Economy


Microsoft and General Assembly launch partnership to close the global AI skills gap - Stories

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May 17, 2019 -- Microsoft Corp. and global education provider General Assembly (GA) on Friday announced a partnership to close skills gaps in the rapidly growing fields of artificial intelligence (AI), cloud and data engineering, machine learning, data science, and more. This initiative will create standards and credentials for AI skills, upskill and reskill 15,000 workers by 2022, and create a pool of AI talent for the global workforce. Technologies like AI are creating demand for new worker skills and competencies: According to the World Economic Forum, up to 133 million new roles could be created by 2022 as a result of the new division of labor between humans, machines and algorithms. To address this challenge, Microsoft and GA will power 2,000 job transitions for workers into AI and machine learning roles in year one and will train an additional 13,000 workers with AI-related skills across sectors in the next three years. "Artificial intelligence is driving the greatest disruption to our global economy since industrialization, and Microsoft is an amazing partner as we develop solutions to empower companies and workers to meet that disruption head on," said Jake Schwartz, CEO and co-founder of GA. "At its core, GA has always been laser-focused on connecting what companies need to the skills that workers obtain, and we are excited to team up with Microsoft to tackle the AI skills gap."


Automation and AI; What's the Real Difference? - ReadWrite

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Automation is good for business. It means delegating manual, mundane administrative tasks that suck up valuable hours to software or machines, freeing up time for human employees to focus on more complex, challenging, and creative work. Its benefits are twofold–better working conditions and employee engagement, as well as improving the bottom line by cutting costs. Think of it as the modern-day equivalent of the cotton gin. Before the invention of the cotton gin, people had to separate the cotton from their seeds by hand manually.


Robot race: These three countries are winning

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The three countries are leading an artificial intelligence (AI) revolution, Malcolm Frank, head of strategy at leading outsourcing firm Cognizant, told CNNMoney in an interview. Frank is the co-author of a recent book entitled "What to Do When Machines Do Everything," on the impact artificial intelligence will have on the global economy in the coming years. "I think it's three horses in the race, and that's probably the wrong metaphor because they are all going to win," he said. "They are just going to win differently." While AI is progressing quickly elsewhere too, Frank said the other development hotspots are mainly city hubs such as London and Stockholm, or far smaller economies such as Estonia.


Six Ways AI Can Help Your Small Business Run Better

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AI is also at work every time you apply for a credit card, for instance. Before issuing a new card, banks use AI systems that instantly evaluate hundreds of different variables, including information you provide, such as whether you own or rent a home, as well as information from third-party sources, such as your credit score and bank balance. It then compares those datapoints against millions of customers, as well as data points of their own (e.g., consumer spending patterns and default rates), all to determine your creditworthiness. Still, there are a lot of terrifying AI scenarios out there. Some pundits fear that AI will lead to widespread unemployment and that robot overlords will ultimately take over the world.


AI Will Be A Vital Tool In Making The Global Economy More Sustainable And Efficient - PwC

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Artificial intelligence can help to bring together the twin megatrends of digitalization and decarbonisation. There has been a lot of talk about how artificial intelligence (AI) will affect various aspects of our lives, but little has been said to date about how the technology can help to make the world more sustainable. A new report from the consultancy PwC, commissioned by software giant Microsoft, looks at how the twin, powerfully disruptive megatrends of digitization and decarbonisation could come together in future and it concludes that AI could make a significant dent in global greenhouse gas (GHG) emissions. PwC defines AI as "a collective term for technologies that can sense their environment, think, learn, and take action in response to what they're sensing and their objectives". Applications can range from automation of routine tasks to augmenting human decision-making and beyond to automation and discovery – huge amounts of data to spot, and act on patterns, which are beyond our current capabilities.


Artificial Intelligence: Empowering Paradigm Shift in Technology - Hidden Brains Blog

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New technology is disrupting business models. From driverless cars to chabots, artificial intelligence (AI) is completely changing the way we live and do business. It is an era of change where an innovative AI companies and Artificial Intelligence Solutions will contribute greatly to this increase in global economic growth and productivity. PwC estimates that AI could add as much as $15.7 trillion to the global economy by 2030. Here is how AI is changing different industries by better monitoring and managing processes for higher efficiency and performance.


Robots don't come cheap, but EU workers do

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In his Economic Outlook last week, "Robots aren't destroying jobs -- or boosting productivity", David Smith examined the impact of artificial intelligence and robotics on UK productivity. He noted the record-high employment rate (76.1%) but also the "stubbornly high proportion of people in low-skilled jobs". Elsewhere in the article he said that in Northern Ireland, he "came across a firm that had no alternative but to automate because of the loss of EU migrant workers". It seems to me that, without spelling it out, he has put his finger on one of the main reasons for the UK's stubbornly low level of productivity. This is our attractiveness to well-educated workers from eastern Europe.


Will builders be replaced by robots? More than 7,000 Robots Will Work in Construction by 2025

Daily Mail - Science & tech

Use of robots in construction will rapidly expand in the coming years with increasing speed, efficiency, safety, and profits, a new report claims. The industry is'ripe for disruption' after relying on manual labour for so long, according to AI consulting firm Tractica. It cited the recent adoption of robotic technology by a number of companies as the beginning of a growth curve. Projections place the value of the construction robotics industry in the region of $226 million (£173m) by 2025, a 10 fold increase compared to 2018. Wile the majority of demand is likely to come from construction sites such as demolition, a number of more specialised functions such as 3D printing, also face mass automation.


Are robots really coming for your job?

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But concerns over growing inequality and the lack of opportunity for many in the labor force--serious matters linked to a variety of structural changes in the economy–are well-founded and need to be addressed, four scholars on artificial intelligence and the economy recently told an audience at Stanford Graduate School of Business. That's not to say that artificial intelligence isn't having a profound effect on many areas of the economy. But understanding the link between the two trends is difficult and it's easy to make misleading assumptions about the kinds of jobs that are in danger of becoming obsolete. "Most jobs are more complex than [many people] realize," said Google's chief economist, Hal Varian, during a forum on the future of work, which was sponsored by the Stanford Institute for Human-Centered Artificial Intelligence. Today's workforce is sharply divided by levels of education, and those who have not gone beyond high school are affected the most by long-term changes in the economy, says David Autor, professor of economics at the Massachusetts Institute of Technology.


Amazon says it's a decade away from full automation at its shipping warehouses

Daily Mail - Science & tech

Amazon said that by the end of the next decade packages in the company's warehouses could be readied for delivery without touching a single human hand. In a report from Reuters, Director of Amazon Robotics Fulfillment, Scott Anderson, told reporters that there is still plenty of progress to be made before robots take over its warehouses. 'In the current form, the technology is very limited. The technology is very far from the fully automated workstation that we would need,' Anderson told Reuters in a walk through of one of its facilities in Baltimore. Robots still have a long way to go before the replace human hands in Amazon's factories said one of the company's executives in a recent walk through of a facility in Baltimore.