I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...Full Bio
I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.
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Artificial Intelligence likely to deliver greater business value
Ever since the introduction of Robotics, Artificial intelligence (AI), machine learning & other similar technologies, it seems the new age of industrial automation has begun. These technologies promise greater efficiencies, higher profit margins, reduced costs & many other tangible benefits to businesses that plan to invest in them.
In 2016, businesses invested somewhere between $26 billion to $39 billion in AI development that led to advances in robotics, autonomous vehicles, virtual agents, machine learning & computer vision.
According to McKinsey Global Institute, automation and AI can help increase global productivity by 0.8% to 1.4% annually through 2065.
Most early investment in AI is being made by large technology companies, such as Amazon, Google and Facebook that have invested heavily in digitization. The United States, China, South Korea and the United Kingdom lead in AI development and have created national strategic plans with substantial AI aspects.3
A recent study by McKinsey Global Institute found that early AI adopters tend to have digital business models, deploy AI across their technology groups and in their core businesses, and view AI as a way to increase revenue as well as reduce costs.4
AI DRIVING RAPID CHANGES
AI development is speeding up, due in large part to the massive amounts of data being generated by a range of networked devices. AI also is benefiting from advances in computing power, machine learning, new algorithms and sophisticated AI models.
The industry sectors leading AI research and adoption include financial services, technology and telecommunications, transportation and logistics, automotive assembly, and energy and utilities.5 These sectors see great value for AI in research and development, production optimization, improved maintenance, targeted sales and marketing, and enhanced customer experiences.
Work processes most likely to be automated are structured, predictable and physical activities. McKinsey notes these work processes account for 51% of economic activity and $2.7 trillion in wages.6 The challenge for companies, industries and government is to find a way to transition from current manufacturing and business practices to an "augmented workforce" where employees, robots and AI combine effectively in the workplace.7
TRADITIONAL JOBS IN TRANSITION
The increasing use of AI, robotics and automation will dramatically change most industries as traditional jobs are revised, reinvented and, in many cases, eliminated. Some experts are sounding the alarm about the negative impact on middleclass jobs as these technologies will replace many workers and make their skills obsolete.However, AI and related technologies are expected to boost productivity and create new kinds of jobs. Workers will need to adjust and adapt their skills to remain competitive and employable in this latest industrial revolution.
Given all of this, skills that are essential to humans & machines lack will become more valuable. These include skills such as communication, critical thinking, personal service, empathy, problem solving, persuasion & strategic decision making. AI will enable workers to focus on more pressing issues and apply their essential skills while they take care of the routine repetitive work.
Governments also have a role to play here. They will have to take the initiative of retraining workers & adopt regulations that help curb the negative repercussions. Legislation can help government identify areas where jobs are most likely to be affected and then train the employees of that domain in other skills.