How do humans maintain their economic value in a world where artificial intelligence (AI) becomes smarter and more efficient in business?

This was a key question posed to an expert panel at a special symposium in Mumbai, India recently.

Australia’s Monash University hosted the panel discussion in “to explore and unpack what it means to become the ‘power of being human in an AI world’.”

The inaugural thought leadership discussion featured some of the world’s leading minds in AI and machine learning, including:

• Professor Elizabeth Croft – Dean of the Faculty of Engineering, Monash University
• Dr Ramu Nagappan – Assistant Dean at UC Berkeley Extension 
• Professor Michaela Rankin – Deputy Dean (International), Monash Business School
• Professor Murali Sastry – CEO of the IITB-Monash Research Academy

“Machine learning and artificial intelligence are rapidly emerging as key forces of the fourth industrial age, presenting new opportunities for technological advancement, while posing challenges to our established social and economic systems,” Professor Croft said.

“Engineers will be at the forefront of developing safe, ethical and human-centred technologies and frameworks that allow machine learning and artificial intelligence to be used for good, in service to people, society and the economy.”

Exciting opportunities

Professor Rankin said while the fourth industrial revolution posed many challenges for business and the accounting profession, she also saw many exciting opportunities.

“While many think accounting will be less important, in fact the power of AI will free accountants from procedural tasks to take enable them to take a more strategic role in the business,” she said.

“As business educators, we need to ensure our students are going to be equipped with not just technical expertise, but the higher-order skills necessary to take on these roles.”

And as artificial intelligence (AI) becomes more sophisticated and human-like it’s essential for universities globally to develop critical thinking, empathy and ethics – vital skills for tomorrow’s jobs.

Universities across the world will be charged to build communication, curiosity, critical thinking, empathy and ethics – all desired by employers as skills of the future.

Recognising that AI and data science can change the world for the better, the University launched Monash Data Futures in 2019.

This initiative links researchers with industry and governments across the world to create lasting change in policy, health sciences and sustainable development – all underpinned by social good.