Technology’s Influence on Workforce Development
18 Dec 2023
The hype around artificial intelligence (AI) accelerated into high gear this year, catalyzed by the splash made by ChatGPT when it gained 100 million users within two months of launching. Since then, AI has become the latest focus for industry leaders looking to capitalize on the promise of productivity it will bring and by the cost savings that could materialize over time through these gains. But is AI really the magic bullet everyone seems to think it will be? First, it’s important to discern what exactly AI is, and what industry applications are possible through this evolving technology.
Innovation Drives Productivity
AI uses machine learning and deep learning algorithms that learn from experience to understand complex concepts and recognize patterns — which allows for the technology to interpret the nuances of language and independently make decisions. Generative AI, which is a subset of AI, uses advanced algorithms to create new outputs, and is used to generate new content including synthetic data, images, text, and music. AI has the potential to contribute $15.7 trillion to the global economy in 2030 and will drive productivity across a variety of industries in different ways.