The Future Of The Economy With AI

By some estimates artificial intelligence could add $13 trillion to the global economy over the next decade, but many companies are unwilling or unsure about how to implement AI in their own businesses. In that timeframe, up to 70% of businesses could implement some form of AI to streamline or simplify their business. AI can take over repetitive tasks, freeing humans up for things that require more critical thought, and it can also take over dangerous or strenuous tasks, preventing humans from sustaining injuries. AI can predict when maintenance comes due, preventing costly breakdowns, and it can optimize driving routes and truck space to reduce waste. There may even be things that AI will do over the coming decade that we haven’t even thought about. Is your business ready for the AI economy?

The AI economy is going to require some growing pains. Companies that have always done something one way are going to suddenly struggle to keep up with their AI-using counterparts. Jobs will be eliminated as AI takes over repetitive and dangerous tasks and starts to do the high-level calculations that only humans and supercomputers can do currently. The use of AI will displace workers worldwide but also open up new jobs at the same time, so training and retrofitting will be crucial to ensure the next decade isn’t marked by mass unemployment.

There are some companies and even governments working to bring AI to the masses for the betterment of humankind. Since 2011 Google has been developing its Brain AI in order to bring AI to the masses, and just this year the U.S. Government passed laws to expand AI resources as well as safety guidelines. The United Kingdom has announced its plans to lead the world in ethical AI development, while the European Union plans to invest €20 billion in researching the technology. China is developing regulations and technology side-by-side, with a hope to become a world leader in both.

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Over the coming decade, AI utilization will increase 3-5 times the current adoption rate, and AI will be able to skyrocket growth up to 200%. By 2030, non repetitive jobs with high digital skills will grow 10%, while lower-skilled jobs with fewer technical skills will drop by 10%. 

AI can:

  • Forecast demand
  • Optimize shipping routes
  • Predict Maintenance
  • Reduce fuel and power usage
  • Increase quality standards
  • Reduce mistakes
  • Optimize scheduling

Artificial intelligence can add significantly to the global economy, but yet many companies are unsure how to implement it. Currently only about 10% of companies have invested in AI and are ahead of the curve, but a quarter of companies have just not committed to using AI and 65% of companies have not or can’t afford to use AI technology.

Worldwide, as many as 375 million workers may need to change occupations, while all workers will have to adapt to working alongside artificial intelligence. It will be scary, but there is a high likelihood that AI will greatly benefit society. Learn more about the AI economy from the infographic below.

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