By 2030 70% of companies could be utilizing artificial intelligence (AI) and bringing $13 trillion to the global economy. But, adopting AI technology comes with unique challenges â€“ is your business ready?
Artificial intelligence is being used all around us from email spam filters to speech recognition to even the movie recommendations Netflix gives and as AI continues to grow it will affect the economy in many ways. The introduction of AI is already causing modifications to current occupations, increased automation, innovation of products and services, and increased activity in the global marketplace. Global industries need to adopt AI as it will bring net economic benefit and save companies money.
AI’s Affect On The Economy
In the next 10 years, AI utilization is expected to increase exponentially by as much as 3 to 5 times and implementing AI can skyrocket growth by 200%. Countries leading in AI have already seen a 20-25% increase and developing counties an increase of 5-15%. But only 1 in 10 companies are ahead of the game in AI adoption and this 10% will reap the majority of profits and innovations. 60-70% of companies are either choosing not to invest or don’t have the means to yet while 20-30% are still cautious or haven’t committed to utilizing AI. By 2030 it is expected that 70% of companies worldwide may utilize at least one type of AI tech but less than 50% would be from widespread adoption due to limitations to implementation.
AI And The Future Of Work
AI will positively impact several industries such as retail, healthcare, public works, and agriculture. By 2030, 250-280 million new jobs could be created globally but it will offer changes to the state of work. Repetitive jobs requiring fewer digital skills will decrease by 10% while jobs requiring digital skills will increase by 10%. Workers will need to adapt to integrated human-AIOpens a new window work but this change is already being seen as positive and those willing to learn new skills will succeed in the AI economy. Already 37% of workers view a future with AI as being full of exciting possibilities and see it as a place for innovation and a chance to improve society.
Preparing Your Business
As AI continues to be integrated into the global economy following the right steps to prepare your business can help streamline the process. Think big picture and commit the time and budget as most changes can take up to 12 months to start seeing results. Define success, address problems that take full advantage of the unique abilities of AI and augment your current expertise. Finally, learn as you go, don’t fall behind your competitors, the key to benefitting from AI is to start building today. AI is going to take the global economy by storm, so make sure your industry is ready today.