How Much Of Human Jobs Will Be Performed By Machines?

by CXOtoday News Desk    Feb 13, 2018

Machines

Machines will be outsourced 40 percent of inventory management task by 2030, believes industry leaders with 40 percent machines being deployed for administration task like scheduling meetings and data inputs, states a recent global research by Dell Technology and Vanson Bourne.

Not just inventory management, but several other jobs are and will be outsourced to machines, according to industry watchers.

Robots, artificial intelligence and other forms of advanced machines are going to dominate investment banks, grabbing roughly a third of banking jobs within just a few years, according to a last year’s report from consultant McKinsey, which adds that 60 percent of jobs will face a big impact from artificial intelligence and robotics while 30 percent of jobs could be performed entirely via automation.

While this may be disturbing news for investment bankers worried that they will become surplus to requirements, the report states that this shift in work practices will not just lead to job cuts but should also free up staff to perform more high-value tasks.

Machine learning that uses algorithms to identify patterns in large sets of data — can help sales and trading staffs understand positions faster and predict what flows will look like, it said.

Also, natural language processing can perform legal and regulatory tasks by scanning through records, emails and recordings to translate them into structured data.

Cognitive agents can act as in-house personal assistants or service centers; think of help desks for trading staffs that have issues with their systems, the study noted.

Robotic process automation — in which machines handle repetitive tasks — is particularly effective in banks’ middle offices, where it can help with end-of-day valuations and extract data.

While the overall AI adoption and interest scenario seem to be positive, another report published by MIT Technology Review showed, much of Asia lacks the depth of technical skills and R&D facilities needed to keep pace with AI development, there are significant pockets of the ‘natural resources’ Asian economies need to promote and develop their own machine-learning capabilities. 

As the report re-examined trends in this region where AI and automation are already changing the ways firms manage and develop human talent. For example, the skills and talent pools created by India’s IT ecosystem are seen as an asset that could make it a globally competitive producer of AI software and applications.