Artificial Intelligence (AI) Stats News: 120 Million Workers Need To Be Retrained Because Of AI – Forbes

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Recent surveys, studies, forecasts and other quantitative assessments of the impact and progress of AI highlighted the need to retrain many workers, improving AI’s score from F to A on 8th-grade science exam, and the $97.9 billion the AI market will reach in 2023.

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Expected business impact

In the next three years, as many as 120 million workers in the world’s 12 largest economies may need to be retrained or reskilled as a result of AI and intelligent automation; only 41% of CEOs surveyed say that they have the people, skills and resources required to execute their business strategies; the time it takes to close a skills gap through training has increased from 3 days on average in 2014 to 36 days in 2018 [IBM]

Top drivers for investing in robotics and automation: Reduced cost (80%), improved quality (55%), increased productivity (54%), improved capabilities of robots (54%). Top challenges: cost of robots (16%), lack of experience with automation (15%), lack of homogenous programming platforms/interfaces (13%), lack of integrators working across OEMs/geographies/industries (12%) [McKinsey online survey of 85 OEMs and users worldwide, 2018]

67% of organizations will look to AI to intelligently automate IT processes to some extent within their IT environments [ESG]

Quantified business impact

L’Oréal’s recruiters believe they saved 200 hours of time to hire 80 interns out of a pool of 12,000 candidates, using a chatbot that saves significant time in the early stages of the recruiting process by handling questions from candidates, and Seedlink, AI software that assesses their responses to open-ended interview questions [Forbes]

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