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The future workplace will be a mix of man, machine and algorithm

There are reports that claim that over a period of time, robots and automation could replace human labor as a whole. However, a recent report published by the World Economic Forum points to another scenario which involves work tasks being carried out through a combination of humans and machines.

The report states that automation mostly takes place in terms of specific work tasks and not in terms of the entire job. In such a situation, it is important to find a way to achieve an optimum balance between humans, machines and algorithms in the work space. This can be achieved only through proper planning and timely investments.

With the increased adoption of technology and automation, humans are likely to be replaced with machines for certain tasks but positions that require human skill might open up in other new areas like app development and drone management.

Automation also helps in removing humans from monotonous tasks and giving them a chance to focus their skills on more complex matters. Some examples of these can be seen in the areas of healthcare, engineering and design.

From 2018 to 2022, contribution from machines to certain tasks is set to increase significantly. The highest is seen in information and data processing where over the next five years, machines will take up 62% of tasks from the current level of 47%. For physical and manual work, the involvement of machines will go up to 44% in 2022 from the 2018 level of 31%.

Tasks like reasoning, decision-making, managing and advising are likely to see the lowest share of contribution from machines with only a 9-10% increase during the said period.

Over the next five years, there will be major shifts in the skills required to execute tasks. While these shifts are likely to vary based on industry and geography, the report points out that a majority of companies would prefer hiring new staff who have the required skills to handle the updated technologies.

strategies that will be adopted to address skill needs by 2022

Skills like analytical thinking, active learning, creativity and technology design are likely to see high demand in 2022 while skills like manual dexterity, quality control and management of finance and resources are expected to see a lower level of demand.

A large number of companies might choose to fully automate the tasks while some might opt to retrain their existing employees. The report estimates that by 2022, more than 50% of employees will need upskilling and reskilling. With regards to reskilling, a majority of firms prefer to handle it by themselves internally rather than partner with external agencies to undertake the necessary training.

Other options that companies are likely to consider for task execution include outsourcing and hiring temporary workers or freelancers. Companies have a major role to play in terms of achieving a healthy balance between human labor and automation.

Socio-economic trends will guide businesses in a tech-savvy future: Report

Tilray soars on CEO’s optimistic views on marijuana industry

Shares of marijuana producer Tilray (TLRY) skyrocketed over 50% during today’s morning trading session and the stock hit a fresh new high after its CEO Brendan Kennedy gave an interview to Jim Crammer on CNBC’s Mad Money program expressing his optimism on marijuana industry. The stock, which soared close to 30% Tuesday after the interview, doubled the momentum and continued to surge today also.

Watch out Tilray CEO Brendan Kennedy’s interview with Jim Crammer
Courtesy: Mad Money, CNBC

On Tuesday, Tilray received approval from the US Drug Enforcement Administration to import cannabis products to the US from Canada for a clinical trial at the University of California San Diego. This trial, which is expected to give solutions for patients with essential tremor (a neurological movement disorder), is targeted to begin in early 2019.

Tilray will jointly provide financial support to this trial with International Essential Tremor Foundation.

In the interview given to Jim Crammer, the Tilray executive chief said that the global medical cannabis market could be around $100 billion. The company had allied with Sandoz Canada in Canada, a unit of Novartis Group, in March this year to develop medical cannabis products.

Kennedy expects this partnership to expand to other parts of the world. He also added that pharma companies, alcohol companies and their investors should invest in the cannabis industry. Kennedy said the company is looking for opportunities to raise its capital.

With already Constellation Brands (STZ) increasing its stake in weed company Canopy Growth (CGC) and Coca-Cola’s (KO) partnership with Canada-based Aurora Cannabis, Tilray hopes to form strategic partnerships with pharmaceutical and alcohol companies.

As more states in the US and many countries in the world are preparing to legalize marijuana for the medical use, Tilray is confident of increasing its business in the US and also expanding its supply footprint around the world.

Tilray, which debuted in Nasdaq in July 2018, had a stunning rise of more than 1200% so far from its IPO price of $17. The company almost doubled its revenue to $9.7 million in the recently ended second quarter, while selling 1,514 kilograms of cannabis products, which was up 97% from the prior-year quarter.

Meanwhile, shares of other pot producers Canopy Growth and Cronos Group (CRON) were trading up about 3% and 20%, respectively during Wednesday’s morning trading session.

Marijuana stocks experience a euphoric rise

You may also like: Tilray reports its first-ever quarterly results

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