Can AI unlock productivity and growth?

After watching Nvidia CEO Jensen Huang's remarkable presentation,you will be convinced that AI has ushered in a new industrial revolution,in which accelerated computing with latest AI chips has unleased the power of doing everything faster,more efficiently and with less energy.In this age of intense global rivalry and competition,including military power ,AI robotics and improved engineering promise a techno utopian way to achieve dominance over rivals.Mc Kinsey estimates that Generative AI'S impact on productivity could add between 2.6 trillion usd to 4.4 trillion USD to the global economy annual.This is like adding one UK economy to the global economy every year.Roughly three fourths of productivity will come from business improvements in four areas-customer operations,marketing and sales,software engineering and R&D.Think about it,instead of training everyone to learn coding,we bypass coding because AI can actually translate what you would like done through writing the script,creating the video and even designing the process.Just ask Chat GPTs latest version.The machine has the answers,but ultimately it is the human being who will either execute what is needed or just not do anything.The reality is that even though Generative AI will have a significant impact across all industry sectors such as retail,banking,high tech,and life science whether or not the productivity is achieved depends on how individuals,companies,communities and nations are driving the productivity change.Since Generative AI changes the way we workby automating many individual activities,this is a social and political question.Cross border language barriers are removed when AI can do the automatic transalation,print the transcript and indicate the next work agenda.It is estimated that the current Generative AI and other technologies can automate work activities by as much as 60 to 70 percent of present employee time,no wonder many in the workforce fear AI adoption with huge resistance and reluctance to change.

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