Artificial intelligence and other technologies will cause people "more pain than happiness" over the next three decades, according to Jack Ma, the billionaire chairman and founder of Alibaba. "Social conflicts in the next three decades will have an impact on all sorts of industries and walks of life," said Ma, speaking at an entrepreneurship conference in China about the job disruptions that would be created by automation and the internet. A key social conflict will be the rise of artificial intelligence and longer life expectancy, which will lead to an aging workforce fighting for fewer jobs. Ma, who is usually more optimistic in his presentations, issued the warning to encourage businesses to adapt or face problems in the future. He said that 15 years ago he gave hundreds of speeches warning about the impact of e-commerce on traditional retailers and few people listened because he wasn't as well-known as he is now.
Thirty years into the future, nobody's job will be safe from the robots -- not even the CEO's. That's according to Chinese billionaire Jack Ma, who warned in a Monday speech that "the world will see much more pain than happiness" as automation and the internet disrupt traditional jobs worldwide. "Social conflicts in the next three decades will have an impact on all sorts of industries and walks of life," Ma, chairman of China-based e-commerce giant Alibaba, told an entrepreneurship conference in Zhengzhou, China. The disruption will even reach into the C-suites at major companies, Ma predicts, as robots are quicker and more rational than humans, and don't get bogged down in emotions -- getting angry at competitors, for example. "In 30 years, a robot will likely be on the cover of Time Magazine as the best CEO," according to Ma.
The Artificial Intelligence ("AI") vs Intelligence Augmentation ("IA") debate has been around for over half a century. IA or Intelligence Augmentation classically refers to the effective use of information technology in augmenting human capabilities, and the idea has been around since the 1950s. AI is increasingly being used today to broadly describe machines that can mimic human functions such as learning and problem solving, but was originally founded on the premise that human intelligence can be precisely described, and machines made to simulate it. The term Artificial General Intelligence (AGI) is often used to represent only the latter, stricter definition. There is unprecedented hype today around AI, its incredible recent growth trajectory, myriad potential applications, and its potential emergent threats to society. The broader definition of AI creates confusion, especially for those that may not be closely following the technology.
It is perhaps the most pronounced narrative in business: Across industries, intelligent machines are marching (and these robots will take your jobs). Yet, most CEOs barely mention the subject to the employees who most fear they are at risk. Oftentimes, in their announcements of transformative projects--such as robotics processing automation (RPA), machine learning, natural language processing, and AI--business executives commend new operating efficiencies or workforce productivity, but fail to mention the impact on jobs. This impact, of course, is profound. A recent study by McKinsey predicts that over the next 13 years as many as 70 million workers in the U.S. will be forced aside by robots.
What are the challenges as robots become integrated into society? Learn about advancements in AI, machine learning and the potential when paired with increasingly sophisticated robotics. Unequivocally, the prominences of robotics, AI and a digitized banking landscape have many people worried about the influences these trends make on banking. Depending on to whom you listen, automation, robotics, and artificial intelligence (AI) will either solve all our problems or end the human race. He also leads the development of PwC UK?s AI solutions and advises clients across many industries on identifying and delivering business results enabled by disruptive technologies such as AI and robotics.