How The Economy Can Benefit From Using Artificial Intelligence

Artificial intelligence can do a lot for us that we can’t do for ourselves. It can help our businesses run more efficiently, it can cut costs, and it can help us accomplish more than we can do in a normal working day. When used in business, artificial intelligence is our backup, our right hand helper, and can do those tedious or heavy lifting type tasks, freeing us up to do more with less time and effort. It’s predicted that by 2030 70% of businesses globally will use artificial intelligence in some capacity, and in that same timeframe it could also help to create upwards of 280 million jobs. Artificial intelligence is already impacting our economy, and those impacts will be felt even more strongly as the technology becomes more widely adopted throughout various industries.

AI Economy  using artificial intelligence

Artificial intelligence could add $13 trillion to the global economy by 2030, but there are some challenges to its adoption. First, cost is always a consideration when adopting any new technology. People need to know that the cost will be recouped in the form of increased business or cost savings or both in order for it to make sense to implement. Fortunately, many developers of this technology are looking to make AI-as-a-service platforms to benefit as many industries as possible. Google Brain has been in development since 2011, and its stated mission is to bring the benefits of AI to everyone.

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Some of the areas where artificial intelligence can make the biggest difference include:

  • Demand Forecasting - crucial to maintain competitiveness in retail and shipping
  • Route Optimization - saves fuel and wear and tear while ensuring efficiency in cargo space and timeliness of deliveries
  • Predictive Maintenance - saves time costs by preventing breakdowns and saves actual costs by zeroing in on maintenance schedules

There are so many ways AI can optimize various types of business, and new ways are being discovered all the time. In manufacturing AI can be used to forecast schedules, reduce waste, and even run factories at non-peak energy times. AI can also be used to help grow crops in hydroponic urban grow farms to reduce trucking costs and pollution by producing food in a more compact and local area relative to where it will be consumed. Almost every industry can benefit from using artificial intelligence.

Artificial intelligence adoption rates are already soaring. Learn more about the future of the economy under the influence of artificial intelligence from the infographic below.

AI Economy




About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver