Not a single day passes by without a new article appearing, which exposes the implications which current AI developments will have on our daily lives in the future. Silicon Valley experts agree that the biggest changes are deemed to affect the workforce and unemployment rates.  Although highly beneficial for technological advances, AI will automate a great number of jobs across all industries.

According to the Bank of England, cited by The Standard, ‘as many as 15 million jobs in the UK could end up being replaced by AI-enabled software and machines in the years ahead’. And this is not only going to affect unqualified jobs, but also doctors, accountants and lawyers, resulting in large traditional institutions having to reduce their number of employers or even close their doors. Sounds quite scary, right?

But before we make assumptions about what AI could mean for the future of our economy, we must look beyond the press. Christopher Phissarides, winner of the Nobel Prize for Economics, and Jaques Bughin from McKinsey Global Institute, consider that the AI revolution should not scare us or take us by surprise, as long as governments encourage and enable the population to upgrade their knowledge with essential skills for future market trends. According to a recent report by the McKinsey Global Institute, ‘depending on a country’s level of development, advances in automation will require 3-14% of workers worldwide to change occupations or upgrade their skills by the year 2030’. They also remind us that historically, ‘job displacement has occurred in waves, first with the structural shift from agriculture to manufacturing, and then with the move from manufacturing to services. But throughout that process, productivity gains have been reinvested to create new innovations, jobs, and industries, driving economic growth as older, less productive jobs are replaced with more advanced occupations’

The research which I have undertaken for my book, AI in Marketing, due to be published in December 2018 by Kogan Page, is giving me unparalleled access to the sharpest minds and the latest developments in AI globally.

While interviewing these distinguished figures, I am concluding that AI applications are not likely to be a complete threat to the human factor. In fact, AI may well enable workers to focus on more creative tasks while smart AI will do the repetitive and dangerous tasks associated with physical labour. The relationship between humans and AI should be regarded as collaborative and not competitive because at the end of the day, there are some things that not even the smartest machine will be able to do as good as a human, at least not for 30-50 years. 

In our digital era, each and every one of us has to take action. What is needed is a modern and generous education system that helps people adapt to an unpredictable labour market.

For that reason and having just delivered a series of highly successful training sessions in Oman and Bahrain on the impact of AI in business, we are now inviting bookings for our next bespoke, group and webinar bases sessions.  These can be found on our AI in Marketing website. As well as recommending a pragmatic, workable framework for success, the training will cover diverse and important topics such as GDPR and Ethics, as well as a range of case studies and tools.

AI is transforming how we do business, and for companies, both large and small, this could mean an unsettling change. With AI in Marketing, you can be more prepared than ever to take part in this new wave of innovation and implement effective Business Transformation strategies.

 

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