Artificial intelligence has long caused fear of job loss across many sectors as companies look for ways to cut costs, support workers and become more profitable. But new research suggests that even in STEM-based sectors like cybersecurity, AI simply can't replace some traits found only in humans, such as creativity, intuition and experience. There's no doubt, AI certainly has its place. And most business leaders agree that AI is important to the future success of their company. A recent survey found CEOs believe the benefits of AI include creating better efficiencies (62 percent), helping businesses remain competitive (62 percent), and allowing organizations to gain a better understanding of their customers, according to Ernst and Young.
While touting the importance of alternate forms of higher education, House A.I. Caucus Co-Chair Rep. Pete Olson (R-TX) said it's important that we embrace the changes Artificial Intelligence will bring to our world. The technological advances, Olson says, could add $17 trillion to the world's economy in 10 years.
During boom times, companies focus on growth. In tough times, they seek to improve efficiency. History shows us that after every major economic downturn since the 1980s, businesses relied on digital technology and, specifically, innovations in software technology to return to full productivity with fewer repetitive jobs and less bloat. The years I've spent as a VC have convinced me that this is the best time to start an AI-first enterprise, not despite the recession, but because of it. The next economic recovery will both be driven by artificial intelligence and accelerate its adoption.
The future of work is happening now: despite skeptics prophesying growing unemployment rates, AI not only creates new job roles but also changes the employee experience for the better. Assisted with AI tools and analytics, workers no longer have to spend hours (and, consequently, years) on meaningless routines, since they can focus on job aspects that truly bring value. So how will artificial intelligence transform employee experience and enhance employee engagement? Read on to learn how AI contributes to digital workplace transformation. From reducing time-to-hire to automating boring rule-based tasks, AI tools not only increase efficiency but also change employee experience for the better.
Over the past few months, the COVID-19 virus has had a huge impact on the globe. As of April 28, according to the World Health Organization, there have been more than 2.8 million confirmed cases worldwide and nearly 198,000 confirmed deaths reported in more than 213 nations across the globe. The COVID-19 Pandemic is forcing governments and businesses into actions that are critical in the effort to minimize the rate at which the virus spreads. On March 19th, all residents in California, 40 million people, were asked to "shelter in place" and leave their homes only for basic necessities. Any bay area citizen who has lived through often nightmarish commutes can now travel corridors with ease that a month ago would have been congested with bumper to bumper traffic.
According to predictions by PwC, artificial intelligence (AI) will add a staggering US$16 trillion to the global economy by 2030. To put things into perspective: The gross domestic product (GDP) of Singapore and Hong Kong-based on 2018 figures are just below US$400 billion each. Even China's GDP of US$13 trillion in 2018 is lower. For all the rosy promises, however, a couple of reports this week on the state of AI may put a dampener on the next AI-touting startup. In a report on The Economist, Tom Gauld calls out what he sees as the technology hitting a wall.
More than 90 million workers across Europe (about 40% of the total workforce) will have to develop significant new skills within their current roles in the next ten years, as automation puts 51 million jobs at risk, warns a new report from analyst firm McKinsey. And almost all of today's European workers will face some degree of change as their jobs evolve because of technology. But although the statistics seemingly feed into a common fear of robots taking over our jobs, quick conclusions needn't be drawn: the research also shows that employment growth in other sectors will largely compensate for overall job loss. SEE: An IT pro's guide to robotic process automation (free PDF) (TechRepublic) So much, in fact, that Europe might find itself short of up to six million workers by 2030. As new opportunities emerge in fields like technology, for example, McKinsey anticipates that finding sufficient workers with the required skills to fill the jobs that are being created on the continent will be challenging.
Every recession in the past and downturn in modern memory has led to the revolution of tech industry incumbents and the rise of new powers. The brutal recession of the early 1980s gave rise to the personal computer era. In the milder recession of the early 1990s, the federal government essentially handed the internet over to the private sector and laid the seeds for the dotcom boom that gave birth to Amazon, while Microsoft pulled off Windows' victory over Apple. The Great Recession of 2008-2009 hit the technology industry much less harshly than the rest of the economy. While the industry didn't experience any major setback, the downturn did propel the rise of social media in the form of Facebook and Twitter.
Bottom Line: Understanding which pricing strategies cause buyers to progress through buying processes in a downturn still isn't completely understood, but AI-based pricing can help remove blind spots in how pricing drives more sales during recessionary times. Even in stable, healthy economic conditions, just 42% of sales professionals are making quota based on Salesforce's State of Sales Report. Only 16% will be over 100% of quota in a given year. In an economic downturn, these numbers shrink, making the struggle very real to make quota in a recession. Here's what it's like to compete on pricing during a downturn: CROs say that sales cycles vary by industry, with automotive being the slowest and medical device manufacturing, medical plastics including PPE production, and consumer packaged goods manufacturers being the fastest.