By Ravi Garg
Automation and Artificial Intelligence (AI) are playing a vital role in development of our economy. With the emerging new technology, things are changing drastically. Automation has reduced the time required to perform task and also increased the accuracy of the task as well. But, at the same time, it is replacing the need of employees in the organisation as well. Major key impacts of Automation and AI on corporate jobs are as follows:
- Job Displacement
Employees who are doing repetitive jobs for their companies can easily be replaced with automated systems. This will cause unemployment as company will surely think of cost cutting and replace the employees with robots. For example – an employee who is assigned the job of shifting material from one place to another can now easily be replaced by a robot. Robots can do the job easily and more efficiently without any fatigue.
- Privacy concerns- More opportunity for professionals
With automation and AI, confidential data of the user is at high risk, as it can be easily manipulated by hackers. Therefore, it has increased the demand for professionals who are experts in data confidentiality and information technology.
- Skill requirement
With increased automation systems, now employees need to upgrade themselves in order to cope with requirements. The value of employees who have the skill of collaborating with machinery has increased and vice versa. Therefore, training in information technology on a periodic basis has become an essential part in order to safeguard a job.
- Economic Inequality
Artificial Intelligence may lead to increase in production and profits, but it is possible that profit is not evenly distributed in society. Suppose a company is not using AI tools for production, the profit of this company will be distributed to the employees in the form of salaries, wages and bonus. But due to AI tools, most of the work is completed by the machinery and, hence, profit is retained by the company itself, which leads to income inequality in society.
To conclude, in order to survive in this corporate world, employees need to upgrade themselves with required technology; else their jobs are at risk. They have to manage it proactively and seize the opportunity offered by AI to thrive in the evolving corporate landscape.
(Ravi Garg is an associate Chartered Accountant, who has completed his CA at just the age of 21 years).
