Professional Services
Artificial Intelligence May Boost Economy, But Cost A Lot Of Jobs
Artificial Intelligence could add $15.7 trillion to the global economy by 2030, according to a report from the consultancy firm PwC. But that economic growth is also likely to cost human jobs, potentially on a massive scale. Here & Now's Peter O'Dowd looks at the pros and cons of the burgeoning AI industry with Kara Swisher (@karaswisher), executive editor of Recode and host of the podcast Recode Decode.
Accenture: Healthcare AI poised for explosive growth, big cost savings
Artificial intelligence "is rewiring our modern conception of healthcare delivery," according to a new Accenture report that shows an array of clinical AI applications are already well on their way to saving the industry $150 billion over the next 10 years. In the shorter term, the report forecasts a 40 percent compound annual growth rate between now and 2021, with acquisitions of AI startups proceeding at a feverish pace.The technology represents "a significant opportunity for industry players to manage their bottom line in a new payment landscape," according to the report, which examined 10 different AI applications, ranked by their potential for cost savings. "As these, and other AI applications gain more experience in the field, their ability to learn and act will continually lead to improvements in precision, efficiency and outcomes," said Accenture researchers. But as the industry rushes headlong to embrace a technology that "thinks and pays for itself," there are some important considerations to keep in mind, according to the report. First, it's key to plan for the way the healthcare workforce will be affected as the nature of employment changes with automation.
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According to the firm's calculations, the bulk of these gains, $9.1 trillion, will be generated by consumption-side effects. Shoppers, driven to work by autonomous cars, are expected to use their extra time and resources to buy personalized and higher-quality goods. The U.S. is forecast to be a major beneficiary of this trend -- PwC believes that consumption patterns triggered by AI will add $3.7 trillion to the North American economy. Some 42 percent of the $15.7 trillion that PwC claims AI can pump into the global economy is expected to be generated by automated machinery in the workplace.
Workers 'must be trained to cope with rise of artificial intelligence'
Businesses and the government must ready the nation's workforce for the rise of artificial intelligence to ensure companies can ride out the "cliff edges" created by the technological revolution, according to PwC. The professional services firm said AI had the power to overhaul business models and could leave workers sidelined and companies struggling to adjust unless preparations are made now. It said firms and the state must step up their efforts to improve the education system and help workers retrain to ensure AI delivers the much-heralded boost to the UK economy. Jon Andrews, PwC's head of technology and investments, said: "There are different sectors that will be impacted in different ways. "The vast majority [of workers] will not see the change happening to them and they will have a very different job by 2030.
Genpact launches Artificial Intelligence based platform 'Genpact Cora' - ET CIO
Global professional services firm focused on delivering digital transformation Genpact has unveiled Genpact Cora - an artificial intelligence (AI)-based platform that accelerates digital transformation for enterprises. Genpact Cora is a modular, interconnected mesh of flexible digital technologies that hones in on specific operational business challenges and tackles them from beginning to end, helping large global companies reframe and solve their most pressing real world business issues. "In an environment being disrupted by new technologies and increasing competition, clients want to buy business outcomes, not just tools and products," said founder and chief executive officer, Everest Group, a leading analyst firm, Peter Bendor-Samuel. "Genpact Cora is timely for an industry seeking digital transformation," added Peter Bendor-Samuel. As part of its ongoing strategy to drive digital-led innovation and digitally-enabled intelligent operations for clients around the world, Genpact has created Genpact Cora to provide the fastest path to driving meaningful transformation at scale.
Artificial intelligence could add billions to UK GDP - but don't get carried away Verdict
Artificial intelligence (AI) is one of the biggest commercial opportunities in today's economy and could grow UK GDP by 10 percent by 2030, according to a report by professional services firm PwC. The report believes that AI will transform the productivity and GDP potential of the UK, but there needs to be sustained investment in AI technology to make this happen. It says AI could have this impact by bringing about more consumer choice and more affordable, bespoke goods over time as a result of the new technologies. As well, efficiency gains through productivity will facilitate product innovation, which should lead to gains in the UK's GDP. In addition, it notes that the UK is well-placed to benefit from the shift towards automation thanks to having strong foundations in the technology already.
Artificial Intelligence May Offer Displaced Teachers 'Augmented' Roles
Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. A recent consumer survey indicates that educational tutoring is the human job most expected to be wiped out by Artificial Intelligence (AI) in the next five years. Bot.Me: A Revolutionary Partnership by PwC reveals the public's steady acceptance of AI, particularly in customer service roles.
Artificial Intelligence Will Add $15.7 Trillion to the Global Economy: PwC
Machines capable of carrying out tasks normally reserved for humans will boost global GDP by as much as 14 percent by 2030, according to PwC. In a report, the global auditing and consulting firm argued that the widespread adoption of artificial intelligence (AI) can contribute $15.7 million to the world economy over the next decade, the equivalent of the current combined output of China and India, as it would vastly increase productivity and spur shoppers to spend more. According to the firm's calculations, the bulk of these gains, $9.1 trillion, will be generated by consumption-side effects. Shoppers, driven to work by autonomous cars, are expected to use their extra time and resources to buy personalized and higher-quality goods. The U.S. is forecast to be a major beneficiary of this trend -- PwC reckons that consumption patterns triggered by AI will add $3.7 trillion to the North American economy.
AI to drive GDP gains of $15.7 trillion with productivity, personalisation improvements
Global GDP will be 14% higher in 2030 as a result of AI โ the equivalent of an additional $15.7 trillion. This makes it the biggest commercial opportunity in today's fast changing economy according to new research by PwC. Drawing on a detailed analysis of the business impact of AI Sizing the prize outlines the economies that are set to gain the most from AI. AI will contribute $15.7 trillion to the global economy in 2030, more than the current output of China and India combined. Labour productivity improvements are expected to account for over half of all economic gains from AI over the period 2016-2030. Increased consumer demand resulting from AI-enabled product enhancements will account for the rest.
The impact of Artificial Intelligence on the UK economy
Artificial intelligence (AI) can transform the productivity and GDP potential of the UK landscape. But, we need to invest in the different types of AI technology to make that happen. Our research shows that the main contributor to the UK's economic gains between 2017 and 2030 will come from consumer product enhancements stimulating consumer demand (8.4%). This is because AI will drive a greater choice of products, with increased personalisation and make those products more affordable over time. Labour productivity improvements will also drive GDP gains as firms seek to "augment" the productivity of their labour force with AI technologies and to automate some tasks and roles.