Automation will create jobs rather than destroy them, new research shows
Sceptics of workplace automation argue that the introduction of machines will be the final blow to the workforce, resulting in serious job losses.
However, recent research in Australia shows that more finance jobs are expected to be created rather than replaced by workplace automation.
The survey of 160 Australian CFOs, conducted by specialist recruiter Robert Half, shows that almost half (46%) are planning to increase their permanent staff size to help implement their company’s automation efforts over the next year.
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Furthermore, the majority (86%) of CFO’s agree that workplace automation doesn’t imply a reduction in workforce size but, rather, requires a change in their employees’ skills.
Specifically, the survey noted that the top skills that finance professionals now need are problem-solving ability, strategic vision, commercial acumen, and communication.
David Jones, Senior Managing Director of Robert Half Asia Pacific said: “Increased automation within Australian workplaces is not about destroying jobs, but rather, adapting to change – which in turn leads to new opportunities.
“Not only will companies need to bring in additional expertise to lead this change, they will also need to focus on staff training to ensure their workforces have the adequate skills to leverage the benefits brought by existing and future technology.
“While automation may diminish some routine manual roles, it will lead to faster decision making, reduce the risk of errors, and eliminate stresses associated with laborious task-management responsibilities. These benefits are available to those companies who embrace workplace automation rather than resist it.”
According to the survey, some of the finance functions which are either already automated or likely to adapt within three years include data collection, invoicing, financial report generation, data entry, and credit management.
EDGEMATRIX and NTT DOCOMO deliver AI at the edge
Leading Japanese telecommunications firm NTT DOCOMO, together with startup EDGEMATRIX, is harnessing the power of 5G to support artificial intelligence-enabled video, real-time analytics and, ultimately, the next step in the evolution of the modern smart city.
Founded under the roof of Silicon Valley tech firm Cloudian, EDGEMATRIX has grown into a cutting edge startup based in Japan. NTT DOCOMO has been a shareholder in the company since 2019, having spent the past two years jointly developing and commercialising EDGEMATRIX's revolutionary edge-AI platform using high-speed, high-capacity, low-latency 5G technology. NTT DOCOMO, together with EDGEMATRIX, launched a world-first edge AI platform for intelligent video analytics, enabling high resolution, high security, and real-time video using AI.
Courtesy of EDGEMATRIX
The platform simplifies, manages and oversees the implementation and integration of AI at the edge, which captures, analyses and stores video close to where it is captured in industrial and retail settings, "on location at factories, buildings and other outdoor and indoor locations." The solution is also used in social infrastructure such as roads, railroads, and long-term care facilities for safety monitoring and anomaly detection.
Using Edge AI Box, a compact indoor and outdoor device equipped with a GPU for deep learning-based AI and a communication module (WiFi/LTE/5G) together with various interfaces such as camera connection, it becomes possible to process video streaming from surveillance cameras on-site (at the edge) and in real-time. EDGEMATRIX's Edge AI Boxes can be installed across a site and then monitored using the company's platform. The platform maps the locations of multiple Edge AI Box devices installed on site, monitors their operational status and enables the devices to be controlled remotely.
EDGEMATRIX's customers can use the platform to pruchase additional AI applications from a rapidly-expanding ecosystem which allow them to implement the right solution for the right situation. This simplifies the implementation and upgrade of edge AI for processing and storing video data captured with video cameras at customer premises either outdoor or indoor. Using "Edge View" feature, it is also possible to simultaneously display on the browser a large number of AI-processed real-time videos from the field.
Partnerships like this are key to NTT DOCOMO’s efforts to integrate 5G technologies into the modern enterprise.
Zaif Siddiqi, Executive Director and Global Head of NTT DOCOMO’s 5G & IoT Business Department, comments: “When you're approaching digital transformation, there's more to it than just leveraging cutting edge technologies into new customer experiences.” Unless the needs of the customer, and the underlying market forces at play, can be truly understood, “5G doesn’t mean anything,” he explains, adding that in order to find the right contexts for deployment, “Selection of the right partners is extremely important to delivering on the potential value of 5G.”