Robotics and AI are predicted to have $258 billion of revenue by 2020, a trillion dollars of revenue by 2025, and shortly thereafter, anticipated to become the largest global industry.

The Agricultural Revolution resulted in increased labor and land productivity, catapulting population growth and decreasing the agricultural portion of the labor force. What resulted was an urban workforce, paving the way for the Industrial Revolution.

Moving from hand production methods to machine tools and factories, rapid industrialization led to increases in average incomes for workers. The Industrial Revolution created the modern-day labor market model. A Third Revolution came about in the mid-twentieth century, coined the "Information Revolution."

It heralded computerization and electronic technology. Today, we are experiencing the Fourth Industrial Revolution, which focuses on artificial intelligence (Al), robotics, and various combinations of technologies. This revolution is characterized by a fusion of many technologies and is evolving exponentially faster than past revolutions.

The key digital influences of the Fourth Revolution each have different impacts on people and need to be considered separately.

The first being automation which displaces jobs. The second being augmentation (both cognitive and physical, which enhances human capability) thereby elevating jobs and freeing up the minds of curious and imaginative experts. The third being the use of digital technologies to search for new sources of revenues/cost improvements and answers to tough questions.

While some are apprehensive about the impact the Fourth Industrial Revolution may have on businesses, jobs, and the economy, many see this revolution as an opportunity to shape our future for the better. A lot of media attention has focused on the destruction of jobs due to automation. However, technology and automation positively affect the workplace. While job destruction is a real effect of automation, historically, efficiency and productivity gains from automation helped create jobs. We see the same phenomenon with the Fourth Industrial Revolution.

Collaborative augmentation tools powered by AI can provide significant competitive advantages to organizations that successfully incorporate them into existing operations. This alleviates otherwise costly and time-consuming operational bottlenecks. Moreover,
intelligent augmentation tools can lower the barrier to entry for otherwise non-traditional competitors to participate in historically resource-intensive industries.

BIG PICTURE: How Will Implementation of AI & Robotics Affect the Workplace?

A recent World Economic Forum report estimated that by 2022, 75 million workers will be displaced; however, the same technology will bring with it new roles for an estimated net gain of 58 million positions.

The compound annual growth rate forecasts of robotics and AI are astounding with good reason. Robots and collaborative robots are increasingly dexterous, “smarter” when ingrained with AI, easily reprogrammable, more affordable, and more widely accepted by their human co-workers.

Similarly, human enhancement tools such as exoskeletons, exosuits, biometric wearables, and telepresent and telemanipulation devices are helping increase worker safety and productivity.

The companies outperforming competitors and creating greater workplace equities are utilizing data and machinelearning tools to ask predictive model questions such as: how do we identify diverse new talent from non-traditional sources? Which applicants are most likely to be the best performers? Which employees are the most adaptable to change, or the most critical to the organization?

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Authors:
Rick Haythornthwaite, Chairman QiO & Chairman MasterCard
Natalie Pierce, Co-Chair Robotics, AI & Automation Practice, Littler