In this article we review an interesting piece called Could AI solve the productivity crisis, by Steve Weston, Chief Information Officer and Global Head of Corporate Accounts at Hays Group.
“PwC analysis suggests that AI could contribute US$15.7trillion to the global economy by 2030, with US $6.6trillion of this figure of this coming from increased productivity. These gains are expected to come from the automation of processes, coupled with AI technologies augmenting their existing labour force. In fact, there are already examples of where AI is starting to have this sort of impact. Owen Tebbutt, Marketing Leader, Cognitive Process Transformation, for IBM Global Business Services, Europe, gives the example of AI being used by fund managers to track media or social media stories about particular companies, helping them to digest the vast number of stories on the internet to glean important information which could create fluctuations in share prices.
“Twenty years ago, these people received data about the marketplace they serve at a much slower rate and in far fewer formats,” he points out. “AI is a good way to empower someone who is doing that sort of job, and it can help them to prioritise, sort and make sense of a huge wall of data that is coming at them all the time, relentlessly.” There’s still a need for human intervention, however, particularly in how AI interprets headlines or other elements of stories which could have more than one meaning.”
With new innovations comes uncertainty and often fear. This can manifest in fear of the unknown and the potential impact on self and teams. It is crucial when considering whether AI might add value to your organisation, that you think about the potential impact and clear and ongoing communication of the transformation journey, through the eyes of all stakeholders.
“HR will clearly have an important role in helping businesses to make use of AI and ensure it is used responsibly. Part of this will involve talking about the rationale behind it, and explaining how it can help individuals with the job, and potentially develop their career through learning new skills. “One thing is clarity; the more open an organisation can be about why and where it’s using these technologies, the less concerned employees will be,” says Tebbutt. “The really big one is that it’s got to be based around this idea of empowerment. It’s not there to replace jobs but to make your job more impactful, enjoyable and productive. HR needs to be very positive about some of the things this technology can do to make people more productive, happy and fulfilled.””
Of course, the best results will come from enabling efficiency, effective improvements in process and systems and in an ideal world, seamless integration with the business rather than a clumsy and unsettling bolt-on to legacy operations.
“A global survey of nearly 3,000 employees across eight nations conducted by The Workforce Institute at Kronos found that four out of five employees see significant opportunity for AI to create a more engaging and empowering workplace experience, yet admit a lack of transparency from their employers is a primary driver of fear and concern.”
So the message from this thought provoking article is clear. Embark on the journey of AI exploration with transparency and engagement across the business. It is likely that this will result not only in acceptance but valuable contribution to the execution of AI roll-out.
If you would like to comment on this article please Subscribe or to contribute your own, please request to become a Member
The Business Case For Sustainability
Sustainable businesses are redefining the corporate ecosystem by designing models that create value for all stakeholders...
0 Comments4 Minutes
Ricoh The Business of Rugby
Ricoh Premiership Rugby has launched The Business of Rugby, an initiative that focuses on building a collaborative, sustainable business ethos within the premiership rugby clubs across England.
0 Comments1 Minutes
Process
Sharing best practice process and business operations to ensure maximum efficiency and sustainability for the future, across all industries and company sizes.
2 Comments1 Minutes
2 Comments
Add comment Cancel reply
You must be logged in to post a comment.
We have a robotics facility here at UKAEA that is working to create robotics for use in hazardous and challenging environments. JET (Jojnt European Torus) began operating in 1983 and as you can imagine staff were having to go into a hazardous environment when it came to changing parts on the machine, they also were having to wait for a long time after the machine was shut down to enter it to make any changes as they were having to wait for the hazardous chemicals to leave the machine. We realised that what we needed was for a robot to go in and make these changes, to limit any potential threat/damage to people. Our RACE department have been working to create various pieces of equipment to make these changes for us and they are always experimenting with new ideas to help aid repairs in environments such as ours. RACE is also the test center for autonomous vehicles, something which will hopefully aid in public transport, deliveries etc. I understand that people are worried about their jobs being taken over by robots, but we will still need people to do jobs to ensure that the autonomous vehicles/robots are running smoothly. Experts in the jobs currently being done manually will also be required to make sure that the autonomous vehicles/robots are doing what they are meant to be doing and to the required standard.
Thanks Kathryn… those are some really good points you raise. The balance and blend between technology and people is something that is going to become increasingly important.
With this in mind we are currently figuring out the best time to record an interview with one of the world’s leading AI development companies and we’ll make sure this point is raised in the conversation. I’ll share the details of the interview as soon as we have them.