In the late 20th century, economists used to calculate the productivity boom that could approach the world in the upcoming years. They started drawing a picture for the industrial revolution, later to computers, and now, the tailwind of the productivity paradox has changed to artificial intelligence. As we entered the 21st century, information technology snowballed as the biggest contributor to the economy. Following the adoption of technology, the artificial intelligence productivity boom is anticipated to hit us any time soon.
The economy is driven by three major concepts namely productivity, capital, and labour. Although digitization has brought many positive changes to the sphere, the artificial intelligence productivity boom is facing new challenges in a changing context. Productivity is the main long-term propeller of economic growth. Over the past decade, artificial intelligence has made remarkable impacts in our daily life. Many sectors including banking, finance, healthcare, telecommunication, manufacturing, etc have employed technology as a part of their working system. Despite the high adoption that has drastically surged because of the pandemic, artificial intelligence’s productivity was put in jeopardy. But now, it is time to move on. Technological changes reshaping the growth of the economy and worldly applications is anticipated to intensify in the upcoming years. Therefore, disruptive trends like robotics, machine learning, cyber-physical systems take the digital revolution to another level. On the other hand, the fourth industrial revolution is also triggering the need for a change. Companies are also gearing up their game as tons of data comes in. Just by analyzing them effectively and taking the cue it provides, businesses can drive big growth. At a time when everything is put forth the path to climb the mountain, let’s look at some ways we should be prepared to embrace the artificial intelligence productivity boom.
Get Ready to Caress Artificial Intelligence Productivity Boom
Upskilling with technological updates
The first thing that comes to our mind when we talk about robots ruling the workspace is a dystopian future. Although the actual apocalypse is far away from human reach, an artificial intelligence productivity boom could lay the foundation stone for it. When machines take over human jobs, mankind will face a big crisis. Unfortunately, we can’t keep away from the tragedy forever. Therefore, people should upskill themselves to fight the approaching future of artificial intelligence. But one thing to keep in mind is that machines can’t do versatile tasks. For example, if a machine learning algorithm is fed with data to carry out a particular work, it can only do that. On the other hand, humans are born with the talent to multitask. Despite the stronghold of humans in the technology sphere, there could emerge a future where machines can actually do different works at the same time. Therefore, without delay, people should take advantage of technology adoption and upskill their technological talents.
Moving out of the big tech sphere
The dominance of big tech companies in the technology sphere is no joke. Google, Facebook, Microsoft, and Amazon are some of the remarkable names that are making significant profit out of the technology adoption. Mostly, their market value is based on intellectual property and a cadre of highly skilled workers. Moving away from the routine, the next generation of technology should open opportunities for small tech companies. Small tech companies should financially and technologically be prepared to embrace the upcoming artificial intelligence productivity boom.
Augmenting Workplace at the Core of Changes
Instead of replacing human workers with machines, companies should try to augment them. But replicating human skills with machines is not a good idea. Although it could reduce the wage spent on human labour, it has the potential to bring inequality. Therefore, companies should try to balance between augmenting the workforce and giving opportunities to human workers.