Latest news with #agingpopulation
Bloomberg
12 hours ago
- Business
- Bloomberg
Singapore's Blueprint for a Future City
Each week we bring you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. This week, Gabrielle Ng looks at how Singapore is trying to adapt its city for an aging population and a hotter world, while Ishika Mookerjee bemoans the pressures that could make air travel even more expensive.
The Guardian
a day ago
- Business
- The Guardian
Remote troubleshooting to AR walkthroughs: how tech is boosting companies hit by the skills gap
It's a longstanding idea that a company is only as good as the people it keeps. However, with talent shortages (pdf) now affecting virtually every industry, the sentiment has never rung more true. These shortages are being driven by a melting pot of factors; first, ageing populations in the western world are causing workforces to shrink, as fewer people enter work in comparison with those who are leaving it. Second, rapid digitalisation is shifting what employers need from their employees, with many roles requiring a blend of traditional expertise and new technical skills – something the labour force is behind on. Simultaneously, increasing expectations around work-life balance and job satisfaction are putting companies on the back foot when it comes to hiring the right talent. The issue affects all industries but particularly in roles that are physically or mentally demanding, often not well compensated, or slow to modernise, says Oliver Steil, CEO of the digital workplace company TeamViewer. While the initial fallout of talent shortages may mean lost productivity, delayed response times and operational slowdowns, the issues run much deeper. 'The cost of talent shortages is substantial,' says Steil. 'When roles remain unfilled or teams are understaffed, it affects everything from production capacity to customer service quality,' he says. Moreover, in environments with high turnover, it can lead to repeated onboarding and training cycles. This inevitably drives up costs and stretches internal resources. 'When skilled staff are hard to find, companies may be forced to reallocate experienced employees to cover gaps, which can reduce overall efficiency,' Steil says. 'In short, talent shortages don't just slow you down – they introduce real, measurable costs that impact both revenue and long-term competitiveness.' In the manufacturing industry, shortages can result in: increased labour costs; the slower adoption of new technologies, such as artificial intelligence and robotics; and diminishing investments in research, development and innovation. Meanwhile, in retail businesses, talent shortages are affecting customer service, supply chain and fulfilment, which is also having a knock-on effect in terms of brand perception and loyalty. One effective way to address the problem is through technology, something businesses are increasingly putting at the top of their agendas. Research by TeamViewer and Bloomberg* that surveyed senior business leaders across six sectors in the US, Germany and the UK, found that digital transformation was a major business priority, alongside improving operational efficiency. Specifically, 78% of senior business leaders felt digital transformation was a top priority and 76% have significantly increased their budget allocated to digital transformation initiatives over the past two to three years. Empowering an existing workforce can help with the problem of talent shortages – and technology is crucial for this. TeamViewer's augmented reality (AR)/extended reality (XR) platform 'Frontline' equips employees with immersive real-time information right in their field of view, with visual guidance running on smartphones, tablets or even smart glasses. This can improve both employee experience and efficiency. In manufacturing, the platform is enabling staff to learn new processes through immersive training, and is accelerating knowledge transfer. 'GE Aerospace uses this technology to provide hands-on training for turbine technicians. They have replaced a 600-page paper manual with guided digital workflows that significantly speed up time-to-productivity and improve learning outcomes,' says Steil. Meanwhile, in customer service businesses, the platform enables technicians to provide remote assistance without the need for travel. For instance, Uniting, one of Australia's largest non-profit care providers, uses this technology to connect frontline staff with remote medical experts in high-stakes environments, resulting in faster, more informed interventions. When it comes to getting new staff up to speed, it's estimated the process can take at least six months. TeamViewer's technology aims to make things as simple as possible, which is particularly pertinent for companies welcoming new employees who are working remotely or in overseas locations. TeamViewer's remote connectivity platform, Tensor, is also addressing this issue, from another angle. The Bühler Group, a global leader in food processing, is leveraging Tensor to connect experts and machines and allow for remote troubleshooting of equipment, which means their scarce expert resources can be used more efficiently. This alleviates labour shortages and maintains smooth operations. Considering the issues causing talent shortages are not set to disappear anytime soon, having the right digital systems in place to both onboard, upskill and retain staff is one of the smartest bets for tackling talent shortages – now and in the future. *Bloomberg Media and TeamViewer: the Workplace Reimagined research study conducted by MTM Find out how your business can embrace the digital revolution with TeamViewer's innovative workplace technologies
Yahoo
a day ago
- Business
- Yahoo
2 Ways Social Security and Medicare Could Unravel as Boomers Flood the System
