Artificial Intelligence is Quickly Transforming Industries: Faethm and Macquarie University will tell you how!

Faethm, TeamPublished on 27 October 2020

Artificial Intelligence is Quickly Transforming Industries: Faethm and Macquarie University will tell you how! and Macquarie University establish a strategic alliance under the federal Innovation Connections Grant to research the impact of Artificial Intelligence (AI) on industry.

Media Release: 27 October 2020

Sydney based startup has strengthened its research capability through a strategic partnership with Macquarie University. 

The research project funded by the Federal Innovation Connections Grant will be led by Dr. Amin Beheshti, Director of Macquarie University’s AI-enabled Processes (AIP) Research Centre and head of Data Analytics Research Lab, along with Dr. Richard George, Faethm’s Chief Data Scientist.

“We [Macquarie University] are thrilled to be working with Faethm in this strategic alliance,” Dr. Beheshti said. “Advancement in AI and data science has the potential to transform entire industries in fundamental ways. We are working with Faethm to develop methods to understand and predict both the country and industry impact of AI, as well as providing scientific peer review to Faethm’s IP.”

Dr. George commented that, “At Faethm we use machine learning to model the evolution of work from influencing factors such as emerging technologies or pandemics. The evaluation and validation of our modelling are of utmost importance to not only ensure accuracy but to ensure our clients have trust and confidence to make strategic decisions from our data. Our ongoing relationship with Macquarie University will guarantee that our modelling has passed rigorous academic assessment.”

The alliance between Faethm and Macquarie University will focus on the research and development of machine learning techniques to understand and predict the emergence of AI and its impact on industry.

Macquarie University has been a leader in AI research and data science for almost a decade. It is uniquely placed to bring its academic expertise and commercialisation experience in this area to drive results with an exciting start-up such as Faethm. 

There have been many reports published on how AI will impact different countries and industries. These reports about the ‘Fourth Industrial Revolution’ and the ‘Future of Work’ differ significantly on the size and scale of impact, and often demonstrate a single snapshot in time for a specific country or industry. Predicted automation rates (job-losses) from emerging technologies such as AI, machine learning and robotics range from 9% to 51%. This lack of clarity only exacerbates the fearmongering about this scary nebulous future and the ‘robot takeover’.

The reality is far more nuanced.

Faethm was created to bridge the information gap that exists and to create some sense out of the noise about the impact of AI and robotic technologies. Faethm creates a ‘GPS for the future’ by providing contextualised information that is specific to the country, industry and an organisation’s circumstances. Most reports focus exclusively on automation, but few discuss the topic of augmentation; that is, work being made more efficient with the help of technology, freeing up time for higher-value-add activities. Moreover, there are many jobs that will need to be added in the future to support the implementation, development and training of new technology.

While automation will pose risks, it also raises the possibility for workers to upskill and reskill to transition into more productive and needed jobs. Simultaneously, in order to take advantage of augmentation, employees need to be upskilled and reskilled. By making responsible, data-informed and proactive steps we have the agency to direct outcomes of technological deployment.

The alliance between Faethm and Macquarie University will provide scientifically validated future scenarios that governments, employers and employees can use to make informed decisions on the future of industries and work. 

About Faethm is the world's data source to navigate the evolution of work through a SaaS AI platform that enables companies and governments to create value from the impact of emerging technologies. Faethm was founded in Sydney in April 2016, launched its first product in October 2017 and currently serves more than 100 customers in 21 industries and 25 countries around the world.

Leading the evolution of work globally, Faethm is the 16th company globally, the 1st in Australia and the 2nd in Asia to be invited to join the World Economic Forum's Centre for the Fourth Industrial Revolution. Faethm has won national, state and local government clients, including the Australian Department of Foreign Affairs and Trade, the Luxembourg Government (a pilot for the EU), the Victorian State Government, NSW State Government and Brisbane City Council. Faethm was also invited to brief the Australian Senate Select Committee on the Future of Work.

For further information please contact Tracy Ryan, Head of Marketing:

Keep Reading