No one knows for certain what the rise of Artificial Intelligence will actually mean to us as businesses or employees. A common reaction is one of fear, “Will I lose my job to a machine or an algorithm?”, “Will my business be disrupted and destroyed?”, “Should I be throwing more time and resources at looking for the next big AI thing?” and so on. That’s partially a result of all the media hype around how the ever-accelerating Rise of the Robots will destroy jobs and threaten our livelihoods.
However, a recent World Economic Forum report puts a far more positive spin on it all. We discuss what the WEF predicts for 2022, and suggest 3 practical steps that your business should take now to ensure that you “Adapt and Thrive”.
There has been fear that the rise of Artificial Intelligence (AI) and robots will considerably reduce the workforce. New research concludes that there will be winners and losers as AI becomes entrenched in economies, but there will be far more winners. The World Economic Forum (WEF) predicts that actually 58 million new jobs will be created – 75 million jobs lost but 133 million created.
The trick facing business is how to get onto the winning side, as those businesses that will be most affected by AI, and those who quickly get it right, will have a substantial profit enhancer because AI will, in the medium term, drive down business costs.
Adapt and Thrive! What you need to do
- The first issue is to acquire more resources in terms of technology (AI will need far greater processing power, new AI machinery), up-skilling your labour force and employing new staff.
- Secondly, consider approaching other players in your industry to put together a plan that will bring in a future stream of skilled employees. This task is too big for one business to undertake.
- You will also need to instil into your staff that they will need to continually improve their skills.
What type of employee will you require?
Recruiters in the developed world are now focusing on people with problem solving skills – on an ongoing basis AI will throw up technical and competitive challenges. Staff need to be able to quickly solve these problems.
As technical people will become more of a value driver in business, having “soft” skills, like good communications and being effective in teams, will also be sought after.
Below is a table from the World Economic Forum showing jobs that will be needed in 2022, and those that will face being replaced.
“Artificial Intelligence is a tool, not a threat” (Rodney Brooks, Roboticist)
A new era is starting and the news is fairly positive – AI should create more jobs, reduce business costs, and greatly enhance productivity. Don’t be caught on the wrong side of this revolution!
Despite the facts that several accounting functions are expected to be declining careers in future years, Tuffias Sandberg does not believe the tasks of tax regulation or corporate governance will be on the list for many years.
Further reading, look at “Artificial Intelligence to Create 58 Million New Jobs By 2022, Says Report” on the Forbes website.
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