Artificial intelligence and machine learning have arrived and are here to stay. Small, medium and big enterprises have started initiatives to embrace AI and ML. Contrary to popular belief that AI will kill jobs, a survey conducted by Intel and ISB has found that organisations go for hiring and re-skilling in order to adopt themselves to the future of work space.
Firms that have projects with a high suitability for machine learning (ML) are expected to receive investments that are broader in scope and quantum. These projects are also expected to see high growth in investments over the next five years, the AI and Future of Work Survey has said.
The survey is part of the report — The Impact of Artificial Intelligence (AI) on the Indian Labor Market, which was launched during the all.ai 2020 Virtual Summit. It was jointly conducted by Intel India and the Indian School of Business (ISB).
“Over 90 per cent of respondents to the AI and Future of Work Survey indicated that AI is essential or highly relevant to their business,” Nivruti Rai, Country Head of Intel India and Vice-President, Data Platforms Group of Intel Corporation, said.
“Over 80 per cent said that their workforce will undergo significant re-skilling due to AI implementations over the next two years,” she said.
Growth in hiring
The survey also indicates a growth in workforce hiring and re-training over the next two years.
Over 70 per cent of respondents across various firm categories expect their organisational headcount to increase in response to AI over the next two years.
An overwhelming 80 per cent of the surveyed small, micro, medium and high-revenue firms have specific AI teams.
The study assesses the size and scope of the impact of artificial intelligence on businesses, including shifts in the quantum and nature of employment and human capital development.
The findings of the report were based on two surveys — the Suitability of Machine Learning (SML) Survey among 3,099 employees across 106 Indian occupations and the AI and Future of Work Survey of 301 firms across Indian sectors that have adopted AI/ML in their workflows.
Deepa Mani, Professor of Information Systems and Executive Director of ISB’s SRITNE (Srini Raju Centre for Information Technology and the Networked Economy), said that it was important for policymakers and organisations to develop an acute understanding of this future of work as they frame policies for work and workers.