The danger posed by AI to white collar jobs

Artificial Intelligence (AI) or the so-called Blue Collar jobs are currently changing and taking the market by storm. With the advancement in scientific innovations, firms seek to have AI and robots that are fast and showing progress in the job place.

The latest report by Organization for Economic Cooperation and Development (OECD) reports that in the developed countries, there is a possibility of automating 14% of all Jobs. Automation starts from the first Jobs, where image recognition and machine learning have grown at high speed.

Some of the white-collar jobs under threat in the present world due to AI are in the fields of finance, medicine, law and recruitment.

•Finance

Handling finance in an organization involves logistical issues such as assessing investment risks and estimation of overseeing compliance. The work also includes managing portfolios for the firm, the same as many accounting processes required.

Financial institutions are opting to use AI with the percentage growing to 32% as a study by Deloitte auditing firm notes. The firm also reported that an additional 40% of financial institutions are in consideration of using AI. When a company employs such a technology in its financial management, it is likely to cut its staff by 30% hence a threat to such a white-collar job.

•Medicine

The world is moving from the traditional methods of treatment where doctors could give prescriptions. Radiology, for example, is one of the specialties under which we attain image recognition.

Through the use of the algorithm in the US, doctors can detect 96% of cases for tuberculosis. Such is a high number hence a high substitution of human resources in the health operations. The study has also shown that AI is capable of diagnosing health conditions through the use of CT scans attaining accuracy of 91%.

Other technologies, such as data bank created by the French Society of Radiology with 500 million radiology files to enable AI-based analysis to pose a threat to the white-collar jobs in this sector.

•Law

A study in 2018 comparing the accuracy and efficiency of detecting errors in a contract between AI and 20 US lawyers found that AI has the capability of detecting errors in multiple contracts simultaneously within 26 seconds and with an accuracy of 94%.

On the other hand, the same task cost 20 US lawyers about 92 minutes while achieving an accuracy level of 85%.

The above outcome is a clear indicator of how Lawyers are at risk of losing their jobs to the AI, which is more effective and efficient in that line of work.

•Recruitment

Algorithms such as HireVue have taken the marked aiding in the selection of the best candidates to avoid the habit of trying to impress the interviewer in a job interview.

The software assesses video interviews of a job seeker through the utilization of AI. Large firms such as Goldman Sachs use this technology, which is in use by more than 600 farms.

Such programs pose a threat to human job interviewers in large firms; hence, AI is taking charge slowly and bringing completion in the white-collar job market.

How KIA and Hyundai turned their brands around

KIA and Hyundai belong to the “Hyundai KIA automotive group” the largest car manufacturer in Korea, second in Asia and fifth in the world, just behind big names such as Toyota motors, general motors, Volkswagen group and ford motors. at the same time KIA and Hyundai belongs to Hyundai group, witch has more than 100 companies dedicated to different commercial activities, including Hyundai mobile, Hyundai Electric, Hyundai Electronics (now called Hynix), Hyundai Wia, Rotem, Amco, Eco Plastic, KIA tigers and among others.

KIA was founded in 1944 as a bicycle and tuber factor by Jeremias Morataua and over the time, KIA started to produce motorcycles, trucks and cars. By 1986 KIA started producing the Mazda Pride and the Avella for Ford. Later KIA launched two of its own lines, the Sephia (From 1992 to 2003) and the Sportage (From 1993 until now).

In 1947 Chung Ju-Yung founded Hyundai, a company initially dedicated to car construction and repair. Hyundai Motor company finally got they very first model in 1968, “The cortina” witch was a collaboration with Ford motor company. These car would be the first step in what would be a long and successful history. By 1976 they designed the Pony, the very first south Korea’s produced car. Designed with British engineers and styled by the Italian Giorgetto Giugiaro, with Mitsubishi engine, The Pony was the car that put the Hyundai company on the world map of motoring. Entering to the American market with the “Excel” a revised version of the Pony, that featured front wheels drive and low emissions. In 1998, after the Asian economic crash know as “The Asian Financial crisis” Hyundai ended up buying KIA motors.

With the above, we understand how the Korean car’s market evolved throughout the 20th century, During the last century these two main companies were not in charge of bringing out their own lines of cars, instead they were dedicated to assembling and marketing foreign automobile brands mainly. By 1998 and the beginning of the new millennium, the Korean car affiliate Hyundai had a rather ambitious challenge, which was to change the automotive market in Korea and around the world, to put itself in the lead. With the mass production of their vehicles in Korea, they were able to reduce their manufacturing prices so much that no other company could compete with local prices for Korea, thus they have been able to reach the hearts of many Koreans who nowadays prefer their local brands.

Other example of success is the Sonata, witch was pioneer in the brand’s new design philosophy of fluidic sculpture. And it is that knowing first-hand the needs and tastes of their Korean customers has allowed KIA and Hyundai not only to increase their sales but has also allowed them to increasingly meet the expectations of the Korean market, through an excellent price-quality ratio, Where costs have been minimized, without neglecting details such as the safety or design of their cars, making each new brand of cars they bring to the market a total success in their native South Korea. However This success has not been proven in a unique way in Korea, throughout the world these motor giants have gained a very respectable and deserved place in the world automobile market, standing out in their markets in North America, Latin America and Europe.

For these reasons it is that during the last 30 years these two giant companies have captured more than 80% of the national market in Korea, and they have positioned themselves in fifth place worldwide.