ISACA’s Next Decade of Tech Research canvases the impact of AI on businesses
Announcement posted by Established Media 01 Jan 1970
Finance and Marketing sectors to be impacted the most
Sydney, Australia (17 February 2020) – With KPMG reporting innovation and disruption as one of the top five biggest issues facing Australian businesses in 2020, recent research from global, non-profit IT association ISACA shows that 54% of respondents think that AI will eliminate more jobs in the finance industry that it creates over the next decade.
According to 57% of survey respondents, the manufacturing industry will also see big job losses. ISACA’s Next Decade of Tech: Envisioning the 2020s survey of more than 5,000 business technology professionals comes as the global professional association continues its longstanding commitment to helping its members and enterprises navigate the future of technology.
Over a third of respondents (42%) also predict sectors, such as healthcare and technology, will see more job elimination than creation. Survey respondents believe the concept of the augmented workforce - people, robots and AI working closely together - will be widespread and have an overwhelming impact on how jobs are performed across all sectors, including Government.
The research found that respondents also believe AI will lead to an increase in short-term contracts and a decrease in job stability. In the finance and manufacturing sectors, short-term contracts are predicted to rise by over half to 57% in each sector, leading to a decrease in the traditional 40-hour work week (41% in finance and 37% in manufacturing).
Responses were mixed on how AI may impact pay levels. Half of respondents predict pay levels will increase in the IT sector as a result of the augmented workforce, whereas approximately a quarter of respondents believe the finance, manufacturing and healthcare sectors will see pay levels rise.
Enterprises Not Yet Adequately Prepared
Respondents predict both the finance and manufacturing industries will see a moderate or major impact on profitability from AI, 89% and 88% respectively. The research also shows respondents are unconvinced that enterprises are adequately preparing themselves for what tech advancements in the next decade will set in motion.
Eight in 10 respondents (81%) think enterprises are not yet investing adequately in the people skills needed to navigate the technology changes to come, while 70% think enterprises are underinvesting in the technology needed to retool their organisations for the 2020s.
“As we move into the 2020s, the pace of technology-driven change will continue to accelerate, so it’s more important than ever to be always learning,” said ISACA CEO David Samuelson. “Both as individuals and in our companies, we will need new skills and frameworks to be equipped to navigate the inevitable change ahead.”
For more resources related to ISACA’s Next Decade of Tech: Envisioning the 2020s research, including a related infographic, podcast, video, blog posts and presentation, visit www.isaca.org/next-decade-of-tech.
-ENDS-
About ISACA
Now in its 50th anniversary year, ISACA (isaca.org) is a global association helping individuals and enterprises achieve the positive potential of technology. Today’s world is powered by information and technology, and ISACA equips practitioners with the knowledge, credentials, education and community to advance their careers and transform their organisations. ISACA leverages the expertise of its 460,000 engaged practitioners—including its 140,000 members—in information and cybersecurity, governance, assurance, risk and innovation, as well as its enterprise performance subsidiary, CMMI Institute, to help advance innovation through technology. ISACA has a presence in more than 188 countries, including more than 220 chapters worldwide and offices in both the United States and China.
Twitter: www.twitter.com/ISACANews
LinkedIn: www.linkedin.com/company/isaca
Facebook: www.facebook.com/ISACAHQ
Instagram: www.instagram.com/isacanews
Contact:
Julie Fenwick, jfenwick@daylightagency.com.au +61 468 901 655
Lauren Graham, lgraham@daylightagency.com.au +61 432 614 401
According to 57% of survey respondents, the manufacturing industry will also see big job losses. ISACA’s Next Decade of Tech: Envisioning the 2020s survey of more than 5,000 business technology professionals comes as the global professional association continues its longstanding commitment to helping its members and enterprises navigate the future of technology.
Over a third of respondents (42%) also predict sectors, such as healthcare and technology, will see more job elimination than creation. Survey respondents believe the concept of the augmented workforce - people, robots and AI working closely together - will be widespread and have an overwhelming impact on how jobs are performed across all sectors, including Government.
The research found that respondents also believe AI will lead to an increase in short-term contracts and a decrease in job stability. In the finance and manufacturing sectors, short-term contracts are predicted to rise by over half to 57% in each sector, leading to a decrease in the traditional 40-hour work week (41% in finance and 37% in manufacturing).
Responses were mixed on how AI may impact pay levels. Half of respondents predict pay levels will increase in the IT sector as a result of the augmented workforce, whereas approximately a quarter of respondents believe the finance, manufacturing and healthcare sectors will see pay levels rise.
Enterprises Not Yet Adequately Prepared
Respondents predict both the finance and manufacturing industries will see a moderate or major impact on profitability from AI, 89% and 88% respectively. The research also shows respondents are unconvinced that enterprises are adequately preparing themselves for what tech advancements in the next decade will set in motion.
Eight in 10 respondents (81%) think enterprises are not yet investing adequately in the people skills needed to navigate the technology changes to come, while 70% think enterprises are underinvesting in the technology needed to retool their organisations for the 2020s.
“As we move into the 2020s, the pace of technology-driven change will continue to accelerate, so it’s more important than ever to be always learning,” said ISACA CEO David Samuelson. “Both as individuals and in our companies, we will need new skills and frameworks to be equipped to navigate the inevitable change ahead.”
For more resources related to ISACA’s Next Decade of Tech: Envisioning the 2020s research, including a related infographic, podcast, video, blog posts and presentation, visit www.isaca.org/next-decade-of-tech.
-ENDS-
About ISACA
Now in its 50th anniversary year, ISACA (isaca.org) is a global association helping individuals and enterprises achieve the positive potential of technology. Today’s world is powered by information and technology, and ISACA equips practitioners with the knowledge, credentials, education and community to advance their careers and transform their organisations. ISACA leverages the expertise of its 460,000 engaged practitioners—including its 140,000 members—in information and cybersecurity, governance, assurance, risk and innovation, as well as its enterprise performance subsidiary, CMMI Institute, to help advance innovation through technology. ISACA has a presence in more than 188 countries, including more than 220 chapters worldwide and offices in both the United States and China.
Twitter: www.twitter.com/ISACANews
LinkedIn: www.linkedin.com/company/isaca
Facebook: www.facebook.com/ISACAHQ
Instagram: www.instagram.com/isacanews
Contact:
Julie Fenwick, jfenwick@daylightagency.com.au +61 468 901 655
Lauren Graham, lgraham@daylightagency.com.au +61 432 614 401