Businesses adapt in the Fourth Industrial Revolution

As AI changes the job market, employment opportunities emerge.

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Businesses adapt in the Fourth Industrial Revolution

AI and ML will take on considerable workplace roles in the future.

AI and ML will take on considerable workplace roles in the future.

Claire Moore '22

AI and ML will take on considerable workplace roles in the future.

Claire Moore '22

Claire Moore '22

AI and ML will take on considerable workplace roles in the future.

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As the roles of artificial intelligence (AI) and machine learning (ML) are expanding, the current job market is changing.  Manual manufacturing tasks completed with AI are modifying the role of employees, and jobs are disappearing as a result.  However, research shows that other, more stimulating jobs will surface, according to The New York Times.

AI has become increasingly useful to several financial companies.  KeyBank, a retail banking company, uses robots that are able to decipher market data, predict stock trade, and oversee finances more effectively than humans, according to financetnt.com.  Similarly, some firms have begun putting “robot advisors” in the role of customer support, using them to provide suggestions for straight-forward financial questions, according to datafloq.com.

Mrs. Linda Vasu, Assistant Head and Upper School English and World Literature Teacher, shared her thoughts on AI.

“We are at an inflection point, a point of massive technological change that advanced societies are addressing, and lots of good will be brought in, but there will be dangers as well,” Mrs. Vasu said.

Automation will require humans to have a different range of skills.  Courtesy of weforum.org

Although companies benefit from automation technology, there are also associated challenges, according to britannica.com.  The main concern about the increased role of technology in the workplace is worker displacement, according to wired.com.  Automation will create new jobs, but machines will replace many workers’ jobs, according to britannica.com.

AI requires a higher level of upkeep than the average worker, generating an increase in company expenditures, as well as the need for workers to adapt to changing demands in the job market.

“Right now, the World Economic Forum forecasts that one billion people will need to be reskilled or up-skilled to meet the needs of what is called the Fourth Industrial Revolution and the challenges of artificial intelligence,” Mrs. Vasu said.

Automation is set to impact a wide variety of job fields.  Courtesy of economist.com

Automation will be responsible for huge leaps in transportation, healthcare, and economics, according to datafloq.com.  Automation will affect the future of transportation with inventions like self-driving cars and aircraft.  These advancements will cause layoffs, but investment banking company Morgan Stanley estimates annual global savings of $5.6 trillion. Due to these advancements, self-driving vehicles will decrease accident risk and traffic, while also lowering energy costs, according to datafloq.com.

Medical companies are using robots to complete various procedures, varying from diagnosing diseases to performing surgery, according to datafloq.com.  An example of robotic surgery is the new Da-Vinci surgical system, which allows for predominantly unintrusive surgeries, according to davincisurgery.com.  By leaving routine tasks, such as delivering anesthesia, to robots, healthcare professionals and researchers will be able to focus more on finding cures, leading to extraordinary advances, according to electronichealthreporter.com.

More than ever, the world will need human compassion and empathy.””

— Mrs. Linda Vasu

Co-captain of the Sacred Heart Greenwich Robotics Team, senior Elisa Howard expressed her interest in the medical aspect of automation.

“I am excited to see the increased interdependence between humans and robots,” Elisa said, referring to the new Da-Vinci surgical system.

AI and ML are modifying the current job market and making advancements in a variety of possible fields, according to forbes.com.

“It’s going to be kind of a revolution characterized by a rapid shift to new technology platforms for global connectivity,” Mrs. Vasu said. “Fascination with the future and foresight is important in order to adapt to and regulate rapid change.  More than ever, the world will need human compassion and empathy.”

Featured Image by Claire Moore ’22