In the bustling setting of the Stern School of Business at New York University, a conversation buzzed through my mind a few months ago. It was a call from my friend, Vasant Dhar, a savant in machine learning and data science. He introduced me to the Damodaran Bot, a dazzling AI creation that had delved into every facet of my work – from my writings to webcasts and valuations. The Bot stood on the threshold of surpassing my capabilities by valuing companies, competing against the sharpest minds amongst my students. The outcome of this fierce contest remains in the air, leaving me pondering over the future – will AI overshadow my expertise, heralding my obsolescence, or will it falter, implying a lack in my ability to impart knowledge?
The emergence of artificial intelligence represents a convergence of two potent forces – the burgeoning computing power and the abundance of data in all its forms. As an AI novice, I perceive it to hold an edge over humans in three distinct aspects:
- In mechanical/formulaic tasks, devoid of intuition
- In disciplines governed by rules, instead of principles
- In scenarios where definitive answers take precedence over subjective judgments
Translating this into a personal context, the threat posed by AI to one’s profession intensifies if the job relies heavily on mechanical tasks, rule-based operations, and objective outcomes. Conversely, jobs rooted in intuition, principles, and the art of judgment are less likely to be usurped by AI. While the current rendition of AI may not supplant traditional job roles, its rapid evolution holds the promise of assimilating knowledge from our actions. In the face of this impending revolution, how can one resist the tide of automation and AI?
Here are four key insights to navigate this shifting landscape successfully:
- Uphold the power of generalization in a world fixated on specialization
- Embrace a valuation methodology rooted in narratives and enriched through qualitative data
- Encourage critical reasoning over frequent recourse to online answers
- Cultivate creativity through the ability to connect disparate dots, a skill unique to human cognition
Some theorists paint a dystopian picture of technology companies priming us for AI subjugation through specialized products, fragmenting our rationality in the process. As AI edges closer to coalescing with human endeavors, the specter of obsolescence looms large, necessitating preemptive actions. While my own confrontation with the AI threat looms, the journey toward fortifying ourselves against this dawn remains unwritten.
As pondering over responses to the AI incursion, three strategies come to light:
- Guard your workflow clandestinely to evade AI tracking
- Advocate for regulatory safeguards against AI disruption
- Erect strategic defenses, akin to a “moat,” insulating your unique contributions to your profession
Whether one deems the AI threat to be exaggerated or underplayed, the ramifications of overlooking its potential are profound. By embracing proactive measures today, we pave the way for adept adaptation, underscoring the urgency of mitigating the AI threat for the collective advancement of society.
