May Insights with Impact: Will Disruptive Technologies in 2024 Augment Human Experiences, Replace Humans, or Create New Jobs?

From smartphones to 5G, and blockchain to the metaverse, disruptive technologies have changed the world of work in ways that were previously unimaginable. Over the years Chief Disruptor members have connected to share strategies on the impact of these disruptive technologies on their industries and business models. But with rapidly evolving advancements in AI, robotics and automation, that conversation has evolved and expanded to focus also on the wider impact of disruptive technologies on jobs, roles and human experiences in the workplace.?

When it comes to assessing the impact of disruptive technologies on how we work, there are clearly many positive benefits (which any of us lucky enough to work from home from time to time would certainly attest to :)) But it’s when considering the impact of such technologies on roles and jobs that the argument can become more divisive with opinions ranging from the AI ‘apocalypse’ camp at one end of the spectrum, to more moderate or optimistic predictions at the other.

Many would argue that in the past decade, technology has created new roles in emerging fields that didn’t previously exist. Indeed, according to recently published research by the Institute for the Future of Work (IFOW), Imperial College London and Warwick Business School, 860 of over 1000 UK firms surveyed confirmed they were using AI and other automated technology, with 78% of those companies reporting that this had resulted directly in the creation of new jobs. https://pissaridesreview.ifow.org/

However, a recent report by the Institute for Public Policy Research (IPPR) states that almost 8 million UK jobs could be lost to artificial intelligence in what they describe as a “jobs apocalypse”, and warned that women, younger workers and those on lower wages are at most risk from automation. https://www.ippr.org/articles/transformed-by-ai

So which outlook is true? As ever, we reached out to Chief Disruptor members for their take on this potentially divisive issue. In our April poll, we asked:

"In 2024, will disruptive technologies:

a) Augment and elevate human experiences

b) Replace humans

c) Innovate and create new jobs"

Interestingly, the result of the poll was very clear cut with 100% of responses opting for one of the two more optimistic options. We spoke to Lee Fulmer, Chairman of the Reporting and Data Standards Transformation Board at the Bank of England about his predictions for the impact of disruptive technology. He told us that when it comes to disruptive technologies, 2024 is very much about AI. He said,?

“I’m not a believer that we’re going to see a billion people put out of work by AI robots. Just like with the industrial revolution we will see jobs change. What I predict in 2024 through to 2026 is a situation where we see human-augmented AI. Where we will use algorithms to refine, look for anomalies and sift through the mountains of information to help you specialise on the things you're good at and that is where you’ll see real value acceleration this year.” - Lee Fulmer, Chairman of the Reporting and Data Standards Transformation Board at the Bank of England

We also spoke with Gaston Tourn, CMO of Curio, the journalism and curated content App, who questioned the idea of evaluating these developments in a purely binary sense of good or bad. He told us,?

“I think that in 2024, AI will do a combination of augmenting human capacity, replacing some of our current jobs but also creating new jobs. Sometimes with new technologies there are people who are, this is the apocalypse! Everything is going to disappear, we’re all doomed!”? and then on the other side those saying “this is going to be amazing, this is going to create the best world”, but "neither of those perspectives are actually true. We need to be critical when it comes to new technologies. We need to apply them where they deliver more human value and regulate them when they create more harm than good.” - Gaston Tourn, CMO of Curio??

Nidhi Fotedar, Lead Digital Product Manager at energy company Baker Hughes continued on this theme, sharing her take on the impact of Gen AI and the value of harmonising humans and technology to optimise the outputs of both. She told us,

“With Gen AI permeating our lives, I feel the time is ripe for AI-human collaboration. How far Gen AI commoditises software development is an area that is unravelling as we speak. Regardless of the answers to this question, humans will need to design products with human-centred outcomes that improve the lives of the people they serve.”

So to close this month’s Insights with Impact blog, I’ll leave with you with some food for thought. If, as claimed in the World Economic Forum Future of Jobs Report 2023, almost half of the workers' skills will need to change as employees take on these augmented roles, leaders will need to urgently consider the skills required to fulfil these new roles. So what are you doing now to identify and develop these new skills and capabilities? And how will you compete to attract the best AI talent? Share your thoughts here.?

Recommended resources:

Harnessing the power of AI: The 2024 Disruptive Trends Report〡Maximising Business Impact from AI

https://www.weforum.org/publications/the-future-of-jobs-report-2023/Link