Businesses that dive into artificial intelligence now could see a boost in profitability.
According to a new Accenture report, AI has the potential to increase corporate profitability in 16 industries an average of 38 per cent by 2035. This is on top of a predicted economic boost of $14 trillion US in additional gross value added across those same industries and 12 different economies.
The report points to information and communication, manufacturing, and financial services as the three sectors that will see the highest annual growth rates in the AI scenario. Labor-intensive sectors will benefit from augments in the human workforce, while AI powered machines will eliminate faulty machines and idle equipment.
To reach this goal of 38 per cent growth, the report outlined seven strategies that business leaders can take advantage of. Check out those strategies below.
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- Step beyond automation – with recent strides in AI, companies need to take a step beyond to harness the intelligence of dynamic, self-learning and self-governing machines.
- Learn with machines – to adapt their businesses to the changing nature of learning and employee training, business leaders must focus on the needs of their workforces, particularly in the area of agile skills development.
- Reinvent HR into HAIR – the chief human resource officer’s role will not only be about managing human employees, but will evolve to also manage the human-machine interaction — or Human AI Resources (HAIR).
- Measure return on gigabyte invested – CFOs will need a new toolbox of financial metrics to properly assess the value of investing in AI, such as return on gigabyte invested (ROGBI) or return on processing power (ROPP).
- Appoint a chief data supply chain officer – this position will be needed to construct an integrated, end-to-end data supply chain.
- Take the crowd into the cloud – the next phase of innovation will combine crowd-sourced data in the cloud with AI capabilities to create new and disruptive business opportunities.
- Create an open AI culture – integrating AI into the corporate culture will help manage employees’ concerns and affect how they embrace and harness AI in their work.