Bridging The Skills Gap In The Age Of AI And Automation
Talent shortage and the skills gap are possibly among the most significant problems global organisations face today. Business leaders are aware of the skills gap. They are conscious of its reality and difficulties. However, most of their organizations don't seem to be actively or successfully addressing the problem.
The COVID-19 pandemic, rapid technological advancements, shifting business priorities, and employees with higher expectations than ever are just a few of the factors making it challenging for organisations to adapt and evolve at the required pace, which means the skills gap is growing.
Organisations that put a high priority on retraining and upskilling their current employees will see great rewards. Leveraging the power of artificial intelligence (AI) and automation can help organisations future-proof themselves in today's increasingly fast-paced and uncertain environment and fill any existing skills shortages. According to a World Economic Forum report, closing the skills gap can boost the global GDP by USD 11.5 trillion by 2028.
Enabling A Sustainable Future With AI
Business leaders today claim it might be challenging to find young individuals with the necessary skills to fill unfilled positions. Furthermore, it is predicted that by 2030, 1.8 billion young people will live globally without the education or training required to work. There will need to be a change in how young people are given essential skills and knowledge as the workplace evolves, particularly with the advent of automation and artificial intelligence.
Businesses globally are turning toward AI to overcome skills shortages and promote higher efficiency. Over half of all IT professionals say their organisation either uses or is contemplating utilising automation software or tools to increase business and IT operations efficiency and save costs.
Organisations can provide employees with a new peer to help them in ways that weren't before feasible by integrating AI into the workforce. AI enables new insights that a person using linear optimisation could not produce, acts as a virtual mentor, and encourages employees to embrace new processes and modes of thought.
Additionally, AI can provide CEOs with more autonomy in their decision-making so they can use analytics and optimization to find solutions to complicated challenges. AI also frees up the time of employees and managers, allowing them to concentrate on the more strategic, high-value activities that C-level executives expect from their teams.
Rise Of Hybrid Intelligence
To grow more effectively, AI needs training and engagement with human employees. As a result, in a hybrid intelligence setting, employees not only make use of AI technologies but also help teach them. Many individuals mistakenly believe that artificial intelligence will replace jobs; nevertheless, AI will change current roles uniquely. Leaders will thus need to create new positions for individuals who use AI, such as educators, collaborators, and inventors.
Workers dealing with AI won't do so in a vacuum; instead, they'll work in cross-functional teams that can think quicker, create more effectively, and collaborate to accomplish various objectives. These positions show how AI improves leadership and employee collaboration while revolutionising and redefining the nature of work as we know it.
To enhance AI tools, leaders must understand the value of frequently conducting, confirming, and documenting operations. AI can become even more beneficial by producing precise diagnostic findings and predicting insights required for business operations.
Power Of AutoML In Addressing The Skill Gap Issue
Up to 2020, the real impact of Machine Learning (ML) on businesses has been immense - from retail to banking, 5G to healthcare, and more. Not to mention its growing relevance in software development and resolving environmental challenges, ML continues to play an essential role in the growth of several industries.
The ability of AutoML to assist non-tech enterprises and organisations with less data science knowledge in creating their machine-learning applications may be its greatest asset. By automating complex manual data science procedures, AutoML's solutions increase everyone's access to AI and may help organizations overcome a catastrophic skill shortage.
AutoML technologies enable organisations worldwide to deploy data-driven applications powered by statistical models while quickly constructing models ready for production without expensive data science. The present skills vacuum in the data science sector is supposed to be filled by a mix of ML, AI, and deep learning.
Generative AI – A Game Changer in Enhancing Human Productivity
The potential benefits that generative AI could offer are beginning to attract the attention of many businesses. According to a Salesforce study, 57 per cent of senior IT Directors consider generative AI a "game changer." While Goldman Sachs research predicts generative AI could drive a 7 per cent increase in global GDP or almost USD 7 trillion and lift productivity growth by 1.5 per cent over ten years.
Generative AI helps employees reduce the time it takes to accomplish tasks and improve the quality of their outputs by fusing the enormous processing capacity of algorithms with the crowdsourced knowledge and experience stored within its training data. Thanks to generative AI technology, the workforce will soon have access to various specialised AI helpers to do everyday tasks.
AI To Only Complement Humans, Not Replace
Automation and artificial intelligence are transforming industries globally, boosting productivity and supporting a growing economy. These technologies will simultaneously change the nature of employment and the workplace.
Artificial Intelligence is improving quickly in many human tasks, such as medical diagnosis, language translation, and customer service. Due to this, there are legitimate concerns that AI will eventually replace human jobs across the economy. However, that is not the most likely or even the inevitable consequence. Although AI will fundamentally change how work is done and who does it, it will have a more significant impact by enhancing and complementing human talents rather than taking their place.
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