"Digital skills will actually become more important going forward in the workplace than your actual university degree,” says Sasha Rubel, Head of AI and Machine Learning at Amazon Web Services (AWS). As AI adoption accelerates, this statement underscores a transformative shift in how we perceive education and skills in the modern workforce.
Economic Impact of AI on Europe
According to a report by Strand Partners, commissioned by AWS, the increased adoption of AI by European businesses could add a staggering €600 billion to the European economy by 2030. However, achieving this potential involves overcoming significant barriers. In a recent episode of The Big Question, Hannah Brown sat down with Sasha Rubel to discuss how Europe can unlock this economic boost and the role of AI in growing the European economy.
Key Barriers to AI Adoption
The report identifies three main obstacles hindering AI adoption in Europe:
Lack of Regulatory Certainty: Without stable and predictable regulations, companies are hesitant to fully invest in AI. Sasha Rubel noted that businesses wary of regulatory changes plan to invest up to 48% less in AI over the next three years.
Lack of Digital Skills: While young people are generally tech-savvy, there is a pressing need to upskill the existing workforce. “Digital skills will become more important than university degrees,” Sasha emphasized, highlighting the necessity for ongoing education to ensure workers can collaborate with AI technologies rather than be replaced by them.
Lack of Democratisation: There is a significant disparity in AI adoption between large enterprises and small to medium-sized enterprises (SMEs). Large companies are adopting AI at a rate of 51%, compared to just 31% for SMEs. The cloud, particularly AWS, plays a crucial role in bridging this gap by providing scalable, sustainable solutions.
Business Benefits of AI Adoption
AI's potential to inject €600 billion into Europe’s economy largely stems from increased productivity. AI can automate repetitive tasks, allowing employees to focus on more creative and strategic initiatives. Additionally, AI can transform raw data into actionable insights rapidly, revolutionizing industries beyond tech.
Sasha Rubel shared a compelling example: “In the past, software updates required more than 100 engineers and over a month to complete. Now, with automation, we can do it in six minutes.” This efficiency leap extends to various sectors, including agriculture and healthcare, where AI can drive significant value and address global challenges like climate change and education access.
Equipping the Workforce with AI Skills
Despite the enthusiasm for AI, over 60% of companies reported that a lack of digital skills among employees hindered AI adoption. Workers expressed a desire to learn but cited time constraints and prohibitive costs as major barriers.
In response, AWS launched the AI Ready Commitment at the end of 2024, aiming to train over two million people in AI and Machine Learning by 2025. This initiative includes more than 80 free online classes, covering both technical skills and critical issues such as bias, fairness, and responsibility in AI.
Sasha Rubel highlighted the importance of this initiative: “It’s an opportunity to build better technology for a better world and to ensure that technology development is as diverse as the communities it serves.”
As AI continues to evolve, digital skills are set to become crucial in the workplace. Overcoming regulatory, skills, and adoption barriers is essential for Europe to harness AI's full economic potential. AWS's commitment to training and sustainable innovation plays a pivotal role in this journey, paving the way for a future where AI significantly contributes to the European economy.
For businesses and individuals alike, embracing digital skills and AI technologies is no longer optional—it's imperative for future success.
Source: Euronews
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