In 2012, economist Robert Gordon published a controversial paper in which he argued that economic growth was largely over, due in no small part to our failure to maintain the engines of innovation in recent decades. A study from the Stanford Institute for Economic Policy Research supported his general thesis and argued that while we're spending even more money on creativity and innovation, our returns are flatlining. And this investment is not only in dollars, as the research revealed roughly 20 times as many people work in R&D today as did in 1930. Why has creating things become so difficult? Researchers from Northwestern University attempt to answer this in a paper that shows a growing percentage of today's creation is what's known as recombination.
If you follow the news on artificial intelligence, you'll find two diverging threads. The media and cinema often portray AI with human-like capabilities, mass unemployment, and a possible robot apocalypse. Scientific conferences, on the other hand, discuss progress toward artificial general intelligence while acknowledging that current AI is weak and incapable of many of the basic functions of the human mind. But regardless of where they stand in comparison to human intelligence, today's AI algorithms have already become a defining component for many sectors, including health care, finance, manufacturing, transportation, and many more. And very soon "no field of human endeavor will remain independent of artificial intelligence," as Harvard Business School professors Marco Iansiti and Karim Lakhani explain in their book Competing in the Age of AI: Strategy and Leadership When Algorithms and Networks Run the World.
Accountants can build the kinds of skills needed to stay relevant in a rapidly automating world that's increasingly taking advantage of technologies such as robotic process automation and artificial intelligence to handle routine financial tasks, according to Institute of Management Accountants president and CEO Jeff Thomson. "It is a bit of a race where technology capability is really moving at warp speed, but it's not clear that the profession's ability to upskill and transform itself is moving at warp speed," Thomson told Accounting Today. "Therefore it's a race for relevance, creating the story, and telling the story of our profession because we want to attract technologists into our profession." He believes the accounting profession will need to do a better job of competing for students and finding ways to attract them to the profession, given its reputation for routine work that is increasingly being automated away. "We get to work with the latest technologies, but not if we don't make that part of our profession," said Thomson.
The Brazilian economy could benefit from a boost of up to 4.2% within the next decade if companies and governments promote large-scale adoption of artificial intelligence, according to a new study by consulting firm FrontierView commissioned by Microsoft. The potential of GDP increase of more than four percentage points is the most optimistic scenario set out in the reseach, whereby AI use goes beyond automation and is used to create highly skills jobs, drive productivity and economic growth. Even in the most conservative scenario, where the technology is minimally used and only for automation, Brazil could see a 1.8% GDP boost, according to the research. Both scenarios assume that Brazil will adopt all the AI features currently available until 2030. "Our research has found that artificial intelligence can be a driver of Brazil's economic recovery after the Covid-19 pandemic. With the right strategies and investments, the country can increase its economic growth and increase the productivity of the population", said research director for Latin America at FrontierView, Pablo Gonzalez Alonso.
The Brazilian economy could benefit from a boost of up to 4.2% within the next decade if companies and governments promote large-scale adoption of artificial intelligence, according to a new study by consulting firm FrontierView commissioned by Microsoft. The potential of GDP increase of more than four percentage points is the most optimistic scenario set out in the reseach, whereby AI use goes beyond automation and is used to create highly skills jobs, drive productivity and economic growth. Even in the most conservative scenario, where the technology is minimally used and only for automation, Brazil could see a 1.8% GDP boost, according to the research. Both scenarios assume that Brazil will adopt all the AI features currently available until 2030. Portability and AI accessibility are Microsoft's new mantras Growing support for Linux and opening new paths to machine learning were the overriding themes of Microsoft's Ignite conference this week.
As many of us have moved to working from home and many companies have decided to keep remote working ... [ ] as a permanent option, the future of jobs looks like it will be increasingly digital but also increasingly focused on wellbeing and self-management. Human skills, not technology alone, will help us through the'double-disruption' of Covid and automation. A new report by the World Economic Forum (WEF) on the Future of Jobs has highlighted the need to build on self-management and critical thinking skills, so that we can harness an increase in automation and an impending Covid-triggered recession to usher in a new wave of jobs that take advantage of both automation and human creativity and adaptability. As the pandemic has pushed many people into working remotely and using many different technologies to work and relax, the importance of wellbeing as well as the utility of technology have come into stark focus, and created a unique foundation on which to build new jobs and a new way of working. For many years, automation technologies have been changing how we work, by taking on more of the mundane, repetitive tasks that they are designed for.
I propose a new tool to characterize the resolution of uncertainty around FOMC press conferences. It relies on the construction of a measure capturing the level of discussion complexity between the Fed Chair and reporters during the Q&A sessions. I show that complex discussions are associated with higher equity returns and a drop in realized volatility. The method creates an attention score by quantifying how much the Chair needs to rely on reading internal documents to be able to answer a question. This is accomplished by building a novel dataset of video images of the press conferences and leveraging recent deep learning algorithms from computer vision. This alternative data provides new information on nonverbal communication that cannot be extracted from the widely analyzed FOMC transcripts. This paper can be seen as a proof of concept that certain videos contain valuable information for the study of financial markets.
By 2021, one in four forward-thinking enterprises will push AI to new frontiers, such as holographic meetings for remote work and on-demand personalised manufacturing, as per new predictions by Forrester Research. Even today, all of us are subconsciously using Machine Learning in our daily lives. Wish to stay home and yet be social? A nascent domain that's roughly 60 years old, has changed the way humans and machines perform, that's for sure. AI will create 2.3 million jobs in 2020.
The World Economic Forum has launched a new report that details how organisations can take an ethical approach to designing technology and using it responsibly. The Ethics by Design -- An Organizational Approach to Responsible Use of Technology detailed three design principles that can be integrated to promote ethical behaviour when it comes to creating, deploying, and using technology. These principles include paying attention in a timely manner on the ethical implications of technology by building awareness through training and internal communication channels, developing organisational "nudges" such as checklists and using due diligence reminders, and weaving value and ethics into the company culture. Another principle advised in the report is developing a system that helps people recognise ethical conduct, such as by introducing frameworks for ethical decision-making, involving leaders in the promotion of ethical decisions, creating an organisation that is diverse. Introducing incentives and culture-change activities to encourage ethical behaviour is another design principle recommended by the report.
The World Economic Forum says technologies like artificial intelligence (AI) will displace 75 million jobs by 2022 but will also create 133 million new roles. To prepare workers for these new jobs, organizations will have to provide significant resources for upskilling their workforces. And employees will need to take personal responsibility for their career development in a context of rapid technological change. How can HR professionals prepare employees and organizations for a present and future where AI is increasingly working with humans to drive business outcomes? "HR professionals need to begin by shifting their mindsets about AI," said Jeff Schwartz, a principal with Deloitte Consulting.