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We don't often turn to a press release when writing this column. But this week, one from D&B really caught our eye, when they released the results of a survey noting - contrary to what we've been hearing - that artificial intelligence ("AI") is actually resulting in the creation of jobs.
Specifically, their data show, five times as many companies are adding jobs as a result of AI, rather than those who are cutting back.
Now, we must add a caveat. The survey sample was comprised of 100 companies at last month's AI World Conference and Expo in Boston.
So we can't say this is remotely a random sample of businesses. But in scanning the names of those present, it might just represent a good selection of companies actively implementing AI solutions.
We mention this because the main narrative we've all been hearing for a couple of years now (including on a 60 Minutes segment just last night) is how AI will be devastating to jobs. In fact, American-educated Chinese AI entrepreneur Kai-Fu Lee told 60 Minutes that "AI will increasingly replace repetitive jobs. Not just for blue-collar work but a lot of white-collar work." Lee also asserted that "all together in 15 years [AI is] going to displace about 40 percent of the jobs in the world."
Well, we don't doubt for a minute that that's true. "Repetitive jobs" have been disappearing - and will continue to do so for the foreseeable future.
But we've never bought the argument about the catastrophic loss of jobs. After all, we're at least 200 years into a never-ending cycle of technology improvements, and somehow, jobs have never disappeared.
It's important to note, though, that all of these technological improvements are disruptive. You don't want to be on the wrong side of what's going on.
 Nearly half of the respondents have at least some difficulty understanding how their AI systems arrive at their conclusions, with only one-third saying that they fully understand how their AI systems have come to their conclusions.
-- D&B Survey
Today, there are some amazing AI technologies being implemented in credit departments. We see - and report on and analyze - the technologies being developed by the vendors servicing the credit profession. Their innovations are amazing.
Certainly, because of those technological developments, credit departments are shrinking. But there is still a role - more important than ever - for the head person in credit, with AI allowing you to be more productive than ever.
What used to require a staff of 40 (and lots of headaches), can often be accomplished with just 10 today. We report on these success stories all the time. These stories always include better results and better quality control. But they are only possible for those who are embracing the opportunities brought by AI.
It's not easy, we know.
In fact, something kind of funny caught our eye from the D&B survey. Almost half of those involved in this (and this survey is from an AI conference!) don't understand what's going on!
"Nearly half of the respondents," D&B noted, "have at least some difficulty understanding how their AI systems arrive at their conclusions," with only one-third saying "that they fully understand how their AI systems have come to their conclusions."
Well, how do you like that?
Even those involved in AI enough to attend an AI conference can't explain how it works!
Well, we think that spells opportunity.
And we will observe the old adage that "there's no such thing as a dumb question." When you are exploring AI (or any software solution), never be afraid to ask questions until you have a full grasp of what's going to happen!
Second, make sure you're on the right end of any changes. Be the one implementing, innovating, saving money, becoming more efficient, and driving the change. It's difficult. Sure, but better than the alternative.
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