Panel, Conference Presentation
Investing in Cutting-Edge Technologies and Jobs of the Future
- The historical semiconductor doubling cycle of 18 to 24 months may slow to three years, while broader digital technology progression could accelerate two to three times faster than historical norms due to hybrid cloud, 5G, and AI algorithms.
- Advances in storage, compute, and analytics are creating a multiplicative benefit that drives IT innovation cycles to approximately every six months, with network effects further accelerating innovation through non-expert user participation.
- Digital transformation is intensifying across industries, with early adoption concentrated in sectors possessing large data pools, as all companies face pressure to leverage data for differentiation.
- Workforce projections indicate a net loss of 40 million jobs by 2022, with 75 million roles disappearing and 35 million new positions created, necessitating a shift toward an ecosystem of private and public human capital combined with machines.
- Future employment trends anticipate that only 5% of jobs will vanish in the next decade, while 60% will undergo significant content changes, leading to the emergence of "new collar jobs" that blur traditional white-collar and blue-collar distinctions.
- Infosys plans to hire approximately 9,500 people over the last two years and intends to expand hiring capacity four to five times within the next 12 months by targeting community colleges, a sector representing 50% of the US student population.
- The emerging lifelong learning model expects training programs to cost roughly $20,000 per new hire, replacing the linear higher education-to-work equation.
- Corporate strategies are shifting toward reimagined partnerships that grow total market share rather than competing for existing segments, including collaborations with competitors and the use of corporate venture funds to identify early-stage trends.
- Technology innovation is projected to move from vendor-led to user-led, with major developments increasingly originating from open source communities and user groups like Google and Facebook.
- Software strategies are focusing on increasing interoperability and reducing time to outcome, prioritizing capabilities that make software accessible to enterprises over those based solely on intellectual property ownership.
- Microsoft is empowering first-line workers through technology such as HoloLens to enable remote expert assistance for lower-skilled technicians in sectors like oil refining.
- Government policy must adapt to the exponential pace of digital technology, with recommendations to expand digital infrastructure, including national labs and quantum computing facilities, and to unleash data repositories in healthcare to fuel AI.
- The US faces a funding disparity of approximately $10,000 annually per person for initial education versus $500 for retraining, and legislation on USMCA, digital infrastructure, and H-1B reform is deemed essential, though unlikely to be fully completed in the current administration.
- To compete globally, particularly against China, the US must maximize a blended model of private and public sector innovation while leveraging its $150 billion annual R&D spend to correct market failures.