Big data analytics have taken huge step forward where Artificial intelligence has come into play where huge data is being programmed to simplify the human work. Medical science, Financial services are the new feathers in the cap apart from defense to critical segments. Media and entertainment industry is also being governed by AI going forward. There is saying in the air that AI will replace human jobs. Well broadly speaking it will upgrade the human skills and will demand more up- gradation of the human mankind in terms of knowledge and skills. Artificial intelligence, algorithms, and automation will create a revolution for the industries across the economies.
Yes, the truth is that elementary jobs will be eliminated which pushes the demand for Humans to go higher and excel into higher levels of information and knowledge. This is a key area where the global economy needs to focus. Education levels need to enhance and technology-based educating should be enhanced. Since technology will replace the unavailability of quality teachers in any part of the world. Education at home and education at school is the only way to survive the next revolution of technology where AI will take over. School education is not for 5 or 10 years. It’s for lifelong. Remember the candidate who joins in school in Class 1 will retire from any industry in the year of 2077.That almost 6.5 decades from now. Hence we are discussing a segment called education which will rule and last for the several decades of an economy.
There is no debate that human jobs will be replaced with AI. AI will boost up the formal education and human intelligence levels. Humans were never born a slave. Now, this is key aspect neglected and ruled over the centuries that humans are a slave. AI will replace this slavery aspect and would take the human mankind to a new level of knowledge.
Government and societies need to brace up the education levels and get out of the traditional education limitations into the new broad driven education system where the human intelligence level is not restricted to few segment of the society and innovation culture within education are made available to everyone.
School educations play a vital role in an economy. If the society and an economy need to grow in the long term then basic education needs to be uplifted which will improvise the human skills and will upgrade them to a higher level of Jobs. Lower level and basic quality jobs will be replaced by AI.
For example, an in Banking Industry a whole bank can go for an AI-driven process where it becomes human less Bank. Now, this raises the voice unemployment is being generated. If the human skills and education a level are enhanced then the human manpower could be utilized in a different industry going ahead.
AI enhances the human capital and saves the same form being getting utilized and depleted into low levels of work and utilizes the same in higher level of work. The human efficiency will be utilized in a better way provide the formal education of the humans are efficient and free from government restriction and clutches.
The fear of job loss will be more and will be more Savior unless the government unleashes the control on education quality which they have controlled through various ways. If capitalism is going to rule the AI industry then some leeway needs to be given towards the other segments of the society.
AI will create a new economic growth where humans in collaboration with machines will create new opportunities which may be in dreams currently. Human skills up gradation are going to be the prime factor to save the economies going faster into AI segment. AI is no longer applicable on defense and other key segments. AI is soon going to replace our wife’s household activities at a reasonable price in countries like India, Bangladesh Nepal etc. Unemployment will happen when the basic education level and quality are compromised and only rich education quality is cornered for the high class or rich children. If the economies want to solve the issue of unemployment then they need to get into the school education and take the matter way forward. The school education needs to break the protocol of traditional education system and get into live innovative education system for the up gradation of human mankind. When innovation schooling will be available at every corner of the society then only human skills and quality will grow and match with future industries.
Indraneel Sen Gupta (neel19414@gmail.com)
Global Macro Economic Researcher and Business Strategist
Master of Economics, MBA in International Business Management, ICWAI (Final)/CWM Final/Journalist
Author Bio
Very well written. Kindly let us know which skills are required for finance professionals to create good career path in near future.