• Charles

SMEs Must Leverage Technology (AI) To Move Forward From Redundancy

Updated: Apr 8, 2019

SMEs must implement Technology: SMEs regardless how small or veteran they are it is time for companies to leverage in technology and get ready for the implementation of AI, this will be the future of jobs and work.

SMEs must digitally transform:

SMEs have no choice but to transform digitally or technologically.  They should not think they are excluded from the ability to digitally transform. Today’s artificial intelligence (AI) enables faster and more intense progress in nearly every field of human endeavour, and it is essential to enabling the digital transformation that is at the heart of local and global economic development.

Technology development

According to a research done by IDC, worldwide revenue from AI will surge past US$46 billion in 2020.  In Asia-Pacific, this is projected to rise to US$6.8 billion by 2021.

AI development has accelerated this few years thanks to three factors – a. the ubiquitous availability of data, b. the growing capabilities of cloud computing, and c. more powerful algorithms developed by AI researchers

SMEs must be optimistic of the future of digital transformation: Throughout history, the emergence of new technologies has been accompanied by dire warnings about human redundancy.  More often, the reality is that new technologies have created more jobs than they are destroyed. Businesses must be optimistic of the future of digital transformation including AI which will overhaul workplaces and will continue to change the way work is done.

Workplace trends: The trends in workplaces are evolving and how employers can work with employees to meet the demands of the growing and changing digital economy is essential. Businesses are required to create higher-value jobs, and increase personal income through “gig jobs”, referring to part-time, freelance or contract employees and reward their employees well. Bear in mind, the best workers need not just be highly skilled, but must be smart, great, ambitious, innately curious, risk-taking people learning to work well in teams to meet the changing workplace and market demands.

Job transformation in the next three years: We expect around 93% of jobs to be transformed in the next three years especially with the working population are millennials and 62 per cent of jobs today to be redeployed to higher-value roles or reskilled to meet new demands. SMEs need to be prepared with three key tasked to be completed because the skills required for jobs in the AI economy are changing so rapidly, we need to ensure that each company’s system for preparing, educating, training, and retraining the current and future workforce are also evolving. Not only will new AI economy require new technical skills, but there is a growing recognition that most workers will need to learn new skills throughout their working lives.

Three key tasks:

1. Preparing students for future jobs with AI Rapidly evolving technology impacting every sector means jobs of the future will require more digital skills form basic computer literacy to advanced computer science.  If our youths are to be the driving force for tomorrow’s digital economy, they need the opportunity to study computer science. Computer science teaches computational thinking, a different way to problem solve and is a skill in high demand by employers.  Together, these skills enable access to higher paying jobs in faster-growing fields.

2. Reskilling for tomorrow’s economy today Because technology is changing so rapidly, it’s not enough to just focus on educating tomorrow’s workforce; SMEs must also help today’s workers gain skills that are relevant in the changing workplace. Economic growth depends on a skilled workforce that can enable enterprises to take advantage of a new generation of emerging digital technology innovations.  To achieve this, workers will need to be lifelong learners.

3. Ensuring today’s workplace changes to sustainable development The economy must be healthy and sustainable, as businesses invest in AI for the long run.  The one trend that we cannot ignore is the impact that AI and machine learning will have on workforce. As each company’s mission and business models are unique, therefore; there is no one road map that fits all.  But all companies, including SEA, have thought about how we want to plan for it. Which jobs in the workplace will it help the most? How can we make smarter decision? It’s all based on each company’s road map implementation. Companies instead of being afraid to move forward, they should have an open mind to think about how best they can use digital technology and AI to do their business and jobs differently to create an impact on economy and society. We recognise that it is AI and machine learning that help make a company’s service or product really good to users and consumers.

4.  Working together  As we move forward, it will be essential for our government, the private sector, academia, and the social sector to join together to explore how to best support workers in the new economy.  This can be achieved by developing new approaches to training and education that enable people to acquire the skills that employers (SMEs) need as technology advances; by creating innovative ways to connect workers with job opportunities; and by modernising protections for workers to promote labour mobility and cushion workers and their families against uncertainly in a fast-changing global economy. 

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