Artificial Intelligence (AI) Stats News: 120 Million Workers Need To Be Retrained Because Of AI
Recent surveys, studies, forecasts and other quantitative assessments of the impact and progress of AI highlighted the need to retrain many workers, improving AI’s score from F to A on 8th-grade science exam, and the $97.9 billion the AI market will reach in 2023.
Expected business impact
In the next three years, as many as 120 million workers in the world’s 12 largest economies may need to be retrained or reskilled as a result of AI and intelligent automation; only 41% of CEOs surveyed say that they have the people, skills and resources required to execute their business strategies; the time it takes to close a skills gap through training has increased from 3 days on average in 2014 to 36 days in 2018 [IBM]
Top drivers for investing in robotics and automation: Reduced cost (80%), improved quality (55%), increased productivity (54%), improved capabilities of robots (54%). Top challenges: cost of robots (16%), lack of experience with automation (15%), lack of homogenous programming platforms/interfaces (13%), lack of integrators working across OEMs/geographies/industries (12%) [McKinsey online survey of 85 OEMs and users worldwide, 2018]
67% of organizations will look to AI to intelligently automate IT processes to some extent within their IT environments [ESG]
Quantified business impact
L’Oréal’s recruiters believe they saved 200 hours of time to hire 80 interns out of a pool of 12,000 candidates, using a chatbot that saves significant time in the early stages of the recruiting process by handling questions from candidates, and Seedlink, AI software that assesses their responses to open-ended interview questions