The Strategist

Artificial intelligence will bring $ 1.1 trillion to business

06/20/2017 - 15:07

Research company International Data Corporation (IDC) and American developer Salesforce presented a joint study in which they positively assessed the prospects for the introduction of artificial intelligence, especially in customer information management (CRM) systems. According to experts' forecasts, the new technology will create more than 823.7 thousand jobs and increase business revenue by $ 1.1 trillion by 2021.

During the preparation of the report, IDC relied on its own data on the state of the IT and telecommunications market, as well as on the survey results of representatives of 1,028 companies from Germany, France, the United Kingdom, Japan, the USA, Canada and Australia. The calculations also used information about the macroeconomic indicators of companies in 2016-2020, their profits and expenses in such categories as marketing and sales, production, customer support, etc. The data obtained allowed to simulate the economic impact from the introduction of artificial intelligence technologies in CRM -systems.

According to experts, artificial intelligence is able to solve several tasks related to CRM systems at once: speed up the sales cycle (from searching potential sales markets and consumers to making deals), improve marketing campaigns and increase brand awareness, as well as boost profits through more effective product marketing. Among other advantages are lower cost of supporting call-centers with the growth in the number of processed applications, faster and cheaper staff selection and partner search, optimization of pricing and logistics, the timely detection of acts of fraud.

Integration of artificial intelligence technologies will increase total revenue by $ 1.1 trillion, of which $ 356 billion will bring cost reduction and productivity increase due to workflow automation.

The biggest impact will be noted in the US (projected total revenue grown by $ 596 billion by 2021), Japan ($ 91 billion), Germany ($ 62 billion), Great Britain ($ 55 billion). Customers of Salesforce (the largest player in the CRM-systems market) will be able to increase profits by $ 293 billion and create 155 thousand new jobs. Meanwhile, by the end of 2020, the world business expenses for the implementation of cognitive systems and artificial intelligence (hardware, software and services) will grow to $ 46.3 billion ($ 7.9 billion now).

Despite the unfavorable forecasts on the labor market, IDC, in contrast, predicts creation of more than 823.7 thousand and 2.1 million new jobs and related positions. At the same time, experts admit that part of the staff will indeed be reduced as useless. However, expansion of competencies will open new career prospects.

IDC experts are confident that 2018 will be the key to the introduction of artificial intelligence - almost half (41%) of respondents intend to adapt these technologies in the next two years. The most popular artificial intelligence technologies to be implemented were auxiliary systems (databases, business process modeling, standardization and information processing) - 38%, data preparation and improvement of tools based on artificial intelligence - 35%, system analysis of social networks and analysis of the tonality of the text - 33%. The most promising spheres of application of artificial intelligence were customer service - 43%, customer support (logistics, settlement system) - 41%, management of relations with partners - 41%.