Johannesburg, 20 Jul 2018
The global economic returns of the fourth industrial revolution are expected to be in the region of about $16 trillion, and according to Gartner, along with these returns, AI is also expected to create 2.3 million new jobs by 2020.
So says Zoaib Hoosen, Microsoft SA's MD, adding: "However, if we look at previous revolutions, history shows us that these revolutions have always been accompanied by a brief transition of temporary job loss followed by a period of recovery where job creation moves into more positive territory.This means that we all need to take steps now to prepare AI in the future."
Human resources
"Currently, no African country is among the top 10 countries expected to benefit most from AI, and automation. But, the continent has the potential to catch up with the rest of world if we act fast," he adds.
According to Hoosen, to play catch up, Africa must harness its best and most powerful resource, its human capital. Humans and AI can work together for the good of society, he says. In fact, the most recent WEF Global Shapers survey, found that almost 80% of youth believe technology like AI is creating jobs rather than destroying them.
Developing skills
Hoosen believes that AI developments will impact existing jobs, as AI can replicate certain activities at greater speed and scale. In some areas, AI could learn faster than humans, if not yet as deeply, he adds.
"According to Gartner, while AI will improve the productivity of many jobs and create millions more new positions, it could impact many others. The simpler and less creative the job, the earlier a bot for example, could replace it. It's clear that successfully integrating human intelligence with AI so they co-exist in a two-way learning relationship, will become more critical than ever."
He says that young people have a leg up on those already in the working world, because they can easily develop the necessary skills for these new roles. "It is therefore essential that our education system constantly evolves to equip youth with the right skills and way of thinking to be successful in jobs that may not even exist yet."
And as the division of tasks between man and machine changes, we must re-evaluate the type of knowledge and skills imparted to future generations, Hoosen says.
Microsoft president Brad Smith, and EVP of AI and research Harry Shum, recently co-authored the book "The Future Computed", in which they said: "At one level, AI will require that even more people specialise in digital skills and data science. But skilling-up for an AI-powered world involves more than science, technology, engineering and math. As computers behave more like humans, the social sciences and humanities will become even more important. Languages, art, history, economics, ethics, philosophy, psychology and human development courses can teach critical, philosophical and ethics-based skills that will be instrumental in the development and management of AI solutions."
Revisiting laws and regulation
Hoosen says that for this type of evolution to happen, the onus is on policy makers to revisit current laws and even bring in new regulations. In addition, he says policy makers need to identify the groups most at risk of losing their jobs and create strategies to reintegrate them into the economy.
Simultaneously, though AI could be hugely beneficial in areas such as improving access to healthcare and more accurate diagnoses for example, physicians may avoid using this technology for fear of malpractice. "To avoid this, we need regulation that closes the gap between the pace of technological change and that of regulatory response. It will also become essential to develop a code of ethics for this new ecosystem."
Preparing for the future
For Hoosen, the recent convergence of a transformative set of technologies, is seeing economies entering a period in which AI has the potential overcome physical limitations, as well as open up new sources of value and growth.
"To avoid missing out on this opportunity, policy makers and business leaders must prepare for, and work toward, a future with AI. We must do so not with the idea that AI is simply another productivity enhancer. Rather, we must see AI as the tool that can transform our thinking about how growth is created."
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