It seems artificial intelligence (AI) is the way to go for businesses and corporate. Going by a recent study, as many as 90 per cent of executives feel AI will have a positive impact on their company's growth. 86 per cent of them believe it will help improve productivity, and 69 per cent sees in it the potential for job creation in their respective countries and industries.
The findings are a part of the study entitled, "Intelligent Economies: AI's Transformation of Industries and Society, that explores the transformative potential of artificial intelligence (AI) on markets and societies across the developed and developing worlds. The study, conducted by The Economist Intelligence Unit (EIU) and sponsored by Microsoft, surveyed more than 400 senior executives from various industries, including financial services, healthcare and life sciences, manufacturing, retail and the public sector. The survey was conducted in eight markets: France, Germany, Mexico, Poland, South Africa, Thailand, the UK and the US.
Despite often-expressed concerns about job displacement, respondents were broadly optimistic that AI will create new roles. Overall, nearly six out of ten (59 per cent) believe that AI will increase wages and 56 per cent actually see a boost to the employment rate in their country or industry.
Nine out of ten executives from around the world describe AI as important to solving their organisations' strategic challenges.
More than one in four (27 per cent) say their organisations have already incorporated AI into key processes and services, while another 46 per cent have one or more AI pilot projects under way.
As AI becomes increasingly embedded in the society, it will not only change the way businesses work but will also have some significant economic, social and civic effects on citizens and consumers. National and regional economies will become more effective in the way they produce and distribute goods and services. But such transformations will also introduce new challenges such as ethical or security concerns as well as cost and execution risk.
Overall, AI is on the course to transform the global economy with organisations around the world having high hopes on its potential. As per the report, in 2017 the global economy recorded its best performance in six years and looks set for a sustained growth in 2018.
The Economist Intelligence Unit expects 2018 to record global growth of 3.8 per cent, surpassing 2017's growth rate of 3.7 per cent and well above 2016's 3.2 per cent.