As companies evaluate their current plans, deciphering how an organization might adapt to prepare for the predicted artificial intelligence (AI) wave reveals two distinct outlets: AI viewed as an evolution or a revolution. PwC’s AI Predictions latest survey highlighted that 77 percent of CEOs believe in AI and automation is a primary driver that will increase disruption and vulnerability to the way they do business. It is crucial to change how companies work in 2018.
The road to evolution
According to Kumar Krishnamurthy, leading practitioner in IT strategy for PwC, AI is destined to be an evolution. Krishnamurthy pointed out in a recent interview with Consulting Magazine that companies should consider where to make meaningful investments in automation, embedding AI and the semi-autonomous workforce in their workplace when creating an evolutionary plan. He views AI not as a revolution in which everything will change in a year’s time. Instead, companies need to consider their evolutionary plan, and that plan should be thought of in segments.
Forward-thinking organizations can break down segments or silos that separate AI data into employees and cartels to isolated units. A business can also begin workforce upskilling to meet the requirements of AI and digital technologies. PwC notes that this upskilling won’t just teach new skills, it will teach a new mindset that emphasizes collaboration with co-workers—and with AI.
In 2018, augmenting human productivity is the bottom-line result AI can do for business. According to PwC’s AI Predictions report, it lies not in creating entirely new industries (that’s for the next decade), but rather in empowering current employees to add more value to existing enterprises. “That empowerment is coming in three main ways: Automating processes too complex for older technologies; Identifying trends in historical data to create business value; and Providing forward-looking intelligence to strengthen human decisions,” PwC notes.
AI will strengthen the economy
If the next transformational technology is AI, the evolution is complex yet gradual. PwC sees evolution in the job market that—with the right preparation—will be positive. There will be new jobs to offset those which have been lost. Work will be done more efficiently with AI.
For more on how AI is impacting different industries, see Is AI The Foundation For The Future Of Professional Services?