The World Economic Forum, PricewaterhouseCoopers, and Gartner have predicted that AI could make redundant as many as 75 million jobs by 2025.
Moreover, the McKinsey Global Institute this year forecasted that the portion of jobs calling for “low digital skills” may fall to 30 percent in 2030 from the current 40 percent, as jobs that require higher skills increase to 50 percent from 40 percent.
Meanwhile, back at the bottom line:
About 37 percent of executives said their companies have set aside $5 million or more for “cognitive” technologies like deep learning and machine learning, including enterprise software with AI “baked in.” And 55 percent said they’d launched six or more pilots (up from 35 percent a year ago), with 58 percent claiming they’d undertaken six or more full implementations (up 32 percent).
The enthusiasm — plus a strong desire among executives to “catch up with their rivals” — is contributing to an annual global growth rate in AI-as-a-service solutions of 48.2 percent. (Deloitte pegs the cognitive technologies market at $19.1 billion globally.) There’s some urgency about it; 42 percent of executives surveyed believe that adopting AI will be of “critical strategic importance” within the next two years, and some are already beginning to see gains.
More than 80 percent said their AI investments resulted in a financial return, particularly in the technology, professional services, and media and entertainment/telecommunications sectors. Deloitte cites Netflix as an example: The streaming media giant found that if its customers search for a movie for 90 seconds, they give up. By using AI to improve search results, it was able to save about $1 billion in potential lost revenue.
But executives have deep-seated fears about AI: legal and regulatory risks, opaqueness of the systems, and 43% rated ‘making the wrong strategic decisions based on AI/cognitive recommendations’ as a top three concern.
According to Innovisor, three percent of people within an organization directly influence 90 percent of people within an organization. So, if your company is going through a time of change (or not), you should focus your time and energy on this three percent.