20 november

“Artificial Intelligence heralds dramatic potential for growth for both the economy and for humans.” – Mark Purdy.

Mark J. Purdy is a managing director and chief economist at Accenture Research. His research examines issues at the intersection of macroeconomics and business, such as globalization, international competitiveness, economic growth and jobs. Mark’s projects were also focusing on Chinese productivity, emerging-market geographic strategy, inclusive economic growth and the economic impact of new technologies such as the Internet of Things.

In his recent research with Paul Daugherty How AI Boosts Industry Profits and Innovation, Mark stressed out: “As the new factor of production, AI can drive growth in at least three important ways. First, it can create a new virtual workforce—what we call intelligent automation. Second, AI can complement and enhance the skills and ability of existing workforces and physical capital. Third, like other previous technologies, AI can drive innovations in the economy. Over time, this becomes a catalyst for broad structural transformation as economies using AI not only do things differently, they will also do different things.”

The steady decline in business profitability across multiple industries threatens to erode future investment, innovation and shareholder value. Fortunately, a new factor of production—artificial intelligence (AI)—is emerging that can help kick-start profitability. AI consists of multiple technologies that can be combined in different ways to sense, comprehend, act and learn. Accenture research shows that AI has the potential to boost rates of profitability by an average of 38 percent by 2035 and lead to an economic boost of US$14 trillion across 16 industries in 12 economies by 2035. But this will only happen if organizations adopt a people-first mindset and take bold and responsible steps to apply AI technologies to their business.

Purdy has published widely in tier-1 media and specialized publications such as Strategy & Leadership, Rotman Management, Business Economics, Thunderbird International Review of Business, the European Business Review, HBR Online, Stanford Social Innovation Review, Fortune, The Global Economy Journal and The American Journal of Tropical Medicine and Disease.

Before joining Accenture, he was an economic advisor at the U.K. Competition Commission, the Consumers’ Association and Ireland’s National Economic and Social Council.

Mark will be taking part at the plenary session for the IoT & AI World Summit EURASIA opening the platform for discussion on the digital strategic tasks, challenges and solutions which might already happened and are waiting the Central Asian region in the near future. Purdy will also make a presentation on Artificial Intelligence in Industrial sector, November 20.

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