Artifical Intelligence Excellence May Add More than 5 Trillion to Economy

As the article in Forbes states, Artificial Intelligence has come of age. So much so that experts predict it could have an economic impact of up to $5.8 trillion to the economy in the coming years. –By Brian Hurlburt, Founder and Host, Magnifying Excellence Podcast.

In an article entitled, “How To Build A Corporate AI Center Of Excellence”, from Council Member Christian Vogt, details about the economic impact and other real world information is shared:

Artificial intelligence has come of age. There is hardly an industry that is not affected, hardly a business function that will be left untouched.

The McKinsey Global Institute estimates that AI has the potential to add between $3.5 and $5.8 trillion in economic value to the global economy through a combination of improvements in productivity, product and customer experience. Some industries will benefit more than others, of course — industries such as retail, logistics and healthcare will claim an above-average share — but the value to be captured will be significant for all.

The uptake of AI thus far is promising. Most companies have started to adopt it. They have appointed Chief Analytics Officers, hired data scientists and engineers and started to go after an initial set of use cases. In a survey of Chief Analytics Officers, FICO found that almost nine out of 10 respondents have started building proofs of concept for AI use cases, and almost seven out of 10 have deployed AI use cases in production.

Vogt is the Chief Innovation Officer, Data & Analytics, at Cisco, driving the adoption of digital, analytics and artificial intelligence cross-company.

More about the impact of AI from Forbes

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