Transforming the business environment
With or without the influence of AI, many jobs will inevitably disappear in the next decade or two because of increased computerization. The key to succeeding in the new era is adaptation, according to Vijay Gurbaxani, a professor of information systems and director of the Center for Digital Transformation at the University of California-Irvine. “One of the essential aspects of AI is that we will be working alongside computers and learning from them," he says.
Business leaders agree that overall, AI will affect society in highly positive ways, especially through machine-human collaborations. More people will be able to participate in the workforce: for instance, AI apps can help employees with visual or hearing impairments. In healthcare, AI is vital to diagnostics. In finance, just as spreadsheets drove costs down and demand up for calculations, machine learning – applying AI to large data sets – will do the same for predictions, enabling more precise analyses and recommendations, say researchers at the University of Toronto's Rotman School of Management. “Prediction about uncertain states of the world is an input into decision making," they write in a recent paper.
For all this to happen, businesses must take some decisive action to reskill their workers. “The best companies in AI are going to be the ones that have the best HR function, which redeploys people in the best way to suit the new fabric of work enabled by AI," says Gianni Giacomelli, a senior vice president and business leader, Digital Solutions, at Genpact. “Basically, HR success will drive AI success, not the other way around."