“Predicting the future isn’t magic, its artificial intelligence.”
– Dave Waters
Artificial intelligence (AI) or the ability of the machines to mimic the human mind is gradually but surely invading human workplace.
While ‘Terminator’ like robots are still a long time away but the possibility of AI eventually replacing humans is increasingly becoming real.
Banks, management firms, retail firms, digital marketing firms in India and even ecommerce – are using machines for sales, predictive analysis etc. Thanks to AI, bots and algorithms, jobs are disappearing at a faster pace than they are being created.
Yes bank, ICICI Lombard GIC, Maruti, Birla Sun Life and tons of others are effectively using AI in daily business for improving productivity and scale.
AI is an opportunity companies can use to their advantage. Especially in some banks, AI platforms do volumes of tasks repeatedly and help improve 24×7 functioning by providing services to even NRI customers.
In HDFC bank products such as ‘loan in 10 seconds’ are processed by machines
“Banking used to be a very personal experience. Digital made it impersonal. But now with AI and customization, it’s becoming personal again.”
– Nitin Chugh (Country head, Digital banking, HDFC bank)
70% of the motor insurance policies, at PolicyBazaar.com, are sold by bots. Even on travel platforms like Ixigo, bots handle most of the travel queries without even the customers realising that.
In healthcare too, AI can diagnose, assist with medication reminders, and even help to develop pathways for treatment of diseases like cancer or diabetes.
For example, in Max Healthcare there is a tool being used, at present, which can help generate X-Ray reports.
AI has transformed the entire economy and is slowly making its mark in variant sectors. So, are we approaching a jobless future, or will new jobs replace the ones that are lost?
According to the UN, two-thirds of all jobs could be taken over by artificial intelligence sometime in the future.
According to the World Bank, by 2021, some 40 percent of jobs will be lost to AI and technology in India and a shocking 70% is already under threat from automation coming in a decade or so.
Infosys ex- CEO Vishal Sikka said:
“If we sit still, there is absolutely no doubt that our jobs are going to be wiped out by AI. Sixty to 70 percent over the next 10 years—or maybe less than 10 years—of the jobs that we do today are going to be replaced by AI…unless we continue to evolve ourselves.”
The future needs to keep at pace with the technology. Well, where a human does not add value to a company, the machine will automatically become a more valuable asset.
It improves productivity and cuts cost.
We are in an era of hyper-personalised experiences. It may be artificial, but it is still intelligence!
Technology versus employment is an age-old debate. But it is becoming more and more relevant with each passing year as companies are now leaning towards
Automation for better productivity and profits
However, in contrast to the popular belief that robots will take over human jobs, a lot of research and studies predict that artificial intelligence may create more jobs than it’s expected to eliminate.
It has been reported that by 2020, AI will generate 2.3 million jobs in contrast to the 1.8 million that it will wipe out.
“Robots are not here to take away our jobs, they’re here to give us a promotion – I think that’s the way we should start looking at AI.”
Manjunath Bhat, Gartner’s research director.
Artificial intelligence brings a seismic shift in the future of work – making some roles obsolete and enhancing others, while at the same time, creating new jobs, and even spawning new professions. Check this video to understand more.
The number of jobs affected will vary from industry to industry. The public sector, healthcare and education are expected to gain the maximum jobs, while manufacturing and transportation may be the hardest hit sectors.
No job, (regardless of how creative it is) is safe from artificial intelligence if the human element is not consistently working to improve him and their worth for that role.
How will it create more jobs then?
Artificial intelligence may be relevant at the company level, but it does not have the same relevance at the country level.
Countries with high per capita income will use more artificial intelligence platforms than India.
This is because of high labour costs in such countries, like USA or Singapore. This will, hence, result in technology workforce doubling in the coming years as more companies adopt technology tools.
“Clearly, there is an opportunity and it is unfair to say AI will take away jobs. I am so glad that these repetitive tasks that we call jobs will go away. Humans can now do things that they are always meant to do, which is to learn and do higher work.”
– Andy Jassy, CEO, Amazon Web Services
With our demand for 100 per cent accuracy and efficiency, AI is taking over processes that are commonly seen as skill-light but labour-intensive.
For example, AI and automation can perform tasks such as production line assembly faster and with much higher efficiency than any human task force combined.
It is evident from the graph that AI will eliminate millions of middle- and low-level positions but more new jobs will be created, including highly-skilled, management positions.
Therefore, artificial intelligence just doesn’t take over jobs, it creates new ones too. The manufacturing employment, in India, is expected to rise at 17-20% of the total jobs – from 11% in the present, wherein most of the jobs will be in the service sectors.
Heading for a brave new world
Artificial intelligence arguably has the potential to take away jobs in the future and disrupt with human tasks. However, there are still some who believe that AI and humans learn through each other’s actions.
“The human is still in the loop. Both humans and AI are learning, teaching each other. We will see more combination of man and machine in every sector.”
– Anand Rao, PwC head.
As technology improves, artificial intelligence will be able to comprehend consumers’ thoughts and perform more human-like tasks.
This is “the future”!!
In a world which is progressively being powered by artificial minds, we (humans) will have to ensure that our skills and abilities remain relevant and indispensable. Our motto should be:
“We will harness this potential and turn it into the high paid high productivity jobs of tomorrow. Others may choose to reject the future, we choose to embrace it.”
Hammond (The Budget)