Tech skills, adaptive mindset critical in digital economy

THERE is plenty of talk about the potential mass displacement of jobs to automation and technology in the digital future. Clearly, the world is experiencing unprecedented change which is touching every aspect of industry - from how products are made, to how people are managed and how business is conducted. Breakthroughs in artificial intelligence (AI), automation, robotics, autonomous vehicles and the Internet of Things (IoT) are bringing about disruption at unprecedented intensity, transforming the way we live, work and interact.

A McKinsey Global Institute report indicates that less than 5 per cent of occupations can be completely automated using current technologies. However, almost every occupation has the potential for partial automation, including middle-skill and high-skill jobs. Even selected jobs in finance, law and healthcare are not immune to being automated.

It is against this backdrop of rapid technological progression and shifts in geopolitical, socio-economic and demographic factors, that the Committee on the Future Economy has proposed its economic strategies for the next decade. In the digital future where new jobs are likely to emerge as fast as others get displaced, some industries are more vulnerable to disruption, with some going as far as to say that the end is near for blue-collared workers.