Explore how AI could add to a substantial amount to the global economy by 2030, revolutionizing automation and productivity.
Artificial intelligence (AI) is having a transformative impact on the way work gets done. According to the McKinsey Global Institute, AI could add up to $16 trillion to the global economy by 2030. This projection has also been substantiated by studies conducted by PwC and Accenture. This significant figure reflects AI’s ability to enhance productivity, increase automation, and create new market opportunities. These gains are expected to be particularly pronounced in regions such as China and North America, which are at the forefront of AI adoption and development.
A key factor in AI’s economic impact is its ability to automate a significant portion of work activities. The McKinsey Global Institute anticipates that AI could automate up to 50% of all work activities between 2040 and 2060. Their study went on to say that advances in generative AI could accelerate this timeline by as much as 10 years, as early as 2030. That’s only 6 years away! This acceleration could lead to substantial efficiency gains and cost savings for businesses, but it also raises concerns about job displacement and the need for workforce reskilling.
While these projections highlight the potential economic benefits of AI and rapid change, they contrast sharply with the findings of New Vantage Partner’s annual Executive survey that asks organizations how well they are doing implementing AI. For the past ten years, this survey has indicated that organizations are not achieving success with their AI and data strategies. The 2023 survey revealed that many organizations have made little progress, and some have even regressed in their efforts. A consistent finding over the decade has been the failure to anticipate and plan for cultural and human factors. Culture has been cited as the number one barrier to effectively leveraging AI.
These contrasting perspectives underscore the complexity of integrating AI into business operations. While AI has the potential to significantly boost global GDP and transform industries, realizing these benefits requires careful planning and execution. Organizations that want to realize the benefits of AI must have a data strategy, one that anticipates and plans for the cultural and human factors that affect a successful implementation.
If your organization is looking to develop or refine its data strategy to leverage AI effectively, contact the Data Strategy Group today. Our experts can help you navigate the complexities of AI and ensure that your strategy is aligned with your business goals and becomes embedded in your culture.
Written By:
Morgan Duckworth, Practice Leader – Data Architecture, Data Strategy Group
