In the past few years, disruptive technologies such as Artificial Intelligence and Automation have changed the way people work using machinery solutions. Currently, just a slight number of organizations are leveraging AI-enabled tools of tomorrow, but it is likely to bring wide-ranging innovation in the way businesses practice AI and software automation technology.

Just like other software, Automation and AI are transforming today’s business landscape. They are also contributing to economic growth by enhancing and advancing productivity and can assist in addressing skyrocketing societal challenges in areas from health to climate change.

The technologies also have the potential to transform the nature of work and the workplace. As the world today going through an industrial automation age, machines in the coming days will be able to act more of the tasks performed by humans, complement the work that humans do and even carry out some tasks that go beyond what humans can do. Though with the current AI boom, concern over employment will rise, some occupations will decline, but it will also grow and many more will change.

The New Age of AI and Automation

AI-powered tools that can write code are ingesting traditional software from the top down at present. However, Automation and AI are not new, but recent advances in technology are pushing the frontier of what machines can do. The latest adoption of AI is full of companies that are interested in making use of modern advanced technology. However, some of them lack the resources.

In a recent Deloitte research, 82 percent of large businesses in the UK are pursuing some form of AI initiative, while just 15 percent can be considered seasoned or mature AI adopters. Thus, the rapid technological progresses these days are leaving organizations across industries struggling to entice and retain talent with the necessary skills.

AI has made big leaps in recent years as machine learning algorithms have become more sophisticated and utilized a large amount of computing power and the exponential growth in data available to train them. The technology has already created value in a wide range of products and services and enterprises make use of it in various processes. From personalize product recommendations and find anomalies in production, to spot fraudulent transactions and more.

Elevating Global Economy and Productivity

The implementation of automation and AI-driven solutions can do much to uplift the global economy and raise global prosperity. Considering reports, labor productivity growth, which is a key driver of economic growth, has decreased in many economies, slowing down to an average of 0.5 percent between 2010 and 2014 from 2.4 percent a decade earlier in the US and major European economies.

However, AI and automation have the ability to reverse that decline and it is expected that productivity growth could potentially reach 2 percent annually over the next decade, with 60 percent of this increase comes from digital opportunities.

So, AI and automation will drive global economic growth, from business dynamism to productivity growth. They will also create more new jobs and occupations that we currently cannot visualize. These technologies will also become more ubiquitous as machines complement human labor and demand for advanced technological skills like programming will grow rapidly to accomplish such transformations.