by Angela Guess

According to a recent press release, “Businesses that successfully apply artificial intelligence (AI) could increase profitability by an average of 38 percent by 2035, according to a new report from Accenture. The introduction of AI could lead to an economic boost of US$14 trillion in additional gross value added (GVA) across 16 industries in 12 economies. To capitalize on the opportunity, the report identifies eight key strategies for successfully implementing AI that focus on adopting a human-centric approach and taking bold and responsible steps to applying the technology within businesses and organizations.”

Paul Daugherty, chief technology & innovation officer at Accenture, commented, “Artificial intelligence will revolutionize how businesses compete and grow, representing an entirely new factor of production that can ignite corporate profitability… To realize this significant opportunity, it’s critical that businesses act now to develop strategies around AI that put people at the center, and commit to develop responsible AI systems that are aligned to moral and ethical values that will drive positive outcomes and empower people to do what they do best – imagine, create and innovate.”

The release goes on, “The report, developed by Accenture Research in collaboration with Frontier Economics, measures the potential economic impact of AI in GVA, a close approximation of gross domestic product that accounts for the value of goods and services produced. The research compared the economic growth rates of 16 industries in 2035 in a baseline scenario showing current assumptions of expected growth, to an AI scenario showing expected growth with AI integrated into economic processes, finding that AI has the potential to increase economic growth rates by a weighted average of 1.7 percentage points.”

Read more at Business Wire.

Photo credit: Accenture