Artificial intelligence is a big game-changer

There is a significant amount of both circumspection and excitement surrounding artificial intelligence (AI). However, despite the fact that it already touches almost every aspect of our lives, it is in many ways still in its infancy. A PwC study notes AI can transform the productivity and GDP potential of the global economy, with the proviso that strategic investment in different types of AI technology is needed to make that happen. The report says labour productivity improvements will drive initial GDP gains as firms seek to'augment' the productivity of their labour force with AI technologies and automate certain tasks and roles. PwC research also shows that 45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand. This is because AI will drive greater product variety, with increased personalisation, attractiveness and affordability over time.