WILL COGNITIVE TECHNOLOGY-DRIVEN AUTOMATION LEAD TO ECONOMIC GROWTH?

Author:Hardingham, Eileen
 
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  1. Introduction

    Artificial intelligence is an innovative type of automation that can enable tasks that were until now assumed to be beyond automation to collapse: it may be adopted in the regular manufacturing of products and services, possibly shaping economic growth and revenue shares (Grcic Fabic, Zekic, and Samarzija, 2016; Lazaroiu and Rommer, 2017; Stroe, 2018), and may alter the process by which individuals bring about cutting-edge initiatives and technologies (Anderson and Kantarelis, 2016; Kliestik et al., 2018a; Nica, 2018), being instrumental in solving intricate issues and scaling resourceful endeavors. The progress of artificial intelligence and its macroeconomic consequences will need the imaginably rich conduct of companies. (Aghion, Jones, and Jones, 2019)

  2. Literature Review

    The repercussions of technological advance for sustainability have become gradually convoluted with information technology relocating machines from being simple tools for manufacturing or articles of consumption to being decisive in economic decision making. (Pueyo, 2018) Artificial intelligence technology aims to delegate boring and monotonous office tasks to software machines, leading to a work setting that may provide superior contentment to human employees. (Daugherty and Wilson, 2018) The demand for assertiveness directs customers in their choices for products and how they acquire them, e.g. via the prosumption of authentic exclusive goods. The established reciprocity between the nonconformity and economy of such products can be tackled through artificial intelligence applications. (Fox, 2018)

  3. Methodology

    Using and replicating data from Gartner CIO, UNESCO Institute for Statistics, PwC, and Statista, we performed analyses and made estimates regarding gross expenditure on R&D as of GDP (2018), adoption of specific artificial intelligence use cases (by category), impact of technologies on the IT department, and key concerns associated with AI-based customer service.

  4. Results and Discussion

    Artificial intelligence and digitization generate and wipe out jobs. Automation of the minimum-wage positions is difficult as they involve unorganized physical operation and unregulated social interaction. Automation of the topmost-wage positions is difficult as they (encompassing numerous jobs artificial intelligence creates) necessitate unorganized cognitive operation and unregulated social interaction. The consequence of automation is somewhat preponderant in...

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