‘RoboTIcS, NEw TEcH ARE NoT KIllING jobS’

Discussing the topic ‘Man vs Machine’, panellists at the fourth Sharjah FDI Forum said public and private institutions should be able to fill the gap created by new technology that resulted in dwindling jobs.

“Robotics and AI (artificial intelligence) aren’t killing jobs. In fact, they are optimising businesses to function better. Businesses will have to make decisions to keep costs down but will not compromise on good customer service that is provided by humans,” said Ali Kassab, CEO of Centurion Co.

“For the economy and businesses to grow, proper training will have to be provided for the workforce to build on the necessary skill set. Entities will need to focus on where their resources come from — whether natural or otherwise. Environmental footprint as well as social aspects will need to be considered to create a sustainable model,” added Henrik Von Scheel, originator of the Fourth Industrial Revolution (Industry 4.0).

Zaid Al Quafaidi, managing director of retail at Emirates National Oil Company, said: “In the energy sector, usage of AI isn’t a competition between man and machine. It’s a better option for human safety and work-flow optimisation. The whole industry is driven by data and AI’s presence is a mandate especially if you consider the working environment in oil drilling. From gauging pressure to ensuring safety, AI is a safer option.”

The panellists said there should be a balance and synergy between man and machine.

Stefan Hickmott, founder and CEO of Evarei and Evareuim Invesmment Fund, said: “There is always the human element required in our business. The question is, who creates the AI or algorithm that we use? Is it human or machine? Certain jobs like customer service will always require the human touch, but in trading, using an algorithm will definitely help you make better decisions.”