Leaders are forced to apply different strategies and build new business models.This is the main reason why even the 4.0 industrialization is scaring most of our leaders.
They will have to face the change of how business processes work and learn how to cope with the fear of their employees and the need of technology-human relationships.AI (artificial intelligence) technologies make computers and robots perform equal or better than humans.
We face here natural language processing, knowledge representation, automated resourcing, machine learning, robotics, rational agents and chatbots.
The main advantage the 4.0 industry has is the big amount of data machine learning gives us access to. It is the step towards a more precise solution to mankind’s problems.
„Machine learning enables predictions to be made based on large amounts of data. This branch of artificial intelligence is built upon pattern recognition and has the ability to independently draw knowledge from experience.” - Hanovermesse.com
AI is one of the scariest stages the human has ever met. The reason behind this is that people will have to change and develop new skills. Many of the jobs we know now will get removed and employees will deal with new information and trends.
Even though it scares people, AI will be more beneficial to humanity than others think. That is because it can prepare nations for natural disasters, provide agricultors with solutions for crop diseases, detect and diagnose health problems etc.
„To achieve these possibilities, humans and AI must work together. This is already underway with promising early success. The basics of uniting humans and AI are being laid out today by the businesses pioneering AI and automation.” - Mohit Joshi President Infosys
Leaders are by definition the people who embrace change first. They inspire others by nurturing themselves and the ecosystem they grow in.
The strategy they need to embrace defines the unity between people and technologies.
According to a study made by Infosys in America, India and Europe, 90% of C-level executives have reported measurable benefits of this come-together of mankind and AI and 73% believe that these changes have already impacted the way they work.
Apart from that, these doesn’t solve the problems of work displacement, economic instability and skills shortage.
Many companies still don’t know how to efficiently combine these two perspectives.
69% of worldwide companies have identified their employees’ concerns for deployment and are working to identify new job positions for the ones they have already removed.
„The future of AI is supporting and augmenting human capabilities such that a human-AI team is stronger than either alone.” - Missy Cummings Director, Humans & Autonomy Lab Duke University
Regarding the predictions leaders and managers have made, the European Union has pointed out the need of a blockchange unity and emerged 22 countries in the race for a better information exchange and verified transactions.
Romania didn’t sign the partnership, for now, and the Romanian authorities don’t seem to want to comment on their decision.
Even though public administration doesn’t seek to change to AI structures, Romanian companies are afraid of their consumers. According to a report made by Valoria, 37% of the companies admit they are resistant to change and most of this fear is due to their consumers who are not properly educated towards a technology change. Romanian companies are facing a lack of digital competencies among their employees, and worse, among their management.
83% of the companies worldwide have middle or late-stage deployments and view AI as a major facilitator of future business operations. Europe is the least prepared region for the change AI brings to public and private sectors.
The Romanian companies managed to recognize the benefits of AI technologies which bring the cost reductions, simplified processes, the growth of operational efficiency and the capacity to better measure their outcomes.
Technology becomes through AI a unifier but also a divider. Here is where the leaders have to intervene and change perceptions, because AI gives them now the opportunity to automate redundant tasks.
„Augmented intelligence, blending human input and AI, will be the critical driver to succeed in business and to form a prosperous society. We are on the cusp of technological change unlike any we have seen before in human history. Technological advancement is requiring a deeper focus on innately human skills – critical thinking, emotional intelligence and value judgments. In the platform economy, technology is connecting people of all backgrounds and abilities with more opportunities. It is also accelerating the employment of both skilled and unskilled workers in the era of digital transformation, making the world work for everyone.”- Alain Dehaze - Chief Executive Officer The Adecco Group.
Since AI is integrated in many operations, change must occur at different levels. These include the overall strategy, customer experience, leveraging technology and human capital. Four leaders out of five believe that their management team has the ability to face the changes that are coming towards them together with the 4.0 industry.
Even though leaders believe in their abilities, there also appear concerns regarding the transparency of their businesses.
52 percent of the CEOs surveyed for the Infosys report said they are fearful that leadership will have less transparency into their business due to AI and automation.
This brings questions upon how leaders should act in order to not lose their trust among employees but also among customers.
The journey of the artificial intelligence is as much about people, processes and leaderships as it is about technologies. Many leaders also believe that their management team is reluctant to invest in AI because of security and privacy concerns. Along with the growth of the technologies used to better their processes, the possibilities and needs to hack systems become bigger and this becomes a concern for every leader.
But what do leaders have to do in order to change future perceptions on how AI influences their business process?
People come first
Businesses don’t have an excuse to not invest in their people. The combinations of technologies and people should be greater than the sum of the parts. Companies which invest in the reskilling of their employees will get tangible benefits and these has to go hand in hand with schools that can bring up students prepared to face the new industry’s change.
Learning continuously will face changes
The process of learning shouldn’t be applied only in one case. It must come gradually and continuously, in order to face the growing need of change that emerges from the industrialization.
Transparency over every detail
Leaders have to learn how to build transparency in a world the announces a great amount of data, coming its way.
„Open communication about AI initiatives and their benefits can improve AI effectiveness and raise morale, curbing fears among employees that can sap motivation or foster mistrust.” - Infosys Age of AI Report
Businesses risk into losing control over their business processes if they leave off transparency issues.
Go beyond business process automation
It is perfectly normal that any business would want to automate its current processes. But this doesn’t mean it could also be very efficient. AI technology should be seen as an opportunity for every leader to reinvent his business.
Even though AI technology isn’t necessary a must in Romania, its development happens fast and will impact Romanian companies more than they think. They will have to take into consideration the changes ahead and prepare for the 4.0 revolution. Therefore, every company growth and change starts with its leader. Their power to develop their team’s skills reflects is the well-being of their company and also in their ability to change or adapt.