By Meg Flippin, Benzinga
With the economy slowing and advances in artificial intelligence (AI) technology accelerating, reskilling is becoming an important component of any companys success. AI and its accompanying automation could render many jobs obsolete.
But it's not just companies that stand at ground zero of this reskilling need. Universities too can play an important role in preparing todays professionals for the jobs of tomorrow.
A Seismic Shift In Skillsets
The need to retrain existing employees comes at a time when the labor market is undergoing seismic shifts. The working population is aging, new jobs are emerging because of technological advances and employees need to learn more company-specific skills. As a result, many jobs could disappear in the coming years.
In the next decade, PricewaterhouseCoopers predicts that 1 in 3 jobs will be severely impacted or rendered obsolete by technology.
Nevertheless, many companies remain resistant to reskilling due to the cost in terms of money and time. But a lack of reskilling can hurt the bottom line. It affects customer retention and contributes to high turnover rates. By even the most conservative estimates, the cost to replace a worker can run twice their annual salary.
A Growing Need?
Organizations like Central Michigan University are taking note. The school recently renewed its partnership with Amesite (NASDAQ: AMST), an artificial intelligence software company that makes products to improve learning.
CMU uses Amesites platform to train professionals in everything from additive manufacturing to workplace wellness. Amesite works closely with CMU to create and launch the programs. The expansion of the partnership is a nod to its success so far.
Partnership renewals validate our business model, Amesites CEO Dr. Ann Marie Sastry said in a press release announcing the extended partnership. Leveraging our state-of-the-art Version 6.3 platform with the latest GPT-4 technology and our comprehensive integration capabilities, we are able to launch solutions quickly and efficiently that generate sustainable university revenue in professional learning, and drive growth for Amesite.
Potentially Large Market Opportunity
CMU isnt the only university interested in software like Amesites offering. The continuing education market is expected to see growth in the coming years. It is forecast to grow from $60.5 billion in 2022 to about $93 billion by 2028, growing at a compound annual growth rate (CAGR of 7.47%). And there are 474 regional public universities poised to benefit from rolling out upskilling programs for professionals in the U.S. alone.
Some companies are ensuring theyre future-ready by investing in upskilling as well. But, according to a Harvard Business Review report, it may not be enough. In the coming decades, millions of workers will be forced to learn new skills and may well use them to change occupations.
Take AI. As of 2022, 19% of American workers worked in roles that could be replaced by AI. Thats expected to increase as technology advances and adoption grows, presenting an even larger market opportunity for Amesite and its software offering.
Flexible And Fast
When it comes to reskilling, being nimble is key. Thats where Amesites V6.3 platform comes in. Launched in the spring, it has expanded AI capabilities powered by GPT-4 the same technology behind OpenAIs ChatGPT Plus and Microsofts (NASDAQ: MSFT) new Bing. In fact, Amesite is a Microsoft Partner, who has lauded Amesites technology on Microsofts own website.
With V6.3, businesses and schools can give learners AI-assisted learning and purpose-built features that will help them learn specific skills. The new version enables Amesite to quickly launch new offerings and scale programs, all the while efficiently supporting learners. Some of the customer offerings include AI-powered interactive experiences, whiteboarding sessions and other learning incentives.
The workforce is rapidly changing as technology advances at breakneck speed. That requires companies to be able and willing to retrain their workers on the fly. Amesite looks to ensure that its software enables that. By leveraging GPT-4 and other AI, it can support businesses and educators as they retool America's workforce.
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