Humanity continues to embark on a period of unparalleled technological advancement. The next 5, 10 and 20 years will present both significant challenges and opportunities. Private sectors, governments, academics and entrepreneurs are all seeking the roadmap for navigating these profound changes in the world of work. Such a road map must be created collaboratively by all stakeholders. At its core, an industrial revolution can be characterized by advancements in technology that humanity applies to improve the process of production.
Rather than allowing employee concerns to continue to mount, CTOs should work alongside their counterparts across the wider c-suite to start laying the groundwork for every single human employee to play a more strategic/decision-making role as part of an AI-augmented workforce. When CTOs hear fears of AI replacing jobs over the next few years, their message should be that people are stepping away from the factory floor and into the foreman's office. How can organisations ensure that the adoption of artificial intelligence will drive the desired business outcomes? Kalyan Kumar, Corporate Vice President and CTO at HCL Technologies, provides his insight. When people discuss AI, opinions are usually polarised into one of the two extreme schools of thought – those who believe that AI will make our lives better, and those who are convinced it will accelerate human irrelevance, leading to the loss of jobs.
Machines and algorithms in the workplace are expected to create 133 million new roles, but cause 75 million jobs to be displaced by 2022 according to a new report from the World Economic Forum (WEF) called "The Future of Jobs 2018." This means that the growth of artificial intelligence could create 58 million net new jobs in the next few years. With this net positive job growth, there is expected to be a major shift in quality, location and permanency for the new roles. And companies are expected to expand the use of contractors doing specialized work and utilize remote staffing. In 2025, machines are expected to perform more current work tasks than humans compared to 71% being performed by humans as of now.
Europe, while making progress, is behind the US and China in capturing the opportunities of artificial intelligence and automation. Digitization is everywhere, but adoption is uneven across companies, sectors, and economies, and the leaders are capturing most of the benefits. Accelerating progress in AI and automation now bring further opportunities for users, businesses, and the economy. Europe, while making progress, is behind the United States and China. This briefing looks at how Europe could capture the digital opportunity and, at the same time, prepare for the future of work. Digital technologies have been evolving and disrupting the way we live, work, and organize for years.