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AI and the Future of Growth

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Increases in capital and labor are no longer driving the levels of economic growth the world has become accustomed to and desires. Fortunately, a new factor of production is on the horizon, and it promises to transform the basis of growth for countries across the world.

Accenture analyzed 12 developed economies and found that AI has the potential to double their growth rates by 2035.

Published in: Technology

AI and the Future of Growth

  1. 1. WHY ARTIFICIAL INTELLIGENCE FUTURE OF GROWTH ISTHE
  2. 2. 2.6 2.1 2.5 1.7 1.6 1.4 1.4 1.7 0.8 1.6 1.7 1 4.6 4.1 3.9 3.6 3.2 3 3 2.9 2.7 2.7 2.5 1.8 BASELINE AI STEADY STATE AI IS A NEW FACTOR OF PRODUCTION CAPITAL AND LABOR ALONE CANNOT DRIVE SUFFICIENT GROWTH AI can help: • Double annual economic growth rates 12 COUNTRIES STUDIED 2 Real gross value added (%, growth) Source: Accenture and Frontier Economics • Boost labor productivity • Shorten the timeline to growth Copyright © 2016 Accenture All rights reserved.
  3. 3. Intelligent automation Labor and capital augmentation Innovation diffusion Now humans can do more innovative things: 3 THREE GROWTH ACCELERATORS AI ACTS AS A CAPITAL-LABOR HYBRID THAT DOES NOT DEGRADE OVER TIME Huge value is going to come from the new goods, services and innovations AI will enable. DAVID AUTOR, PROFESSOR OF ECONOMICS, MIT Copyright © 2016 Accenture All rights reserved.
  4. 4. 4 INTELLIGENT AUTOMATION CREATES GROWTH BEYOND TRADITIONAL AUTOMATION SOLUTIONS AI can: • Adapt and flex to automate complex tasks • Work across multiple industries or roles • Self-learn for repeatability at scale Copyright © 2016 Accenture All rights reserved.
  5. 5. 5 LABOR AND CAPITAL AUGMENTATION MAKES MORE EFFICIENT USE OF THE WORKFORCE AND CAPITAL ASSETS AI can: • Help humans focus on adding value • Complement and enhance human ability • Improve capital efficiency Copyright © 2016 Accenture All rights reserved.
  6. 6. 6 INNOVATION DIFFUSION USE AI TO STIMULATE NEW IDEAS AI can: • Complement technologies from new collaborations • Create new revenue streams from data generated • Introduce social benefits Copyright © 2016 Accenture All rights reserved.
  7. 7. 7 FOUR IMPERATIVES TO TRANSITION TO AI BE READY—INTELLECTUALLY, TECHNOLOGICALLY, POLITICALLY, ETHICALLY, AND SOCIALLY Copyright © 2016 Accenture All rights reserved. Prepare the next generation for AI Integrate human intelligence with machine intelligence Encourage AI-powered regulation Create adaptive, self-improving regulation to keep pace with technological change Advocate an AI code of ethics Manage the ethical and societal issues that can slow AI progress Address redistribution effects Clearly articulate AI benefits and create strategies to address concerns
  8. 8. 8 ABOUT THE STUDY ACCENTURE INSTITUTE FOR HIGH PERFORMANCE EXPERT INTERVIEWS EXTENSIVE SECONDARY RESEARCH into how AI generates economic growth 12 countries ECONOMIC MODELING 50%of the world’s economic output Spain Sweden United Kingdom United States Germany Italy Japan Netherlands Austria Belgium Finland France that together generate Copyright © 2016 Accenture All rights reserved.
  9. 9. PAUL DAUGHERTY Chief Technology Officer Accenture MARK PURDY Managing Director-Economic Research Accenture 9 CONTACT US www.accenture.com/futureofAI Copyright © 2016 Accenture All rights reserved.
  10. 10. 10 ABOUT ACCENTURE Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 375,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. ABOUT ACCENTURE INSTITUTE FOR HIGH PERFORMANCE The Accenture Institute for High Performance develops and communicates breakthrough ideas and practical insights on management issues, economic trends and the impact of new and improving technologies. Its worldwide team of researchers collaborates with Accenture’s strategy, digital, technology and operations leadership to demonstrate, through original, rigorous research and analysis, how organizations become and remain high performers. For more information, follow @AccentureINST or visit www.accenture.com/institute. Copyright © 2016 Accenture All rights reserved.

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