Tech Quarterly

Essential AI insights from Q1 20

In this Artificial Intelligence Tech Quarterly

Business leaders across all industries believe AI has the potential to save time, improve productivity and generate billions in value. But the technology could also displace workers and create other risks and uncertainties.

4 minute read

Shirley Siluk

Shirley Siluk

Senior Editor

February 12, 2020 4:24 pm

1. AI could boost NA financial services by $140B through 2025

Augmentation and automation technologies could help the North American financial services sector gain between $87B and $140B in cumulative value, according to a December report from Accenture.

2. White-collar jobs ‘may be most susceptible to AI’s spread’

Well-paying analytic and managerial jobs account for only around 18 per cent of employment (25 million jobs) in the US, but they face “high” exposure to displacement as AI and automation become more prevalent, according to a November study from the Brookings Institution.

3. 90% of government leaders foresee high impact for AI

Ninety per cent of decision-makers in European public-sector organisations expect AI to have a high impact on their organisations and 86 per cent plan to increase AI spending in 2020, according to Accenture research released in October.

4. Business leaders expect AI to boost worker productivity

Three out of five business leaders (60.6 per cent) expect AI will “make existing workers more productive”. Almost half (47.9 per cent) say it will add value to products and services according to a survey released in November by enterprise software firm IFS.

5. 64% in workplace would trust AI more than managers

Oracle/Future Workplace research released in October found that 82 per cent of people believe robots can “do things better than their managers” and 64 per cent would trust a robot more than their managers.

6. ‘Foreignness’ of AI is source of risk, uncertainty for finance

The ‘foreignness’ of AI poses risks and uncertainties for financial services organisations, according to an October report from the World Economic Forum. The causes of foreignness: “AI systems reason in ‘unhuman’ ways”, “AI can evolve autonomously over time” and “AI systems can be highly opaque”. 

7. In healthcare, ‘near-term focus should be on augmented intelligence’

The key to building trust in AI will be “full transparency”, states a special publication released in December by the US National Academy of Medicine. It adds the sector’s near-term focus should be on “augmented intelligence rather than full automation”.

8. Automation seen as way to reduce repetitive tasks, free time for creativity

Fifty-four per cent of US workers believe intelligent automation of repetitive tasks could save them at least five hours a week, and 16 per cent say it could save 10 or more hours weekly, said a report released in November by workplace collaboration software company monday.com.

9. Court backs FOIA challenges of National Security Commission on AI

Following requests for information by the electronic privacy information organisation EPIC, a federal court ruled in December that the US National Security Commission on Artificial Intelligence is subject to Freedom of Information Act public disclosure requirements.

10. AI is making journalists’ work more efficient

A survey by the Google News Initiative, the London School of Economics and Political Science, and the LSE’s POLIS journalism and society think-tank found nearly half of news organisations are using AI. The leading reason is to make journalists’ work more efficient (68 per cent).

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