Traditionally, we think of productivity as increasing efficiency; of producing more with less.
For a standardised manufacturing process that definition may be right. But when we broaden productivity to the entire business, or to services rather than goods – it is not simply about working harder and doing more. Instead, it is about working smarter to produce better outcomes and greater value.
The rapid advance of generative AI tools are enabling businesses to automate tasks but beyond that, AI is also changing how we work through augmentation of those tasks.
In short, it is not as simple as saying that jobs will disappear – it’s far more complex than that.
Currently, we are seeing the first impacts of automation on slower job growth while still waiting for the benefits of augmentation enriching work to emerge. ...