{"id":84257,"date":"2024-03-12T00:00:00","date_gmt":"2024-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/12\/yes-ai-is-going-to-change-how-you-work-welcome-to-the-era-of-soft-skills-and-bs-radars\/"},"modified":"2024-03-12T00:00:00","modified_gmt":"2024-03-12T00:00:00","slug":"yes-ai-is-going-to-change-how-you-work-welcome-to-the-era-of-soft-skills-and-bs-radars","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/12\/yes-ai-is-going-to-change-how-you-work-welcome-to-the-era-of-soft-skills-and-bs-radars\/","title":{"rendered":"Yes, AI is going to change how you work. Welcome to the era of soft skills and BS radars."},"content":{"rendered":"

The opening session of EFG Hermes\u2019 One on One last week featured a <\/strong>panel, moderated by Enterprise, to address the question on everyone\u2019s minds:<\/strong> Are we or are we not endangered by AI? Our panelists, who are friends, came from two very different schools of thought:<\/p>\n

In one corner: <\/strong>Renier Lemmens (LinkedIn<\/a>) is the outgoing CEO of Riyadh-headquartered fintech player Geidea<\/a> who has served on the boards of more than a dozen fintechs in London and around the world. He\u2019s a veteran of McKinsey in London, New Delhi, and San Francisco and was CEO of PayPal for EMEA. He began his career as a banker with Barclays. <\/p>\n

In the other corner: <\/strong>Our friend Wael Fakharany (LinkedIn<\/a>) is CEO of Edenred Middle East<\/a>, which empowers businesses and more than 2 million cardholders in the UAE with smart financial technology. He\u2019s a digital optimist to the core, with a track record that includes service as a senior executive at Google, Google X, Careem, IBM, and Oracle.<\/p>\n

The debate: <\/strong>How might AI impact frontier and emerging markets? How can executives across the region can adapt to the new normal?<\/p>\n

\u201cMany of us will not have a job, or those who succeed us won\u2019t\u201d <\/strong>was Lemmens\u2019 starting point into the discussion. In finance and investment, more \u201cforward-looking\u201d companies have already started to appoint AI committee members that are now participating in meetings. Having that kind of co-pilot with infinite knowledge of your company and your competitors, and the ability to access any data about them in a matter of seconds, will have a big impact on jobs, Lemmens said. <\/p>\n

It\u2019s already happening, Lemmens argues: <\/strong>Geidea piloted AI in the legal department, and saw a massive improvement in productivity in terms of contract analysis and negotiation, Lemmens added. \u201cDid dozens of people lose their jobs? No, but we did cancel two vacancies for paralegals,\u201d he said, adding that the software it was piloting was an off-the-shelf, early-stage software. \u201cIt\u2019s very early days but there\u2019s already a significant impact [and] dislocation of [certain] types of jobs will happen in a very big way.\u201d<\/p>\n

For Fakharany, it\u2019s more a matter of being one step ahead and using AI to enhance <\/strong>performance. <\/strong>\u201cAI is legal performance enhancing drugs; some people will fall off the bandwagon but others will do more things than others,\u201d he said. \u201cAs a manager, I would ask my team to give me more efficiency and productivity because they have superpowers with the help of AI; they would only be out of a job if they\u2019re unable to leverage that superpower,\u201d he added.<\/p>\n

History also tells us that jobs will change, but will not be replaced completely<\/strong>, Fakharany argues, referencing the evolution of TV \u2014 from traditional cable to streaming \u2014 and software \u2014 from CDs to cloud storage. <\/p>\n

For emerging markets, AI can help create more potential for financial inclusion and help<\/strong> them leapfrog<\/strong>, Fakharany said, adding that AI can help advance financial education and literacy, as well as access to financial services. Developed markets, on the other hand, will use AI for better fraud management and to create more sophisticated financial models, he added. <\/p>\n

The expansion of AI will also help level the playing field<\/strong>, as both EMs and developed markets are grappling with similar challenges associated with AI, Lemmens said. Companies need to be discovering and working through those challenges now, or they\u2019ll fall behind, he added.<\/p>\n

But EMs still have some catching up to do in terms of regulations<\/strong>, Fakharany said. \u201cThe good news is there\u2019s a lot of young people and energy here, and in KSA and Egypt, with a lot of labor arbitrage,\u201d he added. The bad news, according to Lemmens, is that the burden of more education will be placed on people who don't have access, possibly pushing them to less attractive jobs or unemployment. <\/p>\n

Which sectors can get the most out of AI? <\/strong>Fakharany thinks B2B software, companies that streamline supply chains, and last-mile delivery are promising, while Lemmens believes AI can transform healthcare service delivery and drug development.<\/p>\n

The age of soft skills + BS radars:<\/strong> While AI continues to develop and become more commoditized, the jobs of the future are those that center around the study of human beings, like anthropology, Fakharany argued. Lemmens, on the other hand, believes everyone will need to dig under the hood of AI and understand how it works to develop a \u201cBS detector\u201d that can allow them to stay ahead of the curve \u2014 AI, he says, is too important to be left exclusively to your CTO or CIO<\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":"

AI will help EMs leapfrog and advance financial inclusion<\/p>\n","protected":false},"author":1,"featured_media":84258,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2743],"tags":[2439,1442,547,10,1229,2433],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-ai","tag-edenred","tag-efg-hermes","tag-enterpriseam-ksa","tag-geidea","tag-technology","wpautop","entry"],"acf":{"mongo_id":"5166a38a-e3f6-4c14-99c7-fbfd169079c7","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/869.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Yes, AI is going to change how you work. 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