The Fourth Industrial Revolution has thrown a curveball at people with the emergence of new technologies that will eliminate a lot of human involvement in work. People across the world are concerned about having their roles becoming redundant due to the rapid commercialization of new physical and digital technologies that will drive automation.
Against this backdrop, “Faethm–the world’s data source for the Fourth Industrial Revolution–is instilling confidence about the Future of Work,” says Michael Priddis, CEO of Faethm, an SaaS analytics platform that helps Businesses and Governments understand the impact of new technologies.
“Data from Faethm’s AI platform is already showing leaders all over the world that, yes, there will be Automation, but there will also be Augmentation of current jobs and Addition of new jobs. The Fourth Industrial Revolution is not the end of work, it is the rapid and at-scale transition to new types of work. The companies and leaders that succeed will be those who use data and analytics to reshape their organisations, reskill their people, and invest in the right technologies at the right time”says Priddis.
Faethm was built to equip Businesses and Governments with insight into the impact of emerging technologies on whole economies, industries, jobs and locations. Faethm’s proprietary machine learning and analytics modules, which underpin the platform, give new insights and actionable pathways to users across CIO, CTO, CDO, CHRO, COO and Strategy roles.
“We’re excited that just in the first months after launch Faethm was the first company in Australia, second in Asia and 16th globally to be invited to join the World Economic Forum’s Centre for the Fourth Industrial Revolution in San Francsico. Notable wins include Google.org funded the world’s largest innovation hub–the MaRS Discovery District in Toronto–to build the Employee Pathway Platform using Faethm’s analytics.
The Fourth Industrial Revolution is not the end of work, it is the rapid at-scale transition to new types of work
Within a year of launch Faethm has customers on three continents, in Government and in 15 different industries, and we’re hiring in Europe and North America.”
Priddis says that while automation is inevitable, and some roles and jobs might become unnecessary, that’s not the full picture. “Cost reduction benefits to companies via redundancies from automation is the fear-based message a lot of the media is reporting. Faethm is showing however that there’s often huge value in retaining, upskilling and redeploying people into new roles. If you use these new technologies to Augment existing work and Add new roles, there are significant capacity and productivity benefits as well as the ability to deliver completely new products, services and commercial value,” explains Priddis
The future looks bright for Faethm, as their world class team, drawn from firms like The Boston Consulting Group, SAP, Macquarie Bank and Accenture, continues to deliver incremental feature releases ahead of a major 2.0 release later this year. New products for adjacent verticals will continue this growth over the next years, and the business is shortly to close its Seed capital raise ahead of a much large Series A round in mid 2019.
“Few SaaS companies anywhere have had the level of demand from major companies in multiple industries and markets straight out of the gate that Faethm has seen this year” says Priddis. “I think it shows the depth and spread of the issue–everyone is worrying about the pace of technological change and how to address it, and we’ve built a platform that is answering really important questions about how to prepare companies, people and communities, so everyone benefits as technology changes….well, everything”.