The time has come for the end of white-collar? “White collar” in literal translation, the term is popularly known in the United States and refers to people who work in administrative functions in an office.
For Martín Escobari, co-president of General Atlantic, one of the largest investment funds in the world, 80% of this work will be replaced by artificial intelligence. “Artificial intelligence will change everything. We will have autonomous agents that do the work of all workers in white shirts”, he states. The topic was discussed in a special edition of the program Hot Market with Rafael Furlanetti, recorded during the na headquarters from CNN Brazil in New York.
Although the potential for automation is vast, Escobari emphasizes that this transition will not happen “overnight” and will face the challenge of technological diffusion within corporations. According to the executive, the companies’ maturity process goes through three phases: focus on what “changes the profit line”; rigorous data structuring and talent preparation; and finally, the creation of completely new revenue sources and business models.
In companies, the decision to hire other profiles or retrain employees is a current dilemma. According to Escobari, inertia when it comes to AI is not an option. “If the leader doesn’t do it, don’t worry: someone will do it, a price war will start and he will wake up, even if late. Sooner or later, it will happen”, he warns.
“There is no AI bubble”
Asked about the risk that we are experiencing a financial bubble around artificial intelligence, Escobari highlights that the current revolution is financed by giants such as Apple, Google, Meta, among others, which have robust funds and generate real value.
He argues that investment in AI in the US today represents just 1.5% of GDP, a level well below the 6% seen in the railway revolution in 1860. “Is there euphoria? Yes, there is always in every new wave. But this wave is true and the change is real”, he states, citing the example of Anthropic, a company in which he invested and which saw a jump from US$1 billion to US$44 billion in annual revenue in just 18 months.
The SaaS challenge
The advancement of AI has cast doubt on the survival of software platforms that do not adapt quickly. Escobari revealed that these companies have suffered drops of up to 50% in the market in recent months, reflecting the fear that traditional models will become obsolete.
However, the investor considers that there will be no single answer, “the market will be divided between winners and losers”. For him, the survival of software companies depends on the complexity and dynamics involving the data they manage.
The investor highlights that the competitive advantage will be in the ability to integrate automation, with software that manages everything from logistics to billing autonomously.
The program Hot Marketwhich deals with business and the financial market, airs on Sundays, at 11:15 pm, on CNN Brazil. There will be a rerun on Monday at 7pm on CNN Money.
