CFOtech New Zealand - Technology news for CFOs & financial decision-makers
Story image

Upskilling for a GenAI-driven future

Wed, 18th Sep 2024

Technological change has been a constant force throughout history, reshaping industries and societies. From the industrial revolution to the digital age, each wave of innovation has presented both opportunities and challenges.

The current rapid evolution of artificial intelligence (AI), and particularly generative AI (GenAI), is no exception. While some fear that it will replace human jobs, the reality is more nuanced.

When viewed as a powerful tool, GenAI can enhance existing roles, boost productivity, and create new opportunities. By upskilling and educating the workforce, it will become possible to harness the potential of this technology to drive innovation and growth.

The evolution of AI and ML
The current wave of AI and machine learning (ML) tools has gained significant momentum in recent years. Initially focused on simple automation tasks, AI has evolved to encompass more complex capabilities. From spotting patterns in data sets to providing chatbot responses to customer questions, AI has streamlined various roles and improved efficiency.

Contrary to initial concerns, early AI applications did not lead to mass job displacement. Instead, companies up-skilled their workforces to take on higher-value tasks. This shift actually demonstrated the positive impact of AI on employment.

The rise of GenAI
The rapid evolution of GenAI is gaining even more attention. This type of AI specialises in creating new content, such as text, images, and audio, by learning from massive datasets. While GenAI offers immense potential, it's crucial to emphasise that it's best suited to augment human work rather than replace it.

As GenAI automates routine tasks, there will be a growing need for workers to upskill or reskill to remain competitive. McKinsey projections1 suggest that up to 30% of current work hours could be automated by 2030, necessitating a shift in skills.

However, this transition also presents opportunities for the creation of new roles that leverage the efficiency gains provided by GenAI. To navigate this transition effectively, organisations should adopt a structured approach that includes:

  • Preparation: Educate the workforce on the current AI landscape, including GenAI, and emphasise the importance of upskilling.
  • Adaptation: Provide continuous support to help employees customise GenAI solutions to their specific needs and refine their use over time.
  • Integration: Encourage the seamless integration of GenAI into daily work processes, fostering a culture of innovation and efficiency.

Beyond automation
While GenAI can automate many tasks, it's essential to recognise that it cannot fully replace the human element in the workplace. Humans bring unique qualities such as creativity, empathy, and critical thinking that AI can't replicate.

As GenAI becomes more integrated into everyday work lives, it's crucial to maintain a focus on human-centered design. This means ensuring that AI systems are developed and deployed in a way that complements human capabilities and enhances the overall user experience.

Ethical considerations and responsible AI
The rapid advancement of AI also raises important ethical considerations. As AI systems become more sophisticated, it's essential to address issues such as bias, privacy, and transparency. 

Organisations must develop ethical guidelines and frameworks to ensure that AI is used responsibly and for the benefit of society. To achieve this, it will be important to begin with pilot projects that can demonstrate the value the technology can provide.

The next step is to gradually extend usage of the technology across other departments and workflows. Careful tracking will be needed to ensure it is adding the level of value that was expected or whether additional changes might be required.

Future evolution
The future of work is likely to continue to be characterised by a symbiotic relationship between humans and AI. As GenAI continues to evolve, it will create new opportunities for collaboration and innovation.

Once an organisation is ready to embrace AI, it will be important to undertake a comprehensive upskilling strategy. Staff need to be trained not only in the technical aspects of AI but also in the context and prompt engineering needed to interact with AI tools effectively.

This training will enable staff to determine when and where there is likely to be value to be gained from the use of GenAI systems. Training programs must be tailored to various organisational roles to ensure that every team member - from the front-line staff to the executive team - can leverage GenAI for improved performance and innovation. 

By understanding the implications of GenAI and taking proactive steps to prepare for the future, organisations can harness the power of this technology to drive innovation, improve efficiency, and create a more sustainable and equitable workplace.

Follow us on:
Follow us on LinkedIn Follow us on X
Share on:
Share on LinkedIn Share on X