions of the past have often exacerbated inequality, benefiting primarily the most educated and skilled individuals, the question arises: will GenAI follow the same pattern?
In contrast to its predecessors, GenAI possesses capabilities that set it apart, offering a glimpse of hope for a more equitable future. Ravi Kumar, representing Cognizant, emphasises the transformative potential of GenAI, envisioning it as a catalyst for societal change.
The unique features of GenAI contribute to its potential to level the playing field. Unlike previous technologies that required specialised programming skills, GenAI boasts a user-friendly interface, accessible through simple commands in natural language. This democratises access to powerful AI tools, enabling individuals across various skill levels to harness its capabilities.
A recent report titled “New Work, New World,” conducted in collaboration with Oxford Economics, sheds light on the economic impact of GenAI in the United States. The findings suggest that by 2032, GenAI could significantly contribute to GDP growth, boost worker productivity, and enhance overall economic productivity, paving the way for shared prosperity.
Furthermore, as GenAI becomes increasingly integrated into businesses, it is inevitable that the workforce will undergo significant adjustments. Cognizant’s research indicates that over the next decade, 90% of jobs will experience some degree of disruption. However, unlike previous technological shifts where productivity gains favoured skilled workers, GenAI appears to benefit less-experienced workers, accelerating individual learning and enabling rapid progression.
Moreover, GenAI’s adaptability to individual strengths and weaknesses broadens the spectrum of cognitive capabilities applicable across various roles, potentially benefiting a wider range of individuals.
The prospect of GenAI becoming the new great equaliser hinges on addressing potential challenges. Transparency in its usage, mitigation of detrimental effects, and the implementation of widespread reskilling programs are imperative to ensure equitable access and distribution of its benefits.
While it is still early days for GenAI, there is optimism regarding its potential to bridge the digital divide and create more opportunities for well-paying jobs, ultimately bolstering social mobility. As GenAI continues to evolve, it holds the promise of reshaping socio-economic structures and driving inclusive growth, offering hope for a more equitable future.
(The CEO of Cognizant will address the ET Now Global Business Summit 2024 in New Delhi on February 9-10.)
