How bots will shape the future of work
Intelligent
automation, software robotics, cognitive computing, augmented reality and
machine learning have the potential to increase productivity
Picture
this. You are in an elevator and your watch starts vibrating and one swipe
tells you that it’s an important alert from your bank. You are facing some
issues with your banking transaction and you are connected to a chatbot (an
intelligent robot at the bank’s contact centre) and over a series of messages,
the bot meticulously addresses your problem. This indicates the onset of a
digital era which is set to transform the way people work and interact in daily
business activities.
Intelligent
automation, software robotics, cognitive computing, augmented reality and
machine learning have the potential to increase productivity, improve
efficiency, and reduce time-to-market and reshape the manner in which people
and enterprises function.
Many
industry experts believe that the use of artificial intelligence (AI) will
become pervasive across industries in the next decade. Machines with natural
language processing skills will help to automate routine and repetitive tasks.
One
of the world’s oldest and largest news gathering organizations is using AI to
develop more than 4,000 corporate earnings stories.
Leading
IT services companies have developed AI platforms to streamline different
aspects of their project delivery. For instance, a tier-1 Indian IT services
player plans to use its AI platform to automate application maintenance
projects. This will help the company save up to $50 million and free around
3,000 engineers from routine software maintenance activities. A leading utility
company is using AI in the area of financial reporting and accounting statement
preparation.
The
future of the workforce is poised to change dramatically. In the new wave of automation
led by software robots, AI is also expected to redefine jobs which were
previously considered immune to technological displacement such as white-collar
work. For instance, algorithms are bringing deeper insights in the financial
services space (high-frequency trading) and automation is making its presence
felt in the healthcare segment by altering the manner in which healthcare
services are being delivered (mobile health apps, robotic surgery and diagnosis
by algorithms).
The
technological advances will redefine the notion of what a “job” is and change
the “eight-hours-a-day-work” paradigm. The workplace will become a
hyper-connected network of people and machines and no longer be confined to
traditional working hours or places.
However,
the proverbial glass is half full. Previous experience has shown that
automation has redefined what were then considered as traditional jobs and
created new jobs in the manufacturing ecosystem.
Rather,
the digital disruption brought about by automation is likely to create new
companies and opportunities in hitherto unheard of economic activities.
However, it is observed that a majority of the workforce is not adequately
prepared to deal with these technology changes.
Both
employees and enterprises will have to adapt, reinvent and upskill themselves
to stay relevant.
As
technology drives and reshapes business needs, enterprises will be required to
revamp their learning and development programmes to re-skill their employees
and enable them to take on tasks beyond the purview of bots and algorithms.
Technical training needs to be oriented towards meeting the dynamic needs of
the next-generation workforce. Furthermore, the next-generation workforce will
have to take ownership to build their own ‘brand’ to take on jobs which match
their new skill-sets.
At
the same time, to attract the new-age digitally-connected workforce, companies
will need to provide an entrepreneurial environment where employees can
experiment innovative ideas. The changing nature of work will free up
individuals to pursue other interests and has the potential to spur a new wave
of entrepreneurship.
An
important stakeholder in the journey to the next-generation workplace is the
government, which can act both as a monitor and an enabler. Governments around
the world will have an important role to play in the new paradigm as the
employer-employee relationship evolves drastically.
Next-generation
enterprises, whose businesses are based mainly on AI/automation, argue that
existing regulations were designed for another era and are not in line with the
demands of the industry. There is a need to re-examine existing regulations and
develop new regulatory regimes which are designed for the future—nimble, real
time and responsive to the needs of the work force.
Source | Mint – The Wall Street Journal | 23 January 2017
Regards
Pralhad
Jadhav
Senior
Manager @ Library
Khaitan & Co
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