Within the next three years, automation will be responsible for the creation of 133 million new jobs while also displacing 75 million roles, according to a report from The World Economic Forum. The study also found that 52% of jobs will be done by algorithmic agents by 2025.
This was the focus of a recent interview of IPsoft CEO Chetan Dube on Fox Business Network. Speaking on the network’s program, Countdown to the Closing Bell, Chetan discussed the massive implications automation will have on the future of labor, not only in manufacturing and service industries, but across all sectors and roles.
“The vast consensus is that algorithms will do the majority of work done by humans today,” Chetan said. “This is going to be agnostic to sectors. This is a revolution that is going to hit everyone.”
Chetan spoke with the host about IPsoft’s intelligent virtual agent Amelia and the many ways she will help businesses move human labor off of rote programmable tasks, and onto more complex and valuable roles.
Chetan referenced IPsoft’s work with Telefónica as an ideal example of how human and digital workforces will be reorganized in order to maximize the potential for both. By implementing Amelia, digital labor will handle roughly 250,000 calls per day for Telefónica, or more than 6 million calls per month, entirely replacing the company’s IVR-based customer service system. During her interactions, Amelia recognized customer intent correctly on 83% of calls. She helped reduce the overall number of calls handled from 45 million in 2016 to 38 million in 2018. Internal call transfers decreased from 25% to 22% during that time period, and she was able to respond to initial queries in only three seconds.
“Today, if you want to hire somebody you go to a CareerBuilder, a Monster or LinkedIn. Within the next 24 months or less, you will go to a store where you will hire a digital worker,” said Chetan. “This decade onward is [about] replacing labor with digital labor. You’re going to go to the store and hire your claims processing agent, insurance agent, bank teller, database administrator, your IT service desk expert, and Amelia is emblematic of that shift.”
Companies that find innovative ways to shift displaced human workers into more valuable roles will ultimately yield the most value from the digital workforce revolution. To hear more from Chetan, be sure to watch his entire Fox Business Network interview below.