Research Finds Artificial Intelligence Can Enhance Worker Productivity By Up To 35%

A study examining the impact of artificial intelligence on workers' productivity has revealed that inexperienced and less skilled employees benefit significantly from AI assistance, with improvements of up to 35 per cent for those with the lowest skill levels. According to the study by the National Bureau of Economic Research, an American private non-profit research organisation, the research involved an assessment of the number of customer issues resolved per hour among 5,000 agents working for a Fortune 500 company. 

Researchers underscored the high turnover rate in the customer service sector, with approximately 60 per cent of agents in contact centres leaving their positions annually. This results in supervisors dedicating an average of 20 hours per week to training and mentoring new hires, incurring a cost ranging from $10,000 (Rs 8.31 lakh) to $20,000 (Rs 11.35 lakh) per agent for replacements. Leveraging generative AI to expedite the learning process for new employees could alleviate the time and resources expended by supervisors and trainers.

As businesses increasingly adopt AI technologies, a recent report from Goldman Sachs predicts that AI could enhance labour productivity and global GDP by up to 7 per cent in the next decade. However, the report also cautions that AI could impact over 300 million jobs worldwide, both by replacing and complementing existing roles.

One company fully embracing AI is Genies, led by its founder Akash Nigam. Nigam invests $2,400 per month in generative AI, specifically ChatGPT Plus, which is utilised by 120 employees for various work-related tasks. The Genies team employs ChatGPT for debugging code, scripting, drafting creative briefs, generating legal documents like internal policies, and responding to technical inquiries. Nigam regards ChatGPT as an invaluable operational partner that assists in maintaining focus and efficiency.

Supporters of integrating ChatGPT into the workplace emphasise its value in facilitating brainstorming and launching new projects. For instance, reporters can utilise it to structure outlines, obtain feedback and evaluations of completed tasks, and improve written content in corporate communications and email correspondence.

Nonetheless, not all businesses display enthusiasm for adopting ChatGPT. In fact, some go so far as to prohibit its use, citing concerns regarding user privacy and reservations about sharing sensitive client or proprietary data with the tool. Others contend that although this technology holds the potential for significant impacts on the corporate landscape, companies and HR teams need time to delve into the ramifications and formulate guidelines for this emerging technology.