Artificial Intelligence (AI) is the new engine that is going to launch the fourth industrial revolution after loom, steam engine and assembly line, according to Malcolm Frank, Executive Vice-President, Strategy & Marketing, Cognizant Technology Solutions.

In the process, countries that get it right will have strong GDP growth, he said at a session on ‘What to do when machines do everything!’ organised by The Indus Entrepreneurs (TiE) Chennai in association with Nasscom.

The top five global companies in terms of market value are digital companies, and either Apple or Amazon could be a $1 trillion company in next 12-18 months. “We are in the midst of an important economic period,” he said.

Three scenarios could emerge in future – machines will replace humans; enhance and make people better at what they are doing; or invent entirely new jobs, Frank said.

There is a fear that things like more machines, automation and AI could lead to layoffs, and companies will restructure. Though data suggests that nearly 12 per cent jobs could be replaced, nearly three-quarters of all jobs will be ‘cobots’ (collaborative robot) with AI as partner.

Cobot is your new colleague, and GPS is a good example that helps in navigation, he said.

While man knows the art of the job, machines know the science of the job. Man will have a better judgement and dealing with visual cues, emotion, ethics and social context. A person can decide what’s the right thing to do, he said.

However, in computational capabilities it is easier for computers in data analysis and pattern recognition. Based on all statistical evidence, machines can pick up the most appropriate action, he said.