Summary: Technology can become a powerful catalyst for human creativity to drive outcomes.
Original author and publication date: Ratna Metha – September 16, 2020
Futurizonte Editor’s Note: Is the only option for humans in the future to merge with AI? Is that the end of the biological human?
From the article:
Technological advancement is a double-edged sword; while it oils the wheels of advancement and innovation leading to breakthroughs that improve efficiency, rationalise cost and improve the quality of life, it has its fallouts, i.e. job losses, health issues and environmental pollution.
With the rise of AI, there is increasing anxiety around massive job displacement. This is substantiated by widespread research:
- Accountants have a 95% chance of losing jobs
- 29% of legal sector jobs could be automated in 10 years
- Intelligent agents and robots could replace 30% of the world’s current human labour
Being a trader was an esteemed profession, but with AI systems that can analyse information from markets, social media, corporate filings and economic conditions to quickly decipher trades, these systems can trade better than any human.
As per analysis firm Oxford Economics, up to 20 million manufacturing jobs around the world could be replaced with robots by 2030. Each robot impacts 1.6 jobs, with lower-skilled regions seeing a higher impact.Tweet
Man and Machine Joining Forces
How we use technology depends on our perspective; we can use it to ‘replace’ humans or we can leverage it to ‘augment’ humans. Enhanced productivity leads to economic growth, which in turn can fund new job creation opportunities.
A Harvard study involving 1,500 companies shows that significant performance improvement is experienced by firms which combine the forces of man and machine. Man and AI can collaborate to enhance each other’s complementary strengths: leadership, team spirit, creativity and social skills of the former, and speed, scalability and data crunching capabilities of the latter.