We are living in the Fourth Industrial Revolution while we are predicting that Robotics with AI capabilities, according to a report from the World Economic Forum (WEF), will create 58 million jobs more than it destroys by 2022. This WEF report “The Future of Jobs 2018” further explains that against the 75 million jobs displaced will have another 133 million created from a new model that will combine positions between humans and machines.
In an another study by LinkedIn based on the demand for jobs has changed during the last five years. Their final chart showed that the jobs relying on skills that can be automated are shrinking. This should give an alert to start preparing for the AI revolution.
The WEF also predicts that full-time and permanent jobs are on their way for extinction where employers will seek to hire part-time employees while they pursue to compensate for any deficiency by doing more automation via AI. They insist that the fusion of human and robotics AI will create new skills that will have the potential to keep on growing. Machines will solidify their position by growing from 29% to 42%, where humans labor will get lower to reach the 58% in 2022.
This result was further solidified by PricewaterhouseCoopers by an analysis report, “AI, robotics and other forms of ‘smart automation’ technologies could boost productivity and create better products and services. While some jobs will be displaced or ‘fundamentally changed in nature,’ new jobs will also be created and the long term net effect should be positive for the economy as a whole.”
This idea of re-skilling of labor force can work slowly on an individual level. Companies needs to work it out in collaboration with Governments and anticipate this chance as early as possible so no mass scale layouts will occur because companies will only retain their highest skill employees.
While the hype continues many major companies are feeling the heat and they are starting to experiment with AI to see its impact on their businesses.
A surprising company, T.G.I. Friday’s, is experimenting with AI “where Algorithms” according to Axios interview with T.G.I. Friday’s, “from help managers order ingredients, deal with food waste, schedule staff members, and identify fraud.” This processing of data and optimization was once handled by skilled data analysis employees but with the help of sophisticated software. Now AI is capable of capturing a huge data set and analyze it in record time that no human analyst will be capable of performing.
The Fourth Industrial Revolution is paving its way toward full domination. Meanwhile, and outside the hype of the mega scale robotics projects, many companies are trying to tap into this technology to shape up their businesses to be able to survive the upcoming AI revolution.
Google’s Ex-CEO Eric Schmidt predict the Internet will be split between US and a Censored Version in China. To more cachettrading.com
