Human-machine collaboration will be profitable for businesses in the future: Report

According to the report, 61% of business leaders believe that the intersection of humans and intelligent machines will increase in the next 3 years

Human-machine collaboration will be profitable for businesses in the future: Report - CIO&Leader
According to a new report by Accenture titled 'Reworking the Revolution: Are you ready to compete as intelligent technology meets human ingenuity to create the future workforce?', investment in artificial intelligence (AI) will boost revenues, profits as well as employment. 
The findings that surveyed 1,200 business leaders and 14,000 workers has noted that the companies, which invested in AI at the same level as the top-performing fifth of organizations, could boost their revenues by 38% and raise their employment levels by 10% between 2018 and 2022.
By using AI, the consumer goods sector will observe the maximum boost in revenues by 49% while the telecom sector will observe the highest raise in its employment levels by 21% between 2018 and 2022.
The businesses are optimistic. According to the report, 61% of business leaders believe that the intersection of humans and intelligent machines will increase in the next 3 years. They also agree that human-machine collaboration will help them achieve their strategic priorities. 
Interestingly, 67% of workers were inclined to learn new skills to work with AI in the next few years while 45% of workers believe that AI will help them do their job more efficiently. Only 34% of workers seemed confident of their existing skills to work with AI. A whopping 62% of responded also think that AI will have a postivie impact on their work. 
The Accenture proposes three steps to business leaders to help them create a future workforce in which humans and intelligent machines work together to improve productivity, innovation and growth:
  1. Reimagine Work: Business leaders should assess tasks — not jobs. Allocate work to machines and people, balancing the need for automation and augmentation. They must create new job roles and free people from function roles and build agile, project-based teams. They must also map skills to new roles and assess internal capabilities required for new roles and match to existing skills or source new talent.
  2. Pivot the Workforce: Business leaders must pivot the workforce to new business models and orientate teams to support new customer experiences. They must recognize the business case and use automation to fuel growth by reinvesting savings in the future workforce. They must also organize for agility and create flexible processes; manage the workforce to support both the core business and the new. Finally, they must foster a new leadership DNA and cultivate leaders at all levels to help pivot the workforce to new growth models.
  3. Scale Up Skills: Business leaders must prioritize skills for development and strike the right balance between technical, judgment, and social skills. They must target ‘new skilling’  and cater to different levels of skills and willingness to learn. Finally they must go digital and use VR, AR and Al to accelerate the speed and scale of effective training.

 

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