Automation will replace some jobs, but also create new ones. Up to a third of job roles in Europe could be made redundant by automation over the next 20 years as companies battle to increase productivity and fill skills gaps created by an ageing population, according to Forrester. The tech analyst's latest Future of Jobs Forecast estimates that as many as 12 million jobs could be lost to automation across Europe by 2040, primarily impacting workers in industries such as retail, food services, and leisure and hospitality. Mid-skill labour jobs that consist of simple, routine tasks are most at risk from automation, the report said. These roles make up 38% of the workforce in Germany, 34% of the workforce in France, and 31% of the workforce in the UK. In total, 49 million jobs in'Europe-5' (France, Germany, Italy, Spain, and the UK) could potentially be automated, according to Forrester.
A common concern surrounding automation in recent years is that it will result in widescale job losses as the work previously done by people is taken over by technology. Of course, the reality doesn't really support this narrative, and indeed, companies that invest in technology often end up employing more people as a result of the improvement in their fortunes heralded by the investment. The leadership team of the fintech company Kashat highlight the reality of investing in technology. They reveal that microfinance has traditionally been highly labor intensive, with many of the skills the same as those used in the sector for years. With the introduction of AI, new skills have been introduced into the underwriting process in order to serve at scale, while enabling employees to further expand their skillset and become even more valuable in the future.
Automation will replace some jobs, but also create new ones. Up to a third of jobs in Europe could be made redundant by automation over the next 20 years as companies battle to increase productivity and fill skills gaps created by an ageing population, according to Forrester. The tech analyst's latest Future of Jobs Forecast estimates that as many as 12 million jobs could be lost to automation across Europe by 2040, primarily impacting workers in industries such as retail, food services, and leisure and hospitality. Mid-skill labour jobs that consist of simple, routine tasks are most at risk from automation, the report said. These roles make up 38% of the workforce in Germany, 34% of the workforce in France, and 31% of the workforce in the UK. In total, 49 million jobs in'Europe-5' (France, Germany, Italy, Spain, and the UK) face being lost to automation, according to Forrester.
Significant hurdles leaders face this year include managing talent, formulating strategies, operational plans, and organizing employee tasks in ways that ensure everyone accesses growth opportunities. These challenges emphasize the importance of good strategy, and are essential for organizational survival. Vijay Pereira, Professor and head of department of people and organizations, at NEOMA Business School in France, believes artificial intelligence (AI) can help leaders undertake these challenges. For example, his recent work concludes that evolutionary computation and data mining can explore large databases or social media to locate potential talented individuals for recruitment purposes. In addition, machine learning helps reanalyze and recognize patterns from data collected from existing decision support systems to help organizations improve their strategic planning processes.
The past 18 months have transformed society – and sped up the digital transformation of our world. On the plus side, digital technologies allowed business and society to continue to function even during lockdowns – helping companies survive, vulnerable people access healthcare and children continue to learn. When the worst of the pandemic is, someday, behind us, we'll be able to take many of these lessons – and technological advancements – with us to enable greater access to healthcare (especially mental healthcare), education, job training and finance. And it provided a much-needed boost to the pandemic economy. The UN's Sustainable Development Report 2021 highlighted the role of technology manufacturing as a key driver of the economic recovery, citing the rise in demand for computer electronics due to the global shift toward working from home, remote-learning and e-commerce.
Did you miss a session from the Future of Work Summit? Businesses tasked with managing supply chains face increasing challenges as the pandemic takes a toll on operations. Because modern supply chains involve many steps, including assembling parts into finished products and shipping products to customers, there's more opportunities for issues to arise. Forty-two percent of supply management organizations say that the growing cost of supply management was a major concern in 2021, according to the Institute for Supply Management, with 43% pegging limited availability of raw materials or supply as equally troubling. The hurdles, both old and new, are spurring enterprises to invest in technologies that promise to automate and streamline supply chain management processes.
AI is seen by many as an engine of productivity and economic growth. It can increase the efficiency with which things are done and vastly improve the decision-making process by analyzing large amounts of data. It can also spawn the creation of new products and services, markets, and industries, thereby boosting consumer demand and generating new revenue streams. However, AI may also have a highly disruptive effect on the economy and society. Some warn that it could lead to the creation of super firms – hubs of wealth and knowledge – that could have detrimental effects on the wider economy.
The role of AI has modified considerably – from its preliminary creation on the threshold of an enterprise of their innovation labs, to the modern-day while human beings are starting to recognize that it has the ability to convert businesses from the center out. Recently there's been a warning approximately extending its use past simple functionality, and what sort of it could be trusted, which has supposed its use hasn't been pervasive inside businesses. However, now that an increasing number of businesses have dipped their toe into the water and have had their eyes opened as to the advantages it may provide, the technology is ultimately prepared to attain maturity. A key cause for this is to stop customers from also are attaining adulthood in their personal expertise approximately each how they are able to get the fine outcomes from AI, and additionally the rights and wrongs of the usage of it. Now that AI has been in large part demystified, customers have much higher expertise of a way to practice it successfully and correctly, because of this that they're subsequently prepared to undertake it on a much broader foundation and ship its use into the mainstream.
When the coronavirus crisis erupted in 2020, it became apparent that the medical emergency was accompanied by severe shortages, especially in some medical devices. The pattern was first observed for ventilators: demand spiked everywhere and the supply chain was disrupted. This was because production of the devices spanned multiple countries, with each part dependent on other parts manufactured in different locations. The longer the chain and the more complex the dependence, the greater the exposure of any point to the disruption of another one, and to mandated shutdowns. Now, two years since COVID first hit, this pattern has affected almost every sector of the global economy.
Artificial-intelligence capabilities, like conversational AI software, can speed up the early back-and-forth emails, texts and other communications with applicants and quickly get strong candidates in front of recruiters. Other AI-enabled tools are being used to accelerate the employee onboarding process, getting new hires oriented, trained and set up with computers, business apps and corporate email accounts. The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Trucking company U.S. Xpress Enterprises Inc. uses conversational AI software to handle most of the early stages of the hiring process, including text exchanges with job applicants, said Amanda Thompson, the Chattanooga, Tenn.-based business's chief people officer. When job seekers submit an application via a mobile device, the AI tool automatically replies with a series of preliminary questions, she said.