AI the next GPT?

PWC (Price Waterhouse Coopers), the management consultancy, claim global GDP will be some 14% higher in 2030 as a result of AI – Artificial Intelligence

This is equivalent to an extra $15.7 trillion

The greatest gains will be realised in China and North America

Anand Rao, global leader of AI at PWC says: “The value of AI enhancing and augmenting what enterprises can do is large, if not larger than automation”

The biggest sector gains will be in retail, financial services and healthcare as AI increases productivity, product value and consumption

Businesses that fail to apply AI could quickly find themselves being undercut on turnround times as well as costs and experience, and may lose a significant amount of their market share as a result

After a detailed assessment of the current and future use of AI and its economic impact on new jobs and new products, PWC say the biggest potential for AI impact lies in eight sectors viz:

  • Healthcare – data driven diagnostic support, pandemic identification, imaging diagnostics (radiology, pathology)
  • Automotive – autonomous fleets for ride sharing, smart cars/driver assist, predictive and autonomous maintenance
  • Financial services – personalised financial planning, fraud detection and anti-money laundering, transaction automation
  • Retail – personalised design and production, customer insights generation, inventory and delivery management
  • Technology, communications and entertainment – media archiving and search, content creation (marketing, film, music etc.), personalised marketing and advertising
  • Manufacturing – enhanced monitoring and auto-correction, supply chain and production optimisation, on-demand production
  • Energy – smart metering, more efficient grid operation and storage, intelligent infrastructure maintenance
  • Transport and logistics – autonomous trucking and delivery, traffic control and reduced congestion, enhanced security

If PWC are right, then the economic impact of AI may eventually rank alongside that of other GPTs – General Purpose Technologies – such as electricity and the internal combustion engine

Hence, the sooner businesses latch on to the benefits on offer from AI, the better it will be for both them and their home nations

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