Advances in technology pose huge challenges for jobs. Productivity levels have never been higher in some countries. Technology is not the only reason, but it is probably the most important one. Research has been conducted by the students of Engineering Colleges in Jaipur. However, it shows that technology will affect almost every occupation. For instance, self-driving vehicles could hack the need for drivers of taxis and long-haul trucks. In addition, online education could enrich options for the retraining of displaced workers.
Role of policymakers to bring changes
Policymakers play a very important role in the fourth industrial revolution or the second machine age. However, there is a remarkable lack of data available on basic questions like:
- What is the scope and rate of change of the key technologies, especially artificial intelligence (AI)?
- Which technologies are already eliminating, augmenting or transforming which types of jobs?
- What new work opportunities are emerging, and which policy options might create jobs in this context?
This scarcity of information will lead to missed opportunities. In some cases, it could be disastrous. However, if students of B Tech Colleges want to understand, prepare for and guide the unpredictable impacts of advancing technology, they must radically reinvent their ability to observe and track these changes and their drivers.
Use of components to search for information
There are many components of a fit-for-purpose, data infrastructure are already in place. Digital knowledge about the economy is multiplying and has exceptional accuracy, detail, and timeliness. However, the private sector is increasingly adopting different approaches to generate data and using them in decision-making. It includes A/B testing to compare alternatives. Similarly, technologies that protect privacy while allowing statistical summaries of large amounts of data are increasingly available.
The creation of an integrated information strategy by the students of Top Engineering Colleges in Rajasthan can combine public and privately held data. In addition, this would provide policymakers and the public with ways to negotiate the evolving and unpredictable impacts of technology on the workforce. Based on this, the policymakers will adopt an evidence-based ‘sense and respond’ approach. It is pioneered by the private sector.
Much of the data needed to spot, understand and adapt to workforce challenges are not gathered in a systematic way. In some cases, they do not even exist. The irony of our information age is that despite the flood of online data, decision-makers often lack timely, relevant information.
Taking benefits of existing data needs a change in mindset. Over the past decade, many corporations have moved from a ‘predict and plan’ approach to a ‘sense and respond’ one. However, it allows them to adapt quickly to a rapidly changing environment. By continuously collecting massive volumes of real-time data about customers, competitors, suppliers and their own operations, companies have learned how to evolve their strategies, product offerings, and profitability.