As we prepare to begin 2023, we are doing so, knowing that the global economy is declining while organizations are still being squeezed by high costs. Moreover, even the economic crisis may not be much different from the tight labor market they face. With technology advancing by leaps and bounds, and companies looking for ways to improve the bottom line, time is right for a huge increase in the use of AI in ways that can transform the economy and the labor market.
When it comes to embracing AI, Canada is close to the front. According to the 2021 Global Vitality Ranking on Artificial Intelligence from Stanford University, the country ranks fifth behind the United States, China, India and the United Kingdom. The index is calculated using a number of metrics, including hiring in AI, research conducted in the country, and investment in the sector. When it comes to AI employment in Canada, it ranks second out of 22 countries behind only India.
However, developing technology and implementing it across a range of industries are two different things. There is plenty of room for growth later, and the emerging economic crisis could provide a major boost in that direction. We have seen it many times before: Weak economic conditions often provide the impetus for the use of machinery to reduce costs and increase productivity.
Most recently, in a big way in the oil and gas sector, falling oil prices in recent years have spurred a shift in production processes that ultimately means fewer people are needed. Many functions. Now, as the industry from manufacturing to service looks to have a challenge ahead, everything will be on the table when it comes to efficiency.
Some, such as the retail sector, are already growing Benefits of AI technology. This year, Walmart used an AI model to predict how many pumpkins will be in their Sam’s Club store on Thanksgiving in the United States, taking into account factors such as the weather, whether local football is an outdoor game. Land or indoor competition (the latter requires more pie) and the popularity of competing goods such as pecan cakes in any given area. Once all the ingredients are taken into consideration, the store receives instructions on how many cakes to have on hand by the hour.
Certainly a scenario that scares a lot of people, whether they are afraid of taking over science fiction or just that they are afraid that their boss will be excited to replace them with AI. Although it is true that historic technological changes have turned out to be a fine for workers, releasing them to high-paying jobs, there is legitimate concern that this time around profits will not be forthcoming. Share and unemployment will increase.
What could have triggered the attack is one of the same things that is accelerating Seek to use technology from the beginning, that is, the job market is now very tight. It has a lot to do with the demographic situation where a large group of older workers is heading for retirement while not being replaced by younger ones.
As is the case in the United States and in many other countries, the unemployment rate in Canada is now nearing a one-generation low. That has led to higher wage costs and inflation, and is projected to make employers more interested in the idea of robots that never demand higher prices. The fact is that with the slow growth of the workforce, as it looks in the coming years, the transition to robotics and AI technology can be made without causing an increase in unemployment, which could Happened in the past. In the long run, the hope is that a more efficient industry will create both more jobs and higher-skilled and higher-paying jobs.
The Fourth Industrial Revolution has entered full force and technological change will take place regardless. Necessity, however, is the mother of innovation, as they say, and the economy of 2023 could make it necessary to develop new ways of doing things. AI and robots are ready to make that happen, so let us all resist change. In the future.