Finding the intersection point between the worlds of digital intelligence and human empathy is ... [ ] surely the biggest challenge on the automated road ahead. The world is obviously going through some changeable times. The United Kingdom is about to ride through the (many would argue) uncertain period of post-Brexit'independence' and global geopolitical swings continue to have an impact upon international trade and investment. The technology industry thinks it can help, well, when doesn't it? In particular, the tech business is keen to extol the virtues of Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) as key tools to help manage the things that humans shouldn't be troubling themselves with.
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.
Udemy, the largest online learning source, just published its Udemy for Business 2020 Workplace Learning Trends Report: The Skills of the Future (48 pp., PDF, opt-in). As Forbes noticed, the report claims that it is now key "to prepare workforces for the future of work in an AI-enabled world." The report states that "In the world of finance, investment funds managed by AI and computers account for 35% of America's stock market today," citing a recent article in The Economist, The rise of the financial machines. For their part, in the report, Udemy notes that AI is reshaping the world of work. The organization notes that 65% of the leaders cited that AI and robotics are an important or very important issue in human capital.
This is the third blog in a four-part series detailing the components necessary for AI success. You can read my earlier posts about cultural willingness, and data and infrastructure readiness to get caught up. Look for the final post in this series coming soon, covering ethics, risk and compliance planning. Organizations face a daunting task in today's digital era: to identify, organize and analyze the hordes of data that continue to grow in complexity, scope, and size. While Artificial Intelligence (AI) can automate basic tasks, there still remains the challenge of freeing employees up for analytical and creative thinking, to develop the skills needed to successfully implement AI, and to benefit from its power.
With current technologies like artificial intelligence, machine learning and data analytics being democratized in everyday applications, the IT industry has almost successfully transitioned into the Digital Era. When talking about digitization, one idea most industry leaders agree upon is that automation is the need of the hour. Along with other new age technologies, Robotic Process Automation (RPA) too has made a mark in the IT industry and according to Gartner 85 percent of big organizations will have deployed some form of RPA by the year 2022. While RPA is meant to bring about efficiency and reduce errors made in mundane and tedious work done manually by humans, it does give rise to the question of will there be a loss of jobs in the IT industry due to democratization of RPA. Automation, a popular emerging technology has an assured place in the future of global businesses.