Economy


Innovative ideas to address global challenges

The Japan Times

As a forerunner facing various social challenges, including addressing the aging population, as well as environmental and energy issues, Japan is poised to find solutions and share them with other countries that are also expected to be confronted with these complex problems. Through hosting the upcoming G20 summit in Osaka in June, the country will promote further cooperation among all relevant stakeholders, both government and non-governmental, toward a future society that realizes both economic growth and solutions for such issues. The annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, will be a timely occasion for world leaders to address these growing challenges as the conference aims to delve into the topics to "shape a new framework for global cooperation," preparing for the arrival of "Globalization 4.0" driven by the "Fourth Industrial Revolution." Assuming the G20 presidency immediately after the Buenos Aires summit in December, Prime Minister Shinzo Abe stated Japan would seek to realize a "human-centered future society," promoting discussions in cross-cutting areas. "Japan is determined to lead global economic growth by promoting free trade and innovation, achieving both economic growth and reduction of disparities, and contributing to the development agenda and other global issues with the SDGs (United Nations Sustainable Development Goals) at its core," Abe said. "In addition, we will lead discussions on the supply of global commons for realizing global growth such as quality infrastructure and global health," he continued.


Public-private collaboration key to challenges

The Japan Times

Are our current institutions and global governance architecture sufficient to solve the new challenges the world is currently facing? According to Lee Howell, an executive of the Switzerland-based World Economic Forum, the existing institutions and systems around the world, created in the 20th century, are no longer capable of dealing with today's challenges. These have been triggered by multiple geopolitical, economic and environmental crises, as well as newly emerging issues involving innovative technologies. That is why it is important to have conferences like Davos, Howell said in a recent interview in Tokyo, referring to the WEF's annual meeting in Davos, Switzerland. The meeting will see some 3,000 global leaders from politics, business, academia and nongovernmental organizations gather to discuss pressing issues across different sectors.


Beyond experts: jobs, tasks, and skills for a data driven Future of Work ZDNet

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The World Economic Forum (WEF) is upon us this week, and the Future of Work is one of its key themes. This is a good opportunity to catch up on the trends unfolding in this domain right now, and to ponder on the insights of the people taking note and shaping this discussion. Automation and AI is part of this discussion as well, with the jury still out as to how exactly this will shape labor, workforce dynamics, and workplace transformation among others. Based on the WEF's latest report on the Future of Jobs, we highlight the major forces at play today. We discuss how these effect the technology behind the job market with Panos Alexopoulos, Head of Ontology at Textkernel, a Careerbuilder company.


87% of companies will add workers this year, despite rise of robots

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More employers than ever before (87%) will either increase or maintain their workforce numbers this year because of automation, according to a ManpowerGroup report released on Friday. The report surveyed 19,000 employers across 44 countries, assessing the effects of automation on job growth in the next couple years. Robots replacing human jobs remains a top concern in the workforce, as automated systems are able to complete manual tasks at a much faster rate than humans. Instead of eliminating or reducing employment opportunities, robots will actually cause organizations to create new jobs, the report found. Other research has come to the same conclusion: Only 8% of 100 business executives from Global 2000 organizations confirmed their companies were cutting jobs after integrating new technology, according to a recent Dun & Bradstreet report.


How Artificial Intelligence Technology Will Evolve In 2019

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Artificial Intelligence (AI) is one of the most buzzing words in the tech world. The technology is racing fast with booming start-ups, in terms of popularity and wide acceptability for its immense possibilities to boost productivity and propel economic growth. Every industry, be it e-commerce or education or fashion, is trying to introduce AI in every way conceivable to get the desired results. A 2017 study by multinational consultancy PricewaterhouseCoopers calculated that the global GDP will be 14 percent higher by 2030 as a result of AI adoption, contributing an additional $15.7 trillion to the global economy. Taking into account the rapid changes and development in the economy, it would be interesting to check what the coming year has in store for the technology.


Economic growth to gain from AI

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ARTIFICIAL intelligence (AI) can bring additional economic output of around US$13 trillion by 2030, boosting global GDP by about 1.2 per cent a year, according to a recent McKinsey report. This net growth comes after taking in the costs of automation on the labour force, even as the consultancy flagged that workers must be ready for jobs to be transformed by technology. The potential behind AI comes as an estimated 70 per cent of global companies is due to adopt at least one form of such technology by 2030, said the McKinsey Global Institute report that was released in September. As a rough guide, this compares against the introduction of steam engines during the 1800s that lifted labour productivity by an estimated 0.3 per cent a year; the productivity gains from the use of robots during the 1990s at about 0.4 per cent, and the impact from the use of IT during the 2000s that raised productivity by an annual 0.6 per cent. The economic impact from using AI may emerge gradually and be visible only over time, with McKinsey expecting a S-curve adoption of AI - a pattern that suggests a slow start given the investment associated with learning and deploying the technology, and then an acceleration driven in part by competition.


How to gain a leading edge in AI and the production of tomorrow

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The changes we see, especially in the manufacturing sector, are faster than ever before. Shorter times to market, greater flexibility, and increased efficiency while ensuring product quality, are just some of the challenges companies face. And while smart factories are already a reality in many places, companies need to further develop and use data-based business models, digitalize the whole product lifecycle from cradle to grave, and integrate business and manufacturing systems from the "top floor" to the "shop floor" to fully benefit from the potential of Industry 4.0. In a smart factory, production processes are connected, meaning that machines, interfaces, and components communicate with one another. The large amounts of data that are created can then be used to optimize the manufacturing process.


LinkedIn 2018 Emerging Jobs Report

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We define AI skills as those skills that are most essential in order to develop, and effectively use, tools and technologies powered by Artificial Intelligence. Researchers predict that AI will have applications across nearly every industry sector -- from manufacturing to financial services and beyond. We looked across industries to figure out whether AI is still confined to the software industry, or if it has begun to spill over and impact other fields. Nearly every industry is starting to see an influx of AI-related skills. As AI skills become increasingly relevant, we were also interested in better understanding whether typically "human" skills – e.g., those related to personal characteristics, interpersonal communication and cognitive skills – are on the rise as well.


Artificial Intelligence Tech: What Is It, and How Can It Create Jobs?

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In the next several years, artificial intelligence will transform how humans interact with businesses. This technical transition is one of the most powerful shifts in computing that the world has ever seen--and it has the potential to be a force of good. According to research from the McKinsey Global Institute, AI could add $13 trillion to global output by 2030 and raise GDP by 1.2% annually. For this reason, companies will benefit from a long-horizon view of their investments in AI technology. The allure of heightened automation is strong from both cost-cutting and revenue-generating perspectives.


Is Artificial Intelligence about Taking Human Jobs or Creating Them? What is the Future of Work? - 1redDrop

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One of the biggest polarizing effects of practical artificial intelligence applications is that half the world seems to think it will take all our jobs, while the other half says it will create even more jobs. What's the reality, and is it even worth fighting what's obviously a losing battle against AI proliferation? As recently as last week, venture capitalist and AI expert Kai-Fu Lee told Scott Pelley of CBS News that he thinks about 40% of all human jobs in existence today will be taken over by robots. He's not the first to say this, by any means. In fact, Kai-Fu Lee said the same thing nearly two years ago, but at the time his estimate was that 50% of all jobs will be taken by AI in the next 10 years.