We have all dabbled a bit. We do have some friends who seem more knowledgeable and have experimented more with AI than we have yet. Artists show us their AI-generated images, and we are “prompt” to show our keen appreciation for their flair.
Ask your savvier friends about AI and they’ll first talk about saving time on communications. In a bygone era, senior executives and officers had secretaries and stenographers and assistants to handle their correspondence. Increasingly, many have to manage their own email, or to seek advice on use of their social handles ( Instagram, Mastodon etc.) and
want to go about these things smartly.
AI is a boon for all that – it’ll reply to your incoming messages, and craft neat social media posts taking into account the character-limit, the accompanying image, and even include useful keywords! But well beyond all this, how is AI going to be changing our world of work? Perhaps even our leisure hours – since the concept of intelligent chatting to improve one’s fluency and information has come in too!
Definitely, there are tasks that an AI can prove so adept in, that you’d not pay good wages to a human, who will need medical cover, and a fortnight’s leave in a year, and instead get these standardizable language and design tasks done by a trained AI.
Put Yourself on the wAItlist Today!
The alacrity of response to AI developments that various Companies show across different business sectors is going to really matter. What is surely predictable is that there will be a performance gap between those that take to it early in terms of integrating AI tools into their business over the coming five years, and those who haven’t shown much initiative in that direction.
So which Companies have most likely already started making their moves? These are Companies with an IT ethos, and a CEO with a strong IT foundation who holds a positive view of the business case for AI, and where the management team has a greater propensity to invest in AI skilling.
So there’s naturally going to be gains and losses, and let’s see who gains at whose expense? Market share will shift to the Companies that are taking timely AI initiatives, with the laggards losing out in the competitive dynamics during this phase of uneven distribution of AI benefits.
2030 Will Reward the Prompt!
Let’s talk here of a horizon till 2030. As a result, those taking the lead are likely to benefit disproportionately. By 2030, they could double their cash flow potential (the economic benefit minus associated investments and transition costs). This implies further annual net cash flow growth of around 6% beyond the next decade.
At the other end of the spectrum, non-adopters could experience a decline in their cash flow of around 20% from current levels, assuming the same cost and revenue model as today.
Some of the hype surrounding AI is that by 2030, it is expected to have added over 20% to the GDP in the U.S., that the number of driverless cars on the roads would have tripled by then, and so it’d have advanced quite a lot to make inroads into everyone’s life. Indications of the stupendous momentum are there, and could point to the actual fact that the launch of ChatGPT gained one million followers within five days, a whole new scale of success.
An analysis from Accenture towards the end of the last decade projected AI to increase India’s Gross Value Added (GVA) by 15% or about $950 b. by 2035. A global survey shared by BCG that covered twelve countries pegged India in third place in terms of AI early adoption.
Adaptability to Play Newer Roles in the Workforce
Among the areas in which significant applications are envisaged are : advisory and pedagogic roles, then diagnostics and bioinformatics roles in healthcare, AI assistance for counselors and technicians, and in the IT/ITeS sector itself, data architects, language processing specialists, and AI programmers.
By 2025, about 40 million Indian workers are expected to be re-skilled through digital programs and redeployed and new implementations could create about 20 million new jobs. NASSCOM’s 2020 report estimates that AI and Data could add $500 b. to India’s GDP and almost half of this additional value will come from ABC namely : agriculture, banking and insurance, and
consumer goods and retail.
AI can also be visualised as taking up a big role in media and IT, telecom, energy, automobiles and transport. By way of timely preparedness, Intel and the Ministry of Electronics and I.T. launched in May 2020, a “National Programme for Government Schools: Responsible AI for Youth” with a view to make young school pupils ‘AI Ready’.