How do humans maintain their economic value in a world where artificial intelligence (AI) becomes smarter and more efficient in business?

Home » How do humans maintain their economic value in a world where artificial intelligence (AI) becomes smarter and more efficient in business?

As artificial intelligence (AI) becomes more sophisticated and human-like with each passing day, it’s never been more important for universities globally to develop critical thinking, empathy and ethics – vital skills for tomorrow’s jobs.

The rise of AI is vastly different from past developments. Traditionally, a human was still required to break down complex processes into their designated parts before determining what could be automated. AI is independent, self-sustaining, and can learn from its actions with very little human interaction.

In the face of this massive transformation – which some are calling the fourth industrial age – how can humans maintain value in a world that keeps getting smarter and more efficient?


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Monash University hosted an insightful discussion last month in the heart of Mumbai, India, to explore and unpack what it means to become the ‘power of being human in an AI world’.

The inaugural thought leadership discussion features some of the world’s leading minds in AI and machine learning, including:

·       Professor Elizabeth Croft – Dean of the Faculty of Engineering, Monash University

·       Dr Ramu Nagappan – Assistant Dean at UC Berkeley Extension

·       Professor Michaela Rankin – Deputy Dean (International), Monash Business School

·       Professor Murali Sastry – CEO of the IITB-Monash Research Academy

“Machine learning and artificial intelligence are rapidly emerging as key forces of the fourth industrial age, presenting new opportunities for technological advancement, while posing challenges to our established social and economic systems,” Professor Croft said.

“Engineers will be at the forefront of developing safe, ethical and human-centred technologies and frameworks that allow machine learning and artificial intelligence to be used for good, in service to people, society and the economy.”

Professor Rankin said while the fourth industrial revolution posed many challenges for business and the accounting profession, she also saw many exciting opportunities.

“While many think accounting will be less important, in fact the power of AI will free accountants from procedural tasks to take enable them to take a more strategic role in the business,” she said.

“As business educators, we need to ensure our students are going to be equipped with not just technical expertise, but the higher-order skills necessary to take on these roles.”

Recognising that AI and data science can change the world for the better, the University launched Monash Data Futures earlier this year. This initiative links researchers with industry and governments across the world to create lasting change in policy, health sciences and sustainable development – all underpinned by social good.