For the first time in U.S. history, older adults are set to outnumber children, according to a new report from Western & Southern Financial Group. The number of Americans ages 65-plus is projected to increase by over 30 million by 2060, growing from 57.8 million in 2022 to 88.8 million; and the number of Americans ages 65-plus will surpass the population under 18 by 2030. Find Out: Read Next: This imbalance is set to exacerbate the current strains on both the Social Security and Medicare systems. Here's a closer look at why — and what Americans should be doing to prepare. Working Americans pay into programs like Social Security, which supports Americans who are already retired. According to the Western & Southern Financial Group report, in 2020, there were 3.5 working-age adults for every one person of retirement age; by 2060, there will only be 2.5 working adults for every one person of retirement age. 'As the U.S. population ages, there are fewer workers to support each retiree,' said Katherine D. Goldsmith, assistant vice president of advanced markets at Western & Southern Financial Group. 'This puts pressure on Social Security, which is projected to deplete its trust fund by 2033. A shrinking tax base and growing retiree population make the program financially unsustainable in its current form.' Be Aware: As Americans continue to live longer, they require more financial support from Medicare to pay for their care. According to data from the Centers for Medicare & Medicaid Services, Medicare expenditures increased from $675.9 billion in 2016 to $1.03 trillion in 2023 — a 52% increase in just seven years. 'Medicare costs are rising fast as the senior population grows and lives longer,' Goldsmith said. 'Higher demand for long-term care and medical services for older adults are among the drivers of the increase. As more people enter retirement age, Medicare isn't equipped for this rapid demographic shift.' Many Americans are entirely reliant on programs like Social Security and Medicare to cover expenses in retirement. According to AARP, 20% of adults ages 50 and older have no retirement savings. However, this can be extremely risky given the insecurity of government sources of aid. 'Many older Americans are financially unprepared for retirement,' said Mark Caner, president of W&S Financial Group Distributors, Inc. 'To prepare, they should boost savings, reduce debt and consider delaying retirement. Working longer can help stretch savings and maximize Social Security benefits. 'Planning for higher healthcare costs is also key,' he continued. 'Taking action now can help offset potential cuts or increased costs down the road.' However, preparing financially is not enough, Caner said. 'Emotional and lifestyle planning are just as vital to ensure a fulfilling and secure retirement,' he said. 'Retirement often means losing the social connections, structure and sense of purpose that work provides. It's essential to plan how those needs will be met — through relationships, meaningful activities or new goals. 'Evaluating medical insurance costs and maintaining the freedom to choose caregivers is also critical,' Caner continued. 'Ultimately, retirement readiness isn't just about what we're leaving behind, but what we're moving toward.' More From GOBankingRates These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on 2 Ways Social Security and Medicare Could Unravel as Boomers Flood the System Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Irish Times
3 days ago
- Business
- Irish Times
Japan's ageing population an opportunity for Irish medical technology companies, says EI chief
There is a 'silver lining' for Irish medical technology companies caused by Japan's ageing population, according to the incoming chief executive of Enterprise Ireland (EI), Jenny Melia . Ms Melia, currently the executive director of EI, has joined the Minister for Enterprise, Tourism and Employment, Peter Burke on a joint Enterprise Ireland and IDA Ireland Trade and Investment Mission in Japan. The mission is set to visit the world exposition in Osaka in the coming days, which Mr Burke described as a 'very significant opportunity' for Irish companies. 'It is no secret that Japan is Ireland's number one objective in growing relations within the Asian region,' the Minister for Enterprise said, noting that the upcoming visit by An Taoiseach Micheál Martin is a 'visible demonstration' of the State's commitment to further developing relation's with Japan, the world's fourth largest economy. READ MORE Mr Burke said the Japanese market was 'very complex' but highlighted the potential 'significant value' for Irish companies able to get a foothold. He highlighted Equal1 which has launched an 'exciting partnership' with Japanese research facility AIST which he said could 'yield significant results in quantum computing', as well as Aerogen, a Galway-based acute-care aerosol drug delivery company, which is expanding into Japan. [ 'Reputation alone will not cut it' for food industry says new Enterprise Ireland chief Opens in new window ] EI highlighted significant opportunity for medical technology companies in Japan. The market, which has a population of more than 124 million, is forecast to reduce that by 35 million by 2050 due to a chronically low birth rate and an ageing population. Ms Melia said Japan's 'changing demographics' creates an opportunity for Irish companies. 'One of the sectors we are really strong in is our MedTech sector and our digital health companies,' she said, noting that Irish companies can bring 'healthcare solutions to Japan to support people to live independently for longer'. Bobby Healy on why Manna drone delivery could be the 'biggest technology company in the world for its space' Listen | 67:08 She said there are 7.2 million people in long-term healthcare in Japan, noting that there is a gap for Irish companies to fill in terms of 'slowing down the progression' into such care, as well as supporting Japan with labour force pressures caused by the demographic factors. 'That just gives one example – we will always be looking for the silver lining in somebody else's potential cloud – that is what Enterprise Ireland is about.' Exports from EI clients to Japan doubled in the last decade, rising to €323 million in 2023, with 50 Irish firms having a permanent presence in Japan, and 23 EI client companies participated in the mission, including ICON plc, Aerogen, Kitman Labs, Fenergo and Druid Software. [ Michael Carey steps down as chair of Enterprise Ireland and Housing Agency Opens in new window ] Mr Burke stressed that the investment goes both ways, with Japanese companies the fifth largest investor into Ireland, employing 8,000 workers in Ireland in technology, pharmaceuticals and financial services. He noted that Japanese pharmaceutical company Astellas is set to invest a further €129 million in its Irish operations between now and 2028. The company's investment is expected to create 120 new jobs, with a further 500 to be employed in the construction of new facilities, he said.
