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ProjectBlog: Will Artificial Intelligence Take Over Our Jobs? – The Motley Fool Singapore

Blog: Will Artificial Intelligence Take Over Our Jobs? – The Motley Fool Singapore

As the world becomes more connected through technology and advances in automation, and data analytics take hold of many industries, a natural question arises: Would the introduction of artificial intelligence (AI) in the workplace mean that human beings are being made increasingly redundant? Or could there be a middle ground for both humans and machines to work side by side and hand in hand? The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) had just released fresh findings recently on the impact of data analytics and automation on the future workforce, and the prognosis…

As the world becomes more connected through technology and advances in automation, and data analytics take hold of many industries, a natural question arises: Would the introduction of artificial intelligence (AI) in the workplace mean that human beings are being made increasingly redundant? Or could there be a middle ground for both humans and machines to work side by side and hand in hand?

The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) had just released fresh findings recently on the impact of data analytics and automation on the future workforce, and the prognosis for humans is not looking good. According to the findings, in just the finance industry alone, the next three to five years may see a third of job roles performed by fewer workers, which would lead to reduced overall demand for workers for specific job roles.

Rise in automation and mechanisation

The above statistic seems rather alarming as many may have thought that finance roles are tough to be replaced by AI and automation. However, it appears that AI is seeping into almost every aspect of businesses, from the manufacturing industry to search engines to gaming and more.

It used to be the case that only production facilities were “mechanised”, and where human workers were replaced by robots performing repetitive tasks. However, with the rise in AI-assisted capabilities, more customised and analytical work is now being performed by machines and computers. More industries have therefore been affected as AI is a driving force for increasing efficiency, reducing costs and eliminating activities which do not value-add.

Man and machine combination

However, all is not lost for humans. It is becoming increasingly obvious that machines will not be able to completely take over and replace humans, as many aspects of the business (e.g. customer service) still require the human touch. AI is also as good as the people who program and instruct them, so there will still be a need for humans to run the algorithms and programs which power AI.

Even as AI progresses and evolves, many jobs are now settling into one where a human works hand in hand with a machine to deliver the best results. Technology and AI will thus help to augment a human being’s job and enable it to evolve to become more productive and efficient.

Skills upgrading and re-tooling

What this means is that some jobs may be made redundant, while other roles may evolve and change over time to include the impact of AI. To remain relevant, it is up to the individual to ensure they upgrade their skills and also “re-tool” their thinking. Jobs in the future may require the person to work hand in hand with AI to come up with holistic solutions. Going for skills upgrading and training related to the understanding and managing of AI would go a long way in helping one to adapt to the new economy, and to ensure that one’s skills remain relevant and that one would still be in demand.

Motley Fool Singapore believes the Artificial Intelligence mega-trend is one investors can NOT afford to miss out on. We think it has the potential to be bigger than the Internet, with the AI industry set to be worth US$5.8 trillion per year to the global economy. Click here now to find out more about a collection of AI stocks that are taking the lead and how they could supercharge your investment returns.

The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.

Source: “artificial intelligence” – Google News

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