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November 27, 2018 at 05:46 PM
The headline of McKinsey’s recent analysis of artificial intelligence and its impact says it all: “AI — the time to act is now.”
“Artificial intelligence will soon change how we conduct our daily lives. Are companies prepared to capture value from the oncoming wave of innovation?” asked partners Gaurav Batra, Andrea Queirolo and Nick Santhanam.
“We believe that the advent of AI opens significant opportunities, with solutions in both the cloud and the edge generating strong end-customer demand,” the McKinsey consultants explain.
“But our most important takeaway is that companies need to act quickly. Those that make big bets now and overhaul their traditional strategies will emerge as the winners,” they conclude.
McKinsey Global Institute’s research, released in September, shows that AI is expected to lead to dramatic growth and economic expansion, like that tied to the development of other disruptive technological developments such as the steam engine.
AI’s impact, for instance, could increase annual gross domestic product growth by about 1.2% through at least 2030 — which equates to about $13 trillion of new economic activity.
