Artificial Intelligence(AI), which is hailed as the next big thing in the future. AI’s beneficial impact on society is a huge motivator for research in many areas of Science and Technology. AI is swiftly becoming the foundational technology in many diverse areas like finance, IT, agriculture, trading. Moreover, Machines have essentially cracked speech and vision specifically and human communication generally.
Artificial intelligence is no longer an elective. It is critical for companies to figure out how humans and computers can play off each other’s strengths as intertwined actors to create competitive advantage. In fields ranging from medicine to finance, tons of studies have shown that replacing experts with models of experts produces superior judgments. The implications are profound, i.e.
Infosys 'releases' 9,000 employees due to automation (Jan 2017, The Economic Times)
47% of total US employment is in the high risk category, meaning that associated occupations are potentially automatable over some unspecified number of years, perhaps a decade or two
The above examples depict the perils of the machine age on humans. Similar solutions are considered by Investment banking industry - It is possible that in coming future AI would replace a major chunk of employees in the finance industry sector. Since AI systems can think and interact, they are comparable to humans. An important question is what will happen if the quest for strong AI succeeds and an AI system becomes better than humans at all cognitive tasks?
The AI revolution offers both promise and challenge for business leaders. Propose a business strategy of dealing with the Machine Age in in any relevant industry in the years to come. The solution can focus on questions based on (but not limited to) the following issues.
What roles of humans will be handled by machines/AI?
How should workplace practices adapt to the technological advancements?
What will be the new form of employment? What reskilling of employees will be required?
How should the organization be designed for creating competitive advantage through human-machine collaboration?
As a manager, how would you handle the team of robots working under you? On what parameters will you decide on the no. of robots under you, what will be the evaluation criterion. You should specify the management perspective of the problem.