Forbes
3 days ago
- Health
- Forbes
The Amazing Ways AI Agents Will Transform Healthcare
AI agents represent the next transformational wave in healthcare, moving beyond simple diagnosis ... More tools to autonomous systems that can schedule appointments, create detailed medical reports, and monitor patients remotely without human intervention. Healthcare is already a hotbed of AI activity, which has more than proved its worth as a tool for diagnosing illness, monitoring recovery, and developing new medicines. But globally, the industry is still grappling with longstanding challenges, including shortages of clinical staff, aging populations, and managing the front-loaded costs of transitioning to more preventative models of healthcare. This is where AI agents, the next wave of AI transformation, will come in. Compared to existing AI (think of the current generation of language-based chatbots like ChatGPT), Agentic AI is capable of carrying out far more complex tasks with minimal human interaction. To give a simple example, a non-agentic computer vision-based AI algorithm can be used to scan medical images and spot early warning signs of cancer. An agentic AI, on the other hand, could cross-reference the images with other clinical patient data, create a detailed report for a doctor, and schedule a follow-up appointment, all without human involvement. This switch from passive provider of information to active action-taking is what defines the newest generation of tools and applications driven by agentic AI. Experts predict it will soon be just as transformational to healthcare as today's cutting-edge computer vision, chatbots and other AI innovations have proven to be. So here's an overview of how it may soon be put to work in hospitals, doctors' surgeries, and care homes near you. Agentic Healthcare Intelligence Several use cases for agentic applications have been identified in healthcare. Although most are currently theoretical, they give us an idea of how agents could surpass the capability of non-agentic tools and apps. Automated triage and scheduling systems could relieve clinical and administrative staff of much of the burden of routine procedures and paperwork. Rather than simply asking patients to answer questions, it can use computer vision to carry out initial examinations and flag urgent cases for immediate help. AI agents have also been built to assist with clinical decision-making. By augmenting large language models like GPT-4 with tools to understand MRI, CT and other medical data, one test found an agent could reach a correct diagnosis in 91% of cases. They will also become increasingly useful in remote patient monitoring. Their ability to make more accurate decisions about when to intervene and how to protect patient privacy and security will mean more people can stay out of hospital and be treated at home. Agents are even being put to use in clinical trials, carrying out tasks such as screening applications, matching candidates to trials and booking transportation to the test facility. For non-clinical use, the AI health monitors we use on smartwatches and fitness bands will become much smarter and more proactive. Rather than simply measuring heart rate, skin temperature and so on, they'll be ready to give us a holistic overview of our health at any time and then monitor the action we take towards improving it. Finally, agents will help complete administrative tasks more efficiently by automating decisions around scheduling, reading and replying to emails, and handling billing and commissioning. While this can be done by existing AI on a task-by-task basis, agents will take oversight of entire workflows or even business functions, reducing human error and time spent on routine work. A great deal of academic research is currently taking place into how we can safely use and understand the impact of agentic AI in healthcare. Answering these questions will play a bit part in helping these use cases get off the ground. What About The Risks? With greater autonomy and the ability to interact with external systems, AI agents clearly introduce new risks that could be particularly dangerous in healthcare ecosystems. Data security is an obvious one, and new security measures will be required to balance the need for agents to access personal data with the dangers this creates. Confidential patient information, as well as control over critical systems, could be at stake if agents are compromised by malicious individuals or groups or just don't work like they're supposed to. Agents will also force healthcare service providers to answer questions and provide assurances about accountability. AI can't take responsibility for its actions, so how is it shared between the healthcare industry, AI developers, and the clinical staff and patients who use it? Then there's the simple fact that AI is often wrong. Whether it's down to bad data or hallucination, it simply isn't right 100 percent of the time. Of course, neither are humans. So when is it right to hand over the reins? And, of course, we're far from the point where anyone thinks it's right to let machines make decisions that affect humans without human oversight. So, how do we make sure that oversight is in place, effective and accountable? Overcoming all of these challenges will be critical to safely integrating agentic AI into the healthcare system and unlocking the benefits it promises. The Future Of Agents In Healthcare By the end of the decade, we can expect agentic AI to have radically changed the way healthcare is delivered, managed and experienced. Globally, healthcare has for some time understood the importance of moving from reactive to preventative care. Agents will proactively interact with wearables and home sensors to enable far earlier interventions when warning signs are detected. This will happen within an agentic ecosystem, which delivers fully personalized care by fine-tuning treatment in response to patient data. Meanwhile, the workload of clinical professionals will involve far less time spent filling in forms or reviewing notes and more time using their uniquely human skills and experience to improve patient outcomes. Access to healthcare in underserved areas could increase, with agents acting as gateways to telemedicine services, triaging initial contacts as well as freeing up human doctors to see more patients. Of course, all of this depends on solving the challenges mentioned here. Once society understands the impact agents can have, there will be a demand for evidence that it can be trusted. By establishing where the boundaries lie as we build, test and use it today, we can lay the groundwork for a safe, agentic tomorrow.
