Author: Gaurav Kapur, Senior Fellow, YES Global Institute
Society is up for an upgrade, and it’s happening as we speak. The AI revolutions has truly begun and the wave is going to sway mankind to adapt to new normal. History has always been filled with instances when advent of technological development has preceded dystopian predictions of its impact on world and jobs. From the early days when it was feared that textile power looms would bring mass employment, to days when automobiles displaced horse and carriage, each level of technological advancement has created more job and value for the society at large.
With the emergence of these disruptive technologies, the traditional definition of ‘labor’ is fast changing towards a much productive and efficient resource. Purely from traditional economist point of view a shift in production possibility curve (PPC) which depicts economic growth can shift outward through effective deployment of Artificial intelligence. It is expected that in 2021, AI augmentation will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity. Going ahead AI can emerge as the new factor of production catalyzing future growth.
This rise of Artificial Intelligence (AI) has created new possibility for job creation globally. Recently research firm Gartner came out with research highlighting that AI will be net accretive in job creations by adding close to 2.3 million jobs and eliminating 1.8 million jobs by 2020. The exponential increase in the number of tech driven startups in India recently is testament to the immediate impact of technology on labor markets.
Going ahead, we would see emergence of a cohesive collaborative model being developed wherein artificial intelligence would augment human capability to transform businesses and deliver economic growth for society as a whole; and this would include not only the repetitive work but also more advanced tactical decision oriented roles requiring data analytics and cognitive decision making.