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Notes from the AI frontier modeling the impact of AI on the world economy

Jaques Bughin, Jeongmin Seong, James Manyika, Michael Chui, Raoul Joshi
Mckinsey Global Institute 2018

Introduction

The role of artificial intelligence tools and techniques in business and the global economy is a hot topic. This is not surprising given recent progress, breakthrough results, and demonstrations of AI, as well as the increasingly pervasive products and services already in wide use. All of this has led to speculation that AI may usher in radical—arguably unprecedented—changes in the way people live and work. This discussion paper is part of MGI’s ongoing effort to understand AI, the future of work, and the impact of automation on skills. It largely focuses on the impact of AI on economic growth.1 Our hope is that this effort helps us to broaden our understanding of how AI may impact economic activity, and potentially touch off a competitive race with major implications for firms, labor markets, and economies.


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Move your business to work with real time data

Today, as a business necessity, IT brings the opportunity to make the business run more efficiently. By leveraging technology investments to work seamlessly with people and processes, companies can improve their business goals. Companies and enterprises must not only automate existing isolated business operations, they must also be proficient in software (not even software native) to thrive in today's business environment. It’s up to data scientists, professionals and citizen developers and engineers to access contextual, meaningful data when needed.

Data Analytics

Data has become a new commodity of our time, and the amount of data is huge. Every day, 16 trillion terabytes of data are generated globally. The future belongs to those who can use this large amounts of data and extract insights, facts and answers. For us, only in this way can big data become smart. It is not easy to understand the scope of the amount of data generated every day in the world. In any case, how much is 16 trillion terabytes? Another statistic may help to see explosive development as reality-in the past two years, 90% of the world’s data has been created, including information from business transactions, emails, and social media., blogs, GPS, videos and digital images. It is no exaggeration to say that this information (we are used to calling big data) is a gold mine for companies, which is one of the reasons why more and more companies are engaged in data collection. But how will we manage all this information? Smart data refers to removing all irrelevant content and ensuring proper data quality. Companies that do this successfully can not only retain existing customers more easily, but also better target advertisers and promote sales to new customers..

Emerging Technologies

As stand-alone solutions, many emerging technologies are very eye-catching, and the adoption rate is also increasing in areas such as robotic process automation and the Internet of Things. Other technologies such as additive manufacturing, artificial intelligence, and blockchain are still tapping their potential to deliver business value at scale. As your business changes, your organization can unleash real value by combining emerging technologies, thereby providing business impact through convergence. You need to build capabilities and skills to provide "risk as a service" and develop an agile and dynamic ecosystem to help develop and implement new solutions and business models.

Technology Strategy and Enterprise Architechure

A Strategic Technology Advisor helps you in:

  • IT Advisory Services
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Effective IT consulting services and solutions can eliminate your worries about technology integration, so as to help you turn your company's agenda into tangible results through a good plan, clear roadmap and measurable projects.