- By quade
- 15 September 2023
Academic Institutions and Businesses Are Strongly Encouraged Not To Underestimate the Significance of AI
The president of the Asia School of Business (ASB) emphasized the urgency for the Philippines to accelerate its learning and adaptation to artificial intelligence (AI) before it becomes too late.
During a media roundtable held at the Fairmont Hotel in Makati on September 8, 2023, Sanjay Sarma, President, and Chief Executive Officer of ASB, emphasized the significance of AI’s power, cautioning both businesses and academia against underestimating its importance or dismissing it as a passing trend.
“For the first time, a very fundamental aspect of the uniqueness of human beings is being taken by machines. These are the implications and it’s only the beginning. Right now, we are at the stage of doing computer programming, and then eventually, we will have robots that will become more powerful and will have huge implications on jobs,”
Sanjay Sarma, President, and Chief Executive Officer of ASB
Harnessing AI’s Transformative Influence on Service-Oriented Professions
He further noted that AI’s impact will soon extend to service-oriented professions, encompassing roles within call centers and business process management (BPM) enterprises. This shift is driven by AI’s ability to execute certain tasks within the BPM sector, facilitated by programs such as ChatGPT.
“The Philippines has a lot of service sector jobs, yes, and offshore, especially call center jobs and outsourcing, a lot of that is going to be automated and the jobs will not vanish. But two things will happen. The jobs will change a lot, and the number of people doing them will go down a lot as well, so [there will be] huge implications on the job market for companies,”
Sanjay Sarma, President, and Chief Executive Officer of ASB
He mentioned that the restaurant and gas station sectors will be among the next to feel the impact of AI on jobs.
“Imagine for example if ATMs took off in one swoop. The tellers would not have had time to train to sell mortgages or other financial products. In fact, what happened with the average teller is that their education level went up, but you can’t do that overnight,”
Sanjay Sarma, President, and Chief Executive Officer of ASB
AI’s Potential Impact on Employment and the Imperative for Education
This implies that technology has the potential to enable individuals to achieve more with fewer resources.
As a result, Sarma emphasized the importance of the nation taking a leading role in call centers and outsourcing operations that incorporate AI. Nevertheless, he acknowledged that the adoption of AI would also lead to a reduction in employment opportunities.
“In the Philippines, AI is going to replace jobs and accept that. And the Philippines should become the country that leads the world in how to use AI in call centers. It will put some people out of work, but at least you define the rules of how it works,”
“There are indeed risks and implications that come with using AI, so how do you mitigate them? You have to take the bull by the horns and ride it, and not just wait for it to run you over and make your business go under,”
Sanjay Sarma, President, and Chief Executive Officer of ASB
He emphasized the importance of providing adequate education to workers, employees, and students in light of the rapid evolution of AI. He noted that the education regarding artificial intelligence and its utilization is lagging behind.
Sarma is a recognized expert in the Internet of Things and education. Additionally, he holds a professorship in mechanical engineering at the Sloan School of Management and the Massachusetts Institute of Technology.
