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Be Prepared If Not, You May Become Unemployed
The Artificial Intelligence (AI) boom is fast rewriting the codes of living, as well as changing the world of work radically. ADEYEMI ADEPETUN writes that besides the new economic giants that are emerging from the AI gold rush, individuals must learn, unlearn and relearn to find relevance in the world of AI.
AI is proving to be the next big technological shift, transforming the way businesses are run and how society functions.
Already, several firms selling AI software and hardware are in a frenzy of new profits.
The end goal of the AI market boom is modern lives and living. They are radically revolutionising the way we live and work to cement AI dominance in the fast closing in automated world. Already on the cusp is its defining how we are going to survive too!
WELCOME TO TECHDOM
Think of the world of machine learning, computers performing tasks that were once only possible for humans to complete, programmed computers handling data entry, customer service, and even driving cars. They are more real today than dreams of the past.
Already, AI is revolutionising Healthcare. With the help of machine learning. doctors and researchers are now able to analyze large amounts of medical data to identify patterns and make more accurate diagnoses. This is particularly useful for detecting diseases such as cancer, which often have subtle symptoms that are difficult for humans to spot. AI is also being used to develop new drugs and treatments, which can help to improve the lives of millions of people around the world.
Another area where AI is making a significant impact is in the field of Finance. Machine learning algorithms are being used to detect fraudulent transactions and predict market trends. This helps financial institutions to protect their customers and to make better investment decisions. Additionally. AI is being used to develop new financial products and services, such as Robo-advisers, which can provide investment advice to individuals who might not have access to traditional financial services.
AI is also being used in the field of Retail. Retailers are using At-powered chatbots to provide customers with personalised recommendations, and to help with things like order tracking and returns.
Additionally. AI is being used to optimise pricing and inventory management, which can help retailers to increase sales and reduce costs.
Lastly. AI is also being used in the field of Entertainment. AI-powered virtual assistants have become an integral part of our daily lives. They can help us with things like scheduling appointments, playing music, and even ordering groceries. Additionally.
AI is being used to create new forms of entertainment, such as virtual reality experiences and personalised video content.
AI GOLD RUSH
Although there is no uniformly agreed definition.
AI generally refers to “machines that respond to stimulation that are consistent with traditional responses from humans, given the human capacity for contemplation, judgment, and intention.”
According to researchers, these software systems “make decisions, which normally require human level of expertise” and help people anticipate problems or deal with issues as they come up. As such, they operate in an intentional, intelligent, and adaptive manner.
And from solving problems. AI is already minting fortunes for firms.
It comes with tremendous opportunities for economic development. For instance, a project undertaken by PriceWaterhouseCoopers estimated that “AI technologies could increase global Gross Domestic Product (GDP) by $15.7 trillion, a full 14 percent, by 2030.”
That includes advances of $7 trillion in China, $3.7 trillion in North America, $1.8 trillion in Northern Europe, $1.2 trillion for Africa and Oceania, $0.9 trillion in the rest of Asia outside of China, $0.7 trillion in Southern Europe, and $0.5 trillion in Latin America. China is making rapid strides because it has set a national goal of investing $150 billion in AI and becoming the global leader in this area by 2030.
Today, AI is a rapidly growing technical field that has the potential to change every aspect of human social interactions. AI-powered services pervade many aspects of human life across the globe; however, adoption rates vary between developed and developing nations.
It is evident that AI is penetrating the African social system through various operations, Chatbots in Kenya, for example, now provide healthcare services to people without visiting doctors, and a data-driven platform called Zenvus in Nigeria delivers insights to farmers.
Finance and other sectors are not excluded; AI-powered technologies are changing the ways of operations in these sectors. In South Africa, Mama Money and Mukuru enable easy and quick transfer of money across different countries in Africa. Kudi is a Nigerian AI-powered Chatbot that aims to provide financial services to underprivileged people. Other online shopping facilities are: TakeAlot (South Africa) and Konga (Nigeria).
Because of the widespread adoption of mobile technologies in Africa, there is optimism that AI technologies would be the next wave of technologies to receive wide acceptance. However, with the exception of a few nations (such as South Africa, Nigeria, Ethiopia, Kenya. and Ghana), widespread adoption of AI applications in Africa are not yet a reality.
The crucial factors needed for technology adoption are sadly lacking across most of Africa, and many countries in the region are still lacking the necessary infrastructure, governance, data ecosystem, STEM education, and other factors necessary for AI.
A NATION IN SEARCH OF AI
In 2022, the world was gripped by AI fever, and Nigeria was not left out. According to Google survey, Nigerians’ search for information about the technology increased by 100 percent in 2022.
