Why AI is the Future of Growth?
Published in September 2016
FUEL FOR GROWTH
Artificial Intelligence, as we see it, is a collection of multiple technologies that enable machines to sense, comprehend and act—and learn, either on their own or to augment human activities.
Compelling data reveal a discouraging truth about growth today. There has been a marked decline in the ability of traditional levers of production—capital investment and labor—to propel economic growth.
Yet, the numbers tell only part of the story. Artificial intelligence (AI) is a new factor of production and has the potential to introduce new sources of growth, changing how work is done and reinforcing the role of people to drive growth in business.
Accenture research on the impact of AI in 12 developed economies reveals that AI could double annual economic growth rates in 2035 by changing the nature of work and creating a new relationship between man and machine. The impact of AI technologies on business is projected to increase labor productivity by up to 40 percent and enable people to make more efficient use of their time.