IF companies increase investments in intelligent technologies and improve the skills of its workforce, they could generate high revenues and high employment levels in the next five years.
A new research conducted by Accenture revealed that investment in artificial intelligence (AI) and human-machine collaboration could boost revenues by 38 percent and raise employment by 10 percent by 2022.
Collectively, this would raise profits by $4.8 trillion globally over the same period.
In a media briefing yesterday, Accenture Philippines managing director Lito Tayag said that for companies to succeed in the midst of AI intervention is in human- machine collaboration.
He said that while companies leverage on intelligent technologies to make operations more efficient, it is equally important to help move its workforce in the value chain.
Surveyed chief executive officers (CEOs) and workers are optimistic about the potential of AI when it comes to business results and work experiences, according to the study.
Seventy-two percent of the 1,200 senior executives said intelligent technologies will be critical in the organization’s market differentiation and 61 percent think the share of roles requiring collaboration with AI will rise in the next three years.
More than two thirds (69 percent) of the 14,000 workers surveyed said that it is important to develop skills to work with intelligent machines.
However, while a majority of business leaders said human-machine collaboration is important to their strategic priorities, only three percent said their organization plans to significantly increase its investment in reskilling their workers in the next three years.
Moreover, 67 percent of surveyed workers said it is important to develop their skills to work with intelligent machines in the next three to five years. Sixty-two percent of the workers, likewise, believe AI will have a positive impact on their work and 45 percent of the workers said they can do more jobs efficiently with AI.
Clearly, Tayag said, AI’s presence is not meant to replace or steal the jobs of humans but augment workers capability to handle more critical jobs.
He said that it’s imperative for all businesses in the Philippines, including Cebu, to look closely into human-machine collaboration in the midst of technology disruption.
“Business leaders must take immediate steps to pivot their workforce to enter an entirely new world where human ingenuity meets intelligent technology to unlock new forms of growth,” said Ellyn Shook, chief leadership and human resource officer of Accenture, in a statement.
The study recommended business leaders reconfigure the work of their employees, shift the workforce to new business models and upskill them such as injecting digital tools for them to learn and adopt new skills.
Tayag said that Accenture Philippines uses 60 percent of their savings in automation for training programs or redevelopment of skills of their employees.
He added they have also exposed their workers to digital platforms and new technologies for them to remain relevant in the digital revolution and opened their major training hubs globally for their employees to upskill and reskill faster.
He also said they have strengthened their collaboration with the academe, particularly in redesigning curriculum fitting in today’s digital age.
Accenture surveyed 14,078 workers across skill levels and generations and 1,201 senior executives. The study was conducted between September and November 2017 in 11 countries.