December 2019 | News | Takeaways

Artificial Intelligence Gets Real

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About 90% of respondents to an IFS global research study into the attitudes and strategies towards artificial intelligence (AI) among business leaders report at least some plans to implement AI in various parts of their business. Among the key findings:

  • Industrial automation is the most commonly reported area of investment, with 44.6% planning AI projects. Customer relationship management (CRM) and inventory planning and logistics tie for second place at 38.9%.
  • When asked how they plan to use AI, 60.6% say they expect it will help them make existing workers more productive (see chart). Just under half, 47.9%, say they will use AI to add value to products and services they sell to customers. About 18.1% say they will proactively use it to replace existing workers.
  • While a majority of respondents anticipate productivity increases from AI, 29.3% anticipate AI will lead to a reduction in headcount in their industry. To manage this, 56% of respondents state that society could best prepare by changing educational programs to prepare workers to make direct use of AI tools to increase their own productivity. Another 23.4% say they expect the market to create new jobs for people displaced by AI, while 15.4% suggest a shortened 30-hour work week.

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