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Industry News: Why Global Businesses Should Embrace AI as Part of the Fourth Industrial Revolution

By October 8, 2018August 26th, 2022No Comments
Industry News: Why Global Businesses Should Embrace AI as Part of the Fourth Industrial Revolution

At no other point in history has technology progressed as quickly as in the 21st century and previous three. We’ve projected our understanding of what it means to be intelligent onto machines, believing that learning and intelligence are not limited to sentient beings; we created artificial intelligence (AI).

AI is a cornerstone of the fourth industrial revolution—the period of time in which we are currently living—and continues the digital transformation computers and automation began in the third. It has huge implications for how goods are manufactured, how we collect and analyze data, and how we interact with an ever-digitizing world—and businesses stand to benefit from embracing AI in the workplace.

The Big Question: Will AI Kill Jobs?

The short answer to a complex question is, yes, AI will eliminate jobs, and potentially become the driving force in some industries —but that’s not the whole picture. Think tanks, private companies, and numerous research institutions have arrived at different conclusions on how many jobs AI will take—and how many it may create. The World Economic Forum projects that, although AI will likely eliminate 75 million jobs by 2025, it may also create 133 million new jobs across several sectors. It also notes that certain jobs may be harder for AI to replace, especially those that involve critical thinking, social intelligence, and design or programming.

How Global Businesses Can Benefit from Embracing AI

With the jury still out on how many jobs will be both created by and lost to AI, many businesses have embraced this new wave of technology that is poised to permeate most sectors. But no matter a business’ sector, it (currently) needs humans to operate—meaning it needs to hire workers.

Recruiting automation is helping HR professionals find qualified talent in a number of fields through sourcing tools unavailable pre-AI. These tools help HR professionals sift through the many applications and résumés they receive. Specifically, they help find qualified candidates who may have been skimmed over in the past simply because their résumés didn’t reach the top of the digital pile. Utilizing this application can save HR professionals time, resources, and a bit of sanity.

But AI’s applications extend well beyond finding workers; it’s making some jobs safer for workers. Specifically, utility line workers (who are a part of one of the most dangerous professions) are often exposed to several hazards when working on downed power lines. Repairing these lines involves climbing poles or ascending via cherry pickers to inspect damaged equipment, putting workers at risk. Now, AI-led network sensors are helping workers monitor power grids, predicting problems before they happen, and allowing workers to get a clearer picture of the problem before acting. And this data generation isn’t limited to utility line workers; many AI applications and automation systems can take in, analyze, and crank out massive amounts of data across a number of industries, affording leadership the insight needed to make calculated, data-backed decisions.

AI Will Change the Manufacturing Landscape

The fourth industrial revolution is projected to generate roughly $3.7 trillion to the global economy by 2025, with much of this growth made possible by AI applications that offer greater efficiencies in factories. But what if factories can’t be redesigned to be robot-friendly? There’s an AI application for that. One company offers an automated solution led by synchronized, retrofitted autonomous robots, robots that have 3D movement capabilities and are controlled by dynamic software that offers real-time data.

Robots as a part of the workforce—especially manual labor and manufacturing jobs—will likely become common in the coming years. And, just as human workers need to speak with each other, so, too, do their robot coworkers. These robots will share data, actions, and coordinate movements with one another on the factory floor, and will do so with minimal latency.

Like humans, (most of) the robots we’ve created have the capacity to learn. This means that they can learn from both humans and fellow robots; they observe tasks and then repeat them. This is done by analyzing movements through 3D imagery and, via neural networks, translating the movements into robot control languages.

AI and Automation Aren’t Going Away

We’ve not yet reached a point where robots are ubiquitous in the workplace or in our homes. Driverless cars are still in development, and AI-powered planes aren’t transporting humans across the Atlantic—yet. AI’s applications have so far been more or less limited to workplace tasks and data crunching, rather than generating industry upheavals. But it’s these workplace efficiencies that are changing the way businesses operate—and will continue to change them.

Businesses that embrace AI applications and automation stand to benefit, whether through increased productivity, streamlined tasks, a safer work environment—or not-yet-seen applications. AI also gives businesses that choose to utilize its applications a leg up against competitors that do not.

For businesses that are considering going global, understanding how your business may benefit from AI is a significant consideration in any global expansion plan. But no matter where you choose to expand, there are dozens of factors to consider beyond AI’s role. Working with an experienced global expansion partner can help you navigate the complexities of an ever-changing global business landscape, and help you grow your global footprint. Velocity Global’s full suite of global expansion services can help you establish your global presence in a matter of days—no matter where you grow. Reach out to Velocity Global today to learn more about how we can help you expand your business on your terms.