Earlier this week, I attended the 3rd Tallinn Digital Summit - a gathering of leaders from policy, academia and business to look at the challenges and opportunities technology like AI offers for digital governance. Estonia is a great example of a country where leaders work to ensure technology benefits businesses and citizens by being proactive, but not overbearing. The Estonian Prime Minister Jüri Ratas touched on the importance of this balance in his keynote. While not every nation is as progressive as Estonia, one thing became very clear: Artificial intelligence is not a future concept, it is here already, fundamentally reshaping the products and processes of organizations and businesses. This was a key theme of the talk I gave too, emphasizing that AI is here and we need to make choices in accordance to the societies we want to live in.
The world has experienced four industrial revolutions and as each has unfolded, so have dire predictions of massive job losses. Looking back at the first three, it is clear that concerns were misplaced. The number of jobs increased each time, as did living standards and every other social indicator. McKinsey predicts that 800 million workers could be displaced in 42 countries -- a third of the workforce -- because of the Fourth Industrial Revolution (4IR). Although similar predictions were made at the onset of each revolution of the past, could there be something more to it this time?
IT automation and business automation aren't quite the same thing, but they produce a common side effect in their initial phases: They freak people out. If you tell someone that you're going to automate a lot of the work that they do today, they think that means they'll be out of a job tomorrow, or soon thereafter. "Every time there is a technology revolution, people fear they are going to lose their jobs, and that is not the case," says Denise Leaser, president of GreatBizTools. "History has shown that just the opposite happens. Some jobs go away, but far more jobs are created."
Artificial Intelligence (AI), robotics and other forms of smart automation have revolutionised the present and future of work. These technologies have the potential to bring great economic benefits, contributing up to $15 trillion to global GDP by 2030, according to a PwC report on the impact of automation. The UAE has been at the forefront of using AI to streamline processes through its National Artificial Intelligence Strategy 2031. The country appointed the world's first Minister of State for Artificial Intelligence in 2017. Last week, UAE capital Abu Dhabi announced the establishment of the Mohammad Bin Zayed University of Artificial Intelligence, the first graduate level, research-based artificial intelligence university in the world.
A customer uses a teller at the redesigned TD Bank branch inside the TD Centre in downtown Toronto. Technology advances are upending tens of thousands of jobs across the global financial sector, including at Canada's big banks. As global banks unveiled plans to slash tens of thousands of jobs this year, those in Canada held staffing levels fairly steady. But that doesn't mean this country has been immune to the forces of automation and artificial intelligence that are reshaping banking around the world. Beneath the surface, there are tectonic shifts under way in the nature of work and the kinds of skills Canada's banks need.
Artificial Intelligence (AI) is here. And AI is fast becoming an integral part of how businesses operate across the world. Many are apprehensive of the change however and are fearful that AI will replace jobs. Although, research has shown us otherwise. John David Lovelock, Gartner VP for Research, shared with Information Week that starting in 2020, "automation and AI will cause the industry to add more jobs than it causes the industry to take away."
Automation is coming, pant the breathless pundits warning of A.I.-induced job loss. Ratcheting up the fear meter, presidential candidate Andrew Yang recently sounded the alarm for unprecedented employment gutting -- not just among blue-collar professions, but white-collar jobs, too. Meanwhile, renowned studies paint a gloomy picture, one in which rapid A. advances kneecap our middle-class dreams, sapping the hopes of young people who are left to wonder: Will there be a job for me when I graduate? And yet, the on-the-ground reality doesn't fit these sour prognostications. If anything, it offers good news for workers.
How are experts looking at the same present and arriving at such different and contradictory futures? Here's a look at five scenarios, and the paths that getting there might take. As artificial intelligence becomes more powerful, a lot of current jobs are doomed to disappear. University of Oxford researchers in 2017 estimated that nearly half of all U.S. jobs were at risk from AI-powered automation. Other forecasts come up with different estimates, but by any measure, the number of lost jobs is potentially huge. Automation has already made manufacturing, mining, agriculture and many other industries much less labor-intensive. One study estimated that from 1993 to 2007, each industrial robot replaced 3.3 workers.
Artificial Intelligence (AI) is improving human resources (HR), streamlining processes and empowering employees to perform better. Employee data that was once banished to the archives can now be combined with the huge volume of data running through a business' network to identify talent gaps, learning and development initiatives and provide recommendations to HR professionals and managers. It is becoming clear that the future success of businesses will be defined by how well they are able to optimise the combination of human and automated work. There have been some controversial headlines surrounding automation in the workplace and earlier this year, the World Economic Forum projected that the demand for'unique' human skills will grow. While its research suggests 75 million current jobs will be displaced as artificial intelligence takes over more routine aspects of work, 133 million new jobs will be created.
Artificial intelligence salaries benefit from the perfect recipe for a sweet paycheck: a hot field and high demand for scarce talent. It's the ever-reliable law of supply and demand, and right now, anything artificial intelligence-related is in very high demand. According to Indeed.com, the average IT salary -- the keyword is "artificial intelligence engineer" -- in the San Francisco area ranges from approximately $134,135 per year for "software engineer" to $169,930 per year for "machine learning engineer." However, it can go much higher if you have the credentials firms need. One tenured professor was offered triple his $180,000 salary to join Google, which he declined for a different teaching position.