Will AI lead to an unprecedented job loss?
Much of the current focus of the debate about the impact of artificial intelligence has been on
how the ‘rise of the robots’ will be the end for many job roles. Yet that mischaracterises the true effects according to a new report from Infosys ,to coincide with the World Economic Forum in Davos.
The benefits for employees
The report, Amplifying Human Potential: Towards Purposeful Artificial Intelligence , concludes that the implementation of AI doesn’t necessarily mean job losses. In fact, 80 percent of businesses adopting AI which have replaced, or plan to replace, workers with technology, will be far more likely to retain, retrain and upskill those employees impacted. The study also claims that the adoption of AI will mean a number of other important benefits for organisations including a predicted 39 percent revenue rise by 2020 as a result of the implementation. However, UK firms are least prepared to take advantage of this opportunity – only a quarter report their industry has been disrupted by artificial intelligence – the lowest out of seven markets surveyed. However, there is growing awareness in the UK of the potential of AI and the resources needed to get the most from it.
Businesses need to get ready for AI
UK businesses who took part in the study believe they will need the following skills to help implement AI projects: development skills (58 percent), security skills (54 percent) and implementation skills (55 percent). Around two thirds (65 percent) believe AI will bring out the best in their people, 70 percent feel it can deliver positive societal and economic (76 percent) change. The report polled 1,600 senior business decision makers at large organisations across the world. It claims there is a clear link between an organisation’s revenue growth and its artificial intelligence maturity: Organisations who report faster growth in revenue over the past three years were also more likely to be further ahead when it comes to AI maturity. AI is perceived as a long-term strategic priority for innovation, with 76 percent of the respondents citing AI as fundamental to the success of their organisation’s strategy, and 64 per cent believing that their organisation’s future growth is dependent on large-scale AI adoption […]