The use of Artificial Intelligence (AI) in various business applications is fast gaining a foothold, but the exact usage potential is unclear. That is why a study was recently undertaken by the McKinsey Global Institute to understand this. Five broad areas have been identified where the greatest impact would take place. These five are- natural language, virtual assistants, advanced machine learning, computer vision and robotic proves automation. The study quantifies that about 1.2% of global GDP in 2030 could originate from AI, with a total contribution of US$ 13 trillion more than the present figures. This is an impact comparable to that of steam in 1800s or IT in the 2000s. Corporate profits, the labour market dynamics and AI’s spread across the economy are all factors that’ll pose an impact on the GDP. One of the key impacts of this AI adoption is the possibility of high-quality data warehousing, allowing for more impactful analysis. Another is a much faster pace of technology adoption than was earlier the norm. This is leading to a race between the various firms that can be divided into the categories of front-runners, followers and laggards. The names of course are self-explanatory. Such divide can lead to a sort of a creative destruction, so a reallocation of resources is necessary.

Source:https://hbr.org/2018/10/how-competition-is-driving-ais-rapid-adoption?utm_source=twitter&utm_campaign=hbr&utm_medium=social

Uploaded Date:27 October 2018