Unlocking the value of AI through industry and regulatory collaboration
Last week, Gartner released estimates on the projected value of AI. According to their research, the global enterprise value derived from AI will total $1.2 trillion this year, a 70 percent increase from 2017. AI-derived business value is projected to reach up to $3.9 trillion by 2022.
For this reason, the AI industry is moving at pace with all the big players investing in research.
AI will not only transform business but also the productivity and GDP potential of the global economy. This technology will be a global game-changer in the next few years.
How to deliver on the promise of AI
The best way to harness the benefits and control the risks of the AI revolution is for us all to collaborate.
Last week, the UK Government unveiled an artificial intelligence deal worth £1 billion, a combined effort between the Government and Industry. President Macron, in France, unveiled investment plans and strategy on AI only a month earlier to promote research and business in this area.
These collaborations will move us all forward and as a global digital services company we are keen to be part of this journey.
We believe that a strong relevant regulatory framework, in consultation with industry, is needed to ensure that AI-driven innovation can and will be applied for the ultimate benefit of citizens and address concerns such as competition and data protection.
These checks and balances will enable a trusted partnership with consumers and in turn allow for a deeper level of innovation.
The first industries to benefit will be in the service sector, such as financial services, with improved customer experience and in the health sector where innovation will play a vital role in improvements and cost efficiencies.
Smart organizations will see compliance as a competitive advantage
The forthcoming GDPR regulations are strengthening Europe’s position in data protection, which will increase trust and compliance and ensure a smooth trajectory for development of AI in industry. But, it would be wrong to confine ourselves within geographical borders and not look to the innovation potential of the GAFA organisations. Rather we must join in on this global journey through partnership frameworks like the one we have just signed with Google Cloud.
Google has machine learning and AI capabilities that we could harness for the good of our customers. We bring the services knowledge and experience to their innovation.
Through collaborations such as this, European players can provide additional reassurance around compliance to our market, the "last mile" of the regulatory chain. Not only this, we also bring the local knowledge of our industries.
Through shared innovation, research and application of business knowledge we will be able to harness the potential of AI for ourselves, our customers and our economies.