Artificial Intelligence as A Game Changer
AI is considered a significant game-changer. It could contribute up to $15.8 trillion to the global economy by 2030, which is more than the recent output of India and China combined. From this, $6.7 trillion is likely to come mainly from increased productivity, and $9.2 trillion is expected to come from side effects of consumption.
The third annual AI Predictions Report of Pricewaterhouse Cooper has highlighted the importance of focusing on large-scale AI projects.
After analyzing more than 1000 respondents in the Survey of the USA, one of the main questions in this recent report was How far are companies in the usage of AI? According to the survey results, the AI change momentum is presented with increased usage:
- 7% of people don’t use AI, but they are looking into it
- 14% of them tested a few proofs of concepts with limited success
- 21% of people have a few promising explanations of ideas and are looking to scale
- 25% of them have processes that AI fully enables with widespread adoption
- 33% of people started implementing with limited cases of AI use
However, these are signs that are all promising growth, and confidence in AI is growing. It follows increasingly as more US companies are increasing AI investments. 52% of the PWC respondents accelerated their interest in AI at the beginning of the COVID-19 crisis. These companies publish their top changes as increased AI investments and new use cases for AI began to arise. 84% of respondents say that AI will remain a mainstream technology in their companies during 2021.
Top highlighted benefits of AI
The top benefits were: 1.) Creating better customer experience, 2.) Improving Decision-Making process, 3.) Innovating Services and products 4.) Achieving savings and 5.) operating increase productivity and more efficiently.
This research highlighted that achieving benefits is not very easy as the cost savings advantage barely breaks even. The report shows that breaking even isn’t bad for investment. That could be the foundation of the company’s future. However, it’s also possible to invest smarter for better returns and long into the future.
This report also identified priorities that would lead to transformation. This is an essential message as AI is not a marathon, but it’s a long-term investment strategy, and every step makes a significant difference. The focus that AI has to start crossing the entire organization is compelling. The imperative is to ensure that the company is already effectively sharing data.
