AI, Internet of Things and Blockchain are all expected to be the top trends in business over the next five years according to research.
CBI’s most recent report, ‘Disrupting the Future’, has outlined how both businesses and the government need to put plans in place for utilising new technologies.
Within the report the CBI has called on the government to bring a joint commission in early 2018, involving businesses, employees and a minister to outline the impact of AI on people and their jobs.
Looking at the effects that AI and other technologies have on a workforce depends on the individual and the industry the business is in. If a company can work alongside AI, to better elements of the business it will improve the business overall and individual jobs.
A concern for most is the replacement of jobs by AI, when in fact the reality of the majority being taken over by robotics and AI is slim. Instead, the two should be used together.
Blockchain, along with AI and IoT are expected to soar in the next 5 years.
Duncan Tait, CEO and Head of Fujitsu EMEIA and Americas: “As a society, we must work together to ensure that artificial intelligence has a positive impact on both our personal and professional lives.
“Artificial intelligence can enable us to do more interesting and exciting work, by eliminating routine and repetitive tasks, offering incredible possibilities, from enhanced medical diagnosis to advanced customer service.
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“But we must remember that there is a human, as well as a business, side to the story and take action now to ensure that artificial intelligence works in everyone’s interests.”
In order to effectively distribute new emerging technologies within businesses, there are many barriers firms must overcome before utilising the technology.
Firstly, CBI’s report revealed that only a third of businesses have the skills and work capabilities that are needed to take on AI technologies. Secondly, many businesses that are looking to employ IoT strategies across their business have main concerns around security and the privacy of devices.
Minister of State for Digital, Matt Hancock MP, has already made is aim clear after revealing a new multi-million pound investment into 5G technology and setting standards high wanting the UK to be a leader.
Therefore, businesses being able to utilise technologies to leverage the UK’s position is key, Hancock said: “We want the UK to lead the way in emerging technologies and in our manifesto, we committed to establishing a data use and ethics body, which would work with industry to answer some of the vital questions on the impact of big data and Artificial Intelligence, and so create the right conditions for digital businesses to thrive.”
Further proposals set out by the CBI outline how the government should better prepare businesses for using technology in order to reach its fullest potential, creating the correct environment to utilise emerging technologies.
An area CBI covered was GDPR. As it looms CBI said it should be a priority for the government because it sets out better ways of safeguarding around data, and could give businesses the confidence they need to rid their concerns around security and data.
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Josh Hardie, CBI Deputy Director-General, said: “We urge the Government to set up a joint commission on Artificial Intelligence in 2018, involving both business and employee representatives, to better understand the impact on people’s lives, jobs and our future economic growth.”
Taking on these technologies can develop businesses and the UK economy, and CBI added regulators should work more closely with different industry’s to bring the best out of them.
Hardie said: “Artificial Intelligence solves problems. Blockchain changes how businesses exchange value. The Internet of Things unlocks big data. Companies of all sizes, in any sector and across the UK have a golden opportunity to benefit and lift their productivity. Businesses that invest and innovate tend to grow quicker and get the best out of their workforce.”
