According to industry experts in software and information technology, the adoption of artificial intelligence (AI) has the potential to displace around 25% of jobs, with significant impacts in areas such as customer service, law, and accounting. Nevertheless, the rise of AI is also expected to generate a wave of new job opportunities in data science, computer engineering, and machine learning. Fortunately, many occupations, such as athletics, construction, culinary arts, and painting, as well as skilled trades like carpentry and plumbing, seem to be insulated from the disruptive effects of automation for now.
At the annual Ramadan Ghabga, hosted by the Bahrain Technology Companies Society (BTECH), ICT experts noted that the Kingdom of Bahrain, owing to its advanced technological capabilities, is poised to experience the same transformative changes currently unfolding in the West, triggered by the emergence of cutting-edge artificial intelligence (AI) applications such as “CHAT GPT”. The experts highlighted that the widespread adoption of such AI-powered solutions will inevitably have a significant impact on the labor market and the business sector in Bahrain.
The experts emphasized the criticality of creating national strategies that align with the economic and social shifts likely to accompany the next phase of artificial intelligence (AI) development. It is imperative to leverage the positive aspects of AI, while also mitigating any negative consequences. Notably, several reputable reports indicate that AI applications have the potential to raise the total annual value of global goods and services by up to 7%. As such, it is essential to invest in AI wisely and maximize its potential benefits for businesses and societies.
Bahrain Technology Companies Society (BTECH) organized the Ghabga with the topic, Technological Influence on Business Activity, at the Gulf Convention Center located in the Gulf Hotel. The occasion was graced by the presence of distinguished technology and business experts and CEOs. Mr. Tareq Fakhro, Chairman of BTECH, presided over the forum, which featured notable speakers such as Mr. Ameen Al-Tajer, CEO of Infinitware for Artificial Intelligence Software, Mr. Ahmed Albalooshii, CEO of Advantari Digital, Mr. Rashed AlSnan, CEO of Etisalcom, and Ms. Hana Al Turaif, Founder of Daresni Bahrain, who shared their insights and experiences on the latest trends and innovations in their respective fields.
The speakers underscored the pivotal role of technology in driving the operations of commercial and industrial enterprises, and the magnitude of its impact in the future, given the rapid pace of technological development, e-commerce, and the proliferation of cutting-edge technologies. This transformation has facilitated the growth and advancement of companies that have effectively integrated these technologies into their operational framework.
They affirmed that technology has also revolutionized human resource management, created new job opportunities, and facilitated the adoption of performance measurement tools. Specifically, financial and accounting applications and programs have enabled businesses to analyze and manage their performance more effectively, leading to improved outcomes and a clearer vision for future growth.