Artificial intelligence: A blessing and a curse for the economy

By Alex Weishaupt Daniel Müller Roland Bartl

With Babak Hodjat, CTO AI at Cognizant, we had the pleasure of talking to one of the leading minds in the field of artificial intelligence in our last webinar from the MU Digital & Transformation Practice.

A discussion ensued on how generative artificial intelligence is impacting various business sectors.

4 key takeaways from webinar

  1. A study by Oxford University has examined the economic potential of AI and predicts up to one trillion dollars in annual value added to the US economy by 2032 through task automation and productivity gains.
  2. In addition, it is predicted that around 9% of the US workforce could be displaced by the integration of AI.
  3. AI tools increase the productivity of software developers. The automation of coding tasks and the improvement of code quality enable significant efficiency gains.
  4. AI offers many benefits, but it is difficult to ensure that AI technologies are developed and deployed in an ethical way and benefit society as a whole.

The discussion with guest Babak Hodjat painted a picture of a future that is closely intertwined with AI. 

  • The benefits of the technology are economic growth and increased productivity.
  • The challenges: Job displacement and ethical dilemmas

Our conclusion:

The introduction of AI requires a joint effort from technologists, policy makers and the general public to manage the complexity.

It also requires ensuring that development is guided by ethical principles and a clear vision for a more efficient, equitable and technologically advanced society.

The webinar was hosted by MU Experts Roland Bartl, Alex Weishaupt, and Daniel Muller.

Read more about our service offers within MU’s Digital & Transformation Practice here.