The way we work is fast changing, and a lot of credit for it goes to artificial intelligence. Two years ago, Gartner reported that "7 per cent of top-performing companies rank AI/ML (artificial intelligence/machine learning) as a game-changing technology." But within a year, that figure swelled to 40 per cent. A Gartner report mentions that the augmentation of AI technology will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity in 2021. One of the critical aspects of AI is how it can be utilized to enable individual knowledge workers, boosting their productivity and feeding them timely information furthering key business objectives.
When leaders face the challenge of scaling their teams, they hire people to replicate many of the tasks they were doing. Sure, you might be able to do the mundane aspects of your job, but you're better off hiring someone else to do it so you can concentrate on your more important value: thinking creatively and strategically about your product and company's future. In a sense, humanity has been doing the same thing for centuries: "hiring" people and machines to take over every mundane and repetitive action that consumes our natural human resources (work, energy, carbs -- however you want to frame it). Sure, you could walk half a day to get your crop to market, but if a truck will get you there in half an hour, you'll earn your revenue quicker and have more time to spend planting the next crop. From cars and industrial machinery to databases, algorithms, and office productivity tools, we have an insatiable desire to free our mental and physical energy for higher-order tasks.
Productivity among UK workers at the end of last year fell at the fastest pace since 2008, official figures show. Worker output per hour in the UK fell 1.2% during the last three months of 2015 compared with the previous quarter, according to data from the Office for National Statistics (ONS). Output per hour in manufacturing fell by 2% from the previous quarter, while in the service sector it dropped 0.7%. Poor rates of productivity in the UK have been a concern to policymakers. In last month's Budget, the Office for Budget Responsibility cut its growth forecasts for the UK economy after it lowered its predictions for productivity.
The use of artificial intelligence (AI) is already a reality in many industries, but the technology also has significantly more potential, as an analysis from Accenture and Frontier Economics shows. The report predicts that labor productivity in developed countries can increase by up to 40 percent until 2035 due to the influence of artificial intelligence. A high increase in productivity is projected in Sweden at around 37 percent. The U.S. (35 percent) and Japan (34 percent) are also expected to benefit greatly from the effects of AI. In Germany and Austria, AI can potentially maximize labor productivity by around 30 percent within the next 15 years.