At the all.ai 2020 Virtual Summit, Intel India and Indian School of Business (ISB) released a report, “The Impact of Artificial Intelligence (AI) on the Indian Labor Market,” conducted by the Srini Raju Centre for Information Technology and the Networked Economy (SRITNE) at ISB. The study assesses the size and scope of the impact of AI on businesses, including shifts in the quantum and nature of employment and human capital development.
“Artificial intelligence is one of the leading cutting-edge technologies of our era to generate value for humanity at scale. Over 90% of respondents to the AI and Future of Work survey indicated that AI is essential or highly relevant to their business. Over 80% said that their workforce will undergo significant re-skilling due to AI implementations over the next two years. There is a need to better understand AI’s integration and impact at work in order to accelerate innovation and scale its benefits, especially in the context of emerging economies such as India. This study by Intel India and ISB will help drive future research to meaningfully inform policymakers and the industry about the impact of AI and machine learning, ” said, Nivruti Rai, Intel country head for India and vice president of the Data Platforms Group.
A key finding from the AI and Future of Work survey is that 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 survey also indicates a growth in workforce hiring and re-training over the next two years. The fourth day of the all.ai Summit also witnessed the unveiling of the AI index. This index will act as a first-of-its-kind barometer of Indian AI readiness and adoption patterns.
“Technological advances in recent years have ushered machines into the workplace and yielded significant growth in new forms of work,” said Deepa Mani, Professor of Information Systems and Executive Director of SRITNE, ISB. “The pandemic has only accelerated this growth, thereby rendering the work forms systematic and pervasive. It is, therefore, important for policymakers and organizations to develop an acute understanding of this future of work as they frame policies for work and workers.”
