PwC: Artificial Intelligence Can Boost Local Economies By Up to 26% By 2030
Artificial Intelligence (AI) can boost local economies by up to 26 percent by 2030, shows a recent PriceWasterHouseCooper report. The report adds that the potential contribution to the global economies of AI technology could be up to $15.7 trillion dollars.
Of the $15.7 tr estimated contribution, $6.6 trillion is likely to come from increased productivity and $9.1 trillion is likely to come from consumption-side effects, shows the report.
North America is likely to see the fastest boost in the next few years. The gains from AI will be accelerated by the advanced technological and consumer readiness for AI, shows the report. Another impactful development is the rapid accumulation of data and customer insight.
Which Industries Benefit Mostly From AI
The reputed analyst firm identifies approximately 300 use cases for Artificial Intelligence in diverse industries. It also rates each one based on the potential impact for that industry in the near, mid and long-term.
According to PriceWaterHouseCooper, AI could have the most impact on industries like:
- Financial Services
- Transportation and Logistics
- Tech, Communication and Entertainment
The PriceWaterhouseCooper analysis looked at the total economic impact of AI, accounting for increased productivity (which may involve the displacement of some existing jobs), the creation of new jobs, new products, and other effects.
Artificial Intelligence in Sales
In the sales industry, artificial intelligence has already been in use for a number of years, with some companies seeing a 30% lift in revenue. Sales organizations are using AI technology to overcome limitations of Customer Relationship Management (CRM) software.
According to XANT research, sales representatives spend only 18% of their time working with CRM software, due to its limitations, and dedicate over half of that time to managing CRM-related tasks in spreadsheets. The CRM is also identified by sales reps as the most frustrating or not directly valuable to their objectives.
Sales acceleration technologies powered by Artificial Intelligence can solve some of the most challenging problems for salespeople, and help them build qualified pipeline faster by:
- Improving lead generation by identifying the best leads and accounts (lead scoring)
- Suggesting next best action for sales reps to connect them with the right prospect at the right time
- Boosting sales teams productivity with smart territory planning and accurate forecasting