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The Artificial Intelligence Economy

The Economy. Artificial intelligence (Al) could bring $13 trillion to the global economy by 2030 – but implementing Al technology comes with unique challenges Leading the Way Вy 2030: Around 70% of companies could utilize some kind of Al technology +16% How Al Affects the Economy Potential increased GDP of local economies, driven by Al expansion Increased activity in global marketplace Modification of Automation and Innovation of current occupations possible job elimination products and services Emerging Markets U.S. Europe China 2011 - Present: 2018: 2016 - 2020: Google Brain aims to bring "“the benefits of Al to everyone" U.K. government aims to lead the development of ethical Al tech Developing regulations for a “new generation" of Al By 2030: Aims to become the world leader for artificial intelligence 2019: 2018 - 2020: Federal initiative expands AI safety guidelines and resources European Union hopes to invest $22.3 billion* in Al research * 20 billion Euro Between 2019-2030, Al utilization will increase Performance Gap: Al Adoption vs Falling Behind exponentially by as much as 3-5x It Pays To Use Al Ву 2030, Implementing AI Can Skyrocket Growth Non-repetitive jobs with high digital skills Positions requiring fewer digital skills +10% 10% Al Adoption Brings Net Economic Benefit +200% 20% Leading Al countries Developing countries Global Industries Need Al +25% 20% Al solutions help save money and increase profits 15% +5% $10M $15M 20M Predictive maintenance Demand Route forecasting optimization Al fleet optimization can reduce Al in manufacturing can decrease UP TO UP TO UP TO UP TO UP TO UP TO 10% 20% 30% 8% 25% 30% Manual operation time Scrap and rework Quality variability Cost-to-serve Deadhead routes Total cost of quality BUT The Majority Of Companies Are Behind Choosing not to / can't invest in Al Cautious about or haven't committed to utilizing Al 60% - 70% 20% - 30% Only 1 in 10 are ahead and will reap the majority of profits and innovations Industry Struggles In Countries Lacking Technology Infrastructure Need for focus on meeting current status quo rather than innovation Al might offer less economic advantage than for first-world countries HRP By 2030, 70% of companies worldwide may utilize at least one type of Al tech BUT less than 50% would be from widespread adoption Limitations To Implementation No way to teach machines Lack of data Difficulty analyzing results Possibility of bias "We are risking a new tech divide between those who have access to Al and those who do not ... Every person and every country needs to have access to this new critical technology" - Marc Benioff co-CEO of Salesforce AI And The Future Of Work MITSUBSH ECT By 2030, 250-280 million new jobs could be created globally Positive Impact Of Al By Sector* $600 $380 $350 $120 Retail Healthcare Public works Agriculture Changing State Of Work Up to 375 million workers may need to change occupations AND virtually all workers may need to adapt to integrated human-Àl work 30% of the activities in most occupations could be automated "[Al technology] will help to adapt learning to the needs of each individual by Who will succeed in the Al Economy? Those willing to learn new skills Opportunities For Innovation 37% translating language, of workers believe the future after aiding memory and Al is full of exciting possibilities providing us feedback A Chance To Improve Society on our own emotional and cognitive state" Work With Values Prioritize Humans Focus On Good Emphasize diversity and inclusivity within tech systems Improve systems to work towards bettering the Ensure that serving humanity is always the primary focus - Micah Altman Director of Research human race and Head Scientist at the MIT Program of Digital networks should Al reorganizes systems with the goal of improving people/Al collaboration Use intelligence to lever innovation towards Information Science be well-regulated to avoid systemic bias global problems Is Your Business Ready? Follow These Steps To Integrate Al Into Your Business Step 1: Think Big Picture It can take up to 12 months to start seeing results - Commit the time and budget needed to see results Pick the right problems to solve Consolidate the relevant data Build, test, and deploy Al Step 2: Define Success Address problems that take full advantage of the unique abilities of Al - And augment your current expertise Clearly outline a meaningful problem Decide how you will Determine if you have the necessary data measure success Step 3: Learn As You Go Don't fall behind your competitors - The key to benefitting from Al is start building today Start with a standalone problem Build solutions into your current processes Continue to build toward Enterprise Al Sources: x.company/projects/brain blog.noodle.ai/product-quality-ai informatics.mitedu/people/micah-altman Artificial intelligence is going to take the global economy by storm - blog.noodle.ai/al-for-better-customer-impact blog.noodle.al/stuck-in-an-al-pilot-rut-heres-how-to-get-it-right bloomberg.com/professional/blog/eu-calls-24-billion-ai-keep-china-u-s pewintemet.org/2018/12/10/artificial-intelligence-and-the-future-of-humans is your industry ready? courthousenews.com/trump-pushes-for-us-to-commit-on-artificial-intelligence english.gov.cn/state_council/ministries/2018/03/1/content 281476074108044.htm pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html blogs.wsj.com/cio/2018/11/16/the-impact-of-artificial-intelligence-on-the-world-economy philadelphiafed.org/-/media/research-and-data/publications/working-papers/2009/wp09-17.pdf mckinsey.com/featured-insights/digital-disruption/harnessing-automation-for-a-future-that-works techcrunch.com/2019/01/23/world-economic-forum-warns-of-ais-potential-to-worsen-global-inequality Presented by: elon.edu/docs/e-web/imagining/surveys/2018_survey/Press_Release%20 AL_and_the_Future_of_Humans.pdf N noodle.ai forbes.com/sites/cognitiveworld/2018/09/19/skil-up-your-career-for-the-new-ai-economy/#2889e59b52c4 mckinsey.com/featured-insights/future-of-work/ai-automation-and-the-future-of-work-ten-things-to-solve-for parliament.uk/business/committees/committees-a-z/lords-select/ai-committee/news-parliament-2017/al-report-published mckinsey.com/featured-insights/artificial-intelligence/notes-from-the-ai-frontier-modeling-the-impact-of-al-on-the-world-economy assets.ctfassets.net/Ovdgéequhogq/3P14S3aOsJUmiUahhdq09H/816b82440247cd5ed45a27batdibc417/TNAI_Datasheet_FINALpdf N NOWSOURCING mckinsey.com/featured-insights/future-of-work/jobs-lost-jobs-gained-what-the-future-of-work-will-mean-for-jobs-skills-and-wages pwc.com/gx/en/services/people-organisation/workforce-of-the-future/workforce-of-the-future-the-competing-forces-shaping-2030-pwc.pdf 2. in Billions USD

The Artificial Intelligence Economy

shared by NowSourcing on Sep 19
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The future of the economy will depend heavily on advancements in artificial intelligence. Is your business ready?

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Noodle.ai

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NowSourcing

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Economy
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