How Humans + Intelligent Machines Will Change the Future of Work in APAC?
The ‘Machines vs. Humans’ is an age-old debate. Today, machines like robots are taking over mundane tasks that once required human. Amidst the constant fear of job loss from the technology, global business leaders largely ignore what could happen when human and machines are combined for the future.
A report titled ‘Humans + Intelligent Machines’ by software services company Cognizant has all the answers.
What is The Future of Work?
According to the study, the Asia Pacific businesses are bullish on investing in artificial intelligence technologies to prepare themselves for the future of work, and they’re optimistic about the returns. They’ve got lots of work to do, however, when it comes to preparing the way for optimal collaboration between humans and intelligent machines.
To learn more about how organizations in the Asia Pacific are preparing for the future of work with intelligent machines, Cognizant surveyed 622 top business and IT executives at leading companies across the APAC region. The main objective of the survey was to gain insight into the changes business leaders are making to take advantage of AI-driven technologies that augment human skills.
The age of human + intelligent machine has truly arrived. Eighty-two per cent of respondents cited intelligent machines as the number one influence on the future of work in the next five years. Success with AI adoption will be based on how well companies blend and extend the strengths of humans (cognition, judgment, empathy, versatility, etc.) with the capabilities of machines (accuracy, endurance, computation, speed, etc.) to create a joint team for common business goals. The respondents expect 70 per cent of their workforce to be prepared to work with intelligent machines in the next five years.
The economics of intelligent machines is an unstoppable force. The report finds that intelligent machines are expected to propel revenue growth, while pulling costs down. Leaders are bullish on unlocking new performance thresholds, with expectations for a 20 per cent increase in workforce productivity in the next five years.
On average, companies plan to spend 13.5 per cent of their revenue on building and managing intelligent machines in the next five years. The more they invest, the more they make.
Are Businesses Ready for AI?
The preparation for change is crucial for businesses. The report adds that only 35 per cent of the organizations surveyed feel fully prepared to handle working with intelligent machines, and only 42 per cent are confident about their ability to integrate AI with existing business processes.
The top three challenges are misalignment of workforce strategy with business goals (72%), lack of IT infrastructure readiness (71%) and a shortage of required talent and knowledge (70%).
Based on their findings, Cognizant developed a framework to help traditional businesses systematically move toward the new world of work with intelligent machines.
“To get there, organizations must align five elements (5Ts) – tasks, teams, talent, technology and trust – to successfully transition into the new machine age. The key to successful implementation is ensuring all five elements are integrated to create ultimate value. Companies need to act now rather than wait for more certain times or for more clarity over exactly what the intelligent machine is, and what it will become,” the report explains.