By 2030, artificial intelligence (AI) will contribute $6.6 trillion in increased productivity to the world economy. Companies that fail to adopt and adapt will fall behind.
The impact of AI on productivity is competitively transformative, thus, making it a business imperative. Professional service network PwC suggests that multibillion firms as well as small and medium enterprises must adopt AI. And the wisest way to get AI on board is to outsource the requirement to professional firms.
In 10 years’ time, AI will register $15.7 trillion into the global economy, almost half of this or around $6.6 trillion will be quantified in boosted productivity, a report by PwC revealed. A significant 45 per cent of work is now being automated in most organizations, a move that leads to a collective annual savings of $2 trillion.
PwC suggests organizations should address four key questions if they want to keep pace and capitalize on the opportunities offered by AI:
- How vulnerable is your business model to AI disruption? How soon will the change arrive?
- Are there game-changing openings within your market and, if so, how can you take advantage?
- Do you have the right talent, data and technology to help you understand and execute on the AI opportunities?
- How can you build trust and transparency into your AI platforms and applications?
The sooner you outsource AI requirements, the sooner you get ahead of the curve. Smart technological solutions that can automate menial allow employees to focus on more tasks that require skill. Even emerging startups have started to integrate chatbots in their process management for simplifying the customer engagement process.
When organizations outsource to AI-oriented companies with expertise in robotic process automation, business intelligence, data mining, and visualization, it helps them save additional expenditure from setting up a new tech process, Indian Data Analytics firm DatatoBiz says.
Outsourcing the daunting task of setting up AI helps build solutions that are tailored for the business. Allowing professionals to take over speeds up turnaround time and reduces costs at the same time.