"Creative disruption" is a process by which the invention of one very useful thing brings major changes for many others. It is related to "creative destruction" (the rapid obsolescence of some activities as new mechanisms emerge) which dates back to sociologist Werner Sombart over a century ago and was brought into mainstream economic thought by Joseph Schumpeter in the 1940s. These phenomena happen frequently in niches across the economy. For example, telephone switchboard operators largely went away due to automation. These disturbances are healthy and, indeed, essential to progress, but can engender very difficult transitions.

Artificial Intelligence (AI) is a disruptor on steroids! While not yet perfected, its deployment is affecting essentially every industry and type of work. Few occupations will be left unchanged, with workers either using it to be more productive or out of work entirely as AI-driven robots and sensors or software displace them.

The only remotely comparable shift in recent times is the internet. People became more productive, as they could easily communicate, send information, and conduct research. However, there were also significant disruptions, such as the rise of e-commerce and online advertising and the resulting effects on traditional retail outlets and aspects of print media.

Nonetheless, while the internet primarily impacted tasks related to information access and communication, AI is beginning to both automate cognitive tasks previously exclusive to humans and enable new levels of machine learning and robotics. In fact, a recent report suggests that AI could eventually automate a quarter of all work tasks in the US and Europe.

AI is affecting a broad range of white-collar and high-skill jobs, performing tasks such as legal research, drafting basic documents, financial modeling, and even some code writing. Consequently, positions in these fields are at risk, though companies will necessarily maintain some hiring to foster future leadership.

New jobs created by AI will initially be concentrated in the development, deployment, and maintenance of AI systems. In addition, jobs requiring uniquely human skills such as creativity, critical thinking, emotional intelligence, and interpersonal communication will see increased demand. As AI handles routine tasks, workers can focus on higher-value activities, which is a positive development.

Companies and industries must morph to remain relevant, and current and potential employees must upskill and adapt. Beyond the risks to jobs or firms, it will also be important to ensure that regions or nations without adequate supporting infrastructure aren't deprived of the opportunities for progress that AI will enable. Ultimately, AI will create more jobs than it destroys. That has been true of all major disruptors throughout history, dating back to the greatest of them all - the wheel--about 5,500 years ago. In the meantime, buckle up and get ready! Stay safe!