Search queries included: “What is AI art?”, “What is deep learning in artificial intelligence?”, “How to become an AI engineer”, “What is artificial intelligence all about?”
“When was artificial intelligence invented?” – all of which were inquired 5,000 percent more in 2022 than the previous year.
Other searches included: ‘What is artificial intelligence all about?” (+370 percent), “Is artificial
intelligence a course?” (+260 percent) and “What is artificial intelligence?” (+130 percent).
Commenting on the trend, President of Google Europe, the
Middle East and Africa, Matt Brittin, stated that it was a good sign to see people in Nigeria showing more of an interest in the transformational technology that is already a key part of many of their lives.
“In fact, if you use Google tools regularly, you’re probably using AI without even realising it; it’s what helps maps give you the fastest or most fuel-efficient route, or search to find what you’re looking for.
We’re continuing to pursue AI boldly and responsibly – creating tools that improve the lives of as many people as possible,” added Brittin.
Indeed, AI has been described as a key component that will help accelerate Africa’s drive towards achieving open finance and bridging the continent’s $120 billion lending gap.
Co-founder/Chief Executive Officer, VerifyMe Nigeria, Esigie Aguele, a digital identity and eKYC company based in Lagos, Nigeria, made a projection.
Aguele, who called for increased focus and investments within the space, said: “The opportunities that can be harnessed from AI in Nigeria cum Africa are enormous. One of the exciting things about where Africa is positioning is that we are at the cusp of an emerging economy in terms of powering open finance and open banking.
With the advent of AI and all it has to offer, especially in the area of predictive analytics products, this will have a trigger effect on the financial market by enabling historically financially excluded people to get secure loans and other financial services due to the availability of consumer analytics.”
“Looking at the financial sector alone, we are looking at the potential of the technology to bridge a market of about $120 billion in lending. If you look at use cases outside the financial sector, you will see that AI is fast becoming a critical enabler that is delivering innovation, scale and efficiency across board:’ he stated.
BAD NEWS: AI TO PLACE 83 MILLION JOBS ON THE LINE
There are however, indications that in 5 years’ time, precisely by 2027, AI revolution among other emerging technologies, will create 69 million new jobs, but cut off 83 million old ones! This will lead to a contraction of global labour markets of 14 million jobs in the next five years at the present rate of change.
The World Economic Forum’s (WEF) survey, published in ‘The Future of Jobs Report 2023′, explores how jobs and skills will evolve over the next 5 years.
From the survey of 803 companies, employers anticipated almost a quarter of jobs (23 percent) to change in the next five years through growth of 10.2 percent and a decline of12.3 percent.
The WEF report said macro trends, such as the green transition; environmental, social and governance (ESG) standards; localisation of supply chains; and tech advancements – are the leading drivers of job growth.
Aside, it said economic challenges, including high inflation, slower economic growth, supply shortages and inflation – pose the greatest threat.
They observed that the fastest-growing jobs are forecast to be AI; machine learning specialists, sustainability specialists, business intelligence analysts and information security specialists. The largest absolute growth is expected in education, agriculture and digital commerce.
The Managing Director of the WEF, Saadia Zahidi, said: “For 3 around the world, the past three years have been filled with upheaval and uncertainty for their lives and livelihoods, with COVID-
19, geopolitical and economic shifts; and the rapid advancement of AI and other technologies are now risks adding more uncertainty.
“The good news is that there is a clear way forward to ensure resilience. Governments and businesses must invest in supporting the shift to the jobs of the future through the education, reskilling and social support structures that can ensure individuals are at the heart of the future of work.”
The future of Jobs Report 2023 noted that the fastest-growing roles are being driven by big data and AI, which are expected to create the highest number of future jobs, with 75 per cent of survey respondents expecting job growth in this area.
It added that the employment of data analysts and scientists, big data specialists, AI machine learning specialists and cyber security professionals is expected to grow on average by 30 percent by 2027.
“AI, a key driver of potential algo-rithmic displacement, is expected to be adopted by nearly 75 percent of surveyed companies and is expected to lead to high churn – with 50 percent of organisations expecting it to create job growth and 25 percent expecting it to create job losses,” it said.
According to the report, training workers to utilise AI and big data will be prioritised by 42 percent of surveyed companies in the next five years, ranking behind analyti-cal thinking (48 per cent) and creative thinking (43 percent) in importance.
WEF, in the survey gathered that companies report that skills gaps and an inability to attract talent are the key barriers to transformation, showing a clear need for training and reskilling across industries.
Specifically, it noted that six in 10 workers will require training before 2027, but only half of employees are seen to have access to adequate training opportunities today.
At the same time, the report estimates that, on average, 44 percent of an individual worker’s skills will need to be updated.
By Adeyemi Adepetun
