As many business leaders and government officials are debating on the potential impact of Artificial Intelligence on their cost and profit structure, they actually may be already late to the party. Forward thinking companies in Financial services, High Tech and telecommunication are re-thinking their
business process to boost productivity. According to Accenture the growth of profits dropped from 25 percent in 2010 to -3% in 2015. On the other hand, there is a potential to boost profitability an average of 38% by 2035. This will lead to the creation of $14T across 16 industries in 12 economies by 2035.
AI will boost profitability an average of 38% by 2035
The impact of AI on profits by industry — source Accenture and Frontier Economics
So, it is here and it will create massive changes in our economies. No doubt. What most people see is the impact on their job. As productivity changes scale, millions of people need to be redeployed on additional and new added value activities. The need for re-training for both the workforce and our
government and business leaders is certainly one of the first priority. In this early 2018, the initiatives to fully embrace this new digital frontier should be at the top of all leaders’ agendas.
Where do I start is the first question? The classic People, Process and Technology is a rational way to address the topic. In no particular order, I would start by the process. Identifying how millions of tasks can be automated and how decisions can be made based on successful patterns is a first step that can lead to significant process improvement. Elementum, a new breed of online supply chain platform that unifies procurement, logistics, manufacturing, and inventory operations in real time can provide early warning of potential problems and propose alternative solutions. Thanks to
processes retooled with AI they analyze more than 10 million incidents per day and US$25 trillion worth of products in real time.
The people aspect will be the North face for most businesses. According to Michael Chui from McKinsey Global Institute, half of our workforce activities can be automated. But on the other hand, the world will welcome millions of people coming from India, China, Indonesia, Africa and others.
These populations are entering the consuming age with needs for a better efficiency energy mix and will create enough new jobs to offset the cut in traditional economies.
Then technology. There is more to say here than time left for you willing to read this article. So, in a nutshell the first vital technology need is a new automation protocol that fully leverage artificial intelligence and that is allowing businesses and individuals to fully develop their potential. The
blockchain was the first step since it provided a decentralized ledger to store information safely. But the reality now is that it is still a heavy process to approve the blocks (transactions). The concentrations of approvers (miners) in China is a complete paradox to the original spirit of the Blockchain and the energy needed to power the server farms is just impossible to scale to the level
needed to rethink entire economies.
What is coming next?
NeuroChain is the best answer available since it is a brand new protocol based on a new consensus that does not give the priority to the biggest computation capacity but rather the best behaviors (entropy, enthalpy and integrity, see in our blog for whitepaper for further technical descriptions).
Intelligent bots can evolve thanks to machine learning and benefit form the collective improvement made by other providers in the system. This new protocol, an open source language, can be deployed safely and benefit from the collective intelligence created by the network of contributors. This is a
very disruptive way to address technology since it is based on a rapidly evolving language that is accessible by all. Pioneers for sure will be the first to benefit from these new productivity boosts. You certainly cannot afford to be left behind. We at NeuroChain will propose soon the protocol that will
securely help to augment your business processes with AI. You have the expertise in your field, make sure you also have the best strategy to stay ahead of the pack.