Replace many humans? Yes
Replace all humans? No
Do megaphones replace humans? Maybe to make a loud noise in the past you needed 100 people shouting, and with a megaphone only 1, but even though that 1 human is amplified by technology, a megaphone by itself isn't going to replace a group of humans without 1 human shouting into it.
I think AI will augment businesses to the point where what is currently an entire organization of humans may be able to run very much like software. Think of bureaucracy as pen-and-paper source code being interpreted by flesh-and-blood computers. If we can translate the processes of a business to a machine-readable language, and also create machines to interpret these instructions then I do believe 'humans-as-simple-instruction-interpreter' jobs will be replaced - however machines will never be designing, or running these organizations.
In the future I think many humans will 'manage' teams of AI's trained and tasked for different things. Business will still always require human creativity and intellect to be created and run, but the sheer numbers required to make it work will be replaced by software.
What does this mean?
Well for starters - we should all be thinking ahead and trying to learn how we could take our expertise and codify it in such a way that AI could help.
Also consider the difference between machines and humans - we have creativity and intuition, but are slow and performing routine operations without errors. Machines are fantastic at producing a lot of output but aren't creative. I think in the future we may see a lot more of AI producing 100, 1000, or 10,000 versions of a product that humans then quickly select the best one(s), instead of the more human process of trying to just find that 1 and work toward it.
If you needed a layout for a website it might be easier to programmatically build and test 2000 different variations than to sit down and design one yourself, and looking at a gallery of many variations a human can intuitively pick the best looking ones in a split second.
I see humans and AI working together in the future, like working with a living computer. It's going to be great!