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The state of productivity has been controversial for decades, with uncertainty surrounding the ability of information technology to increase output and GDP.
In my last post, I discussed the confusing relationship between technology and productivity around the world.
Of course, business leaders and managers cannot be too worried about global productivity growth, but need to focus on what they are doing to increase productivity at the “local” level – using the best people and tools available to keep the organization on the growth path .
A new report from Deloitte shows that there are a number of strategies, including artificial intelligence and developing talent, that can help individual companies become more productive.
The study’s authors looked at ways 100 leaders could increase productivity over the next 12 months. The study included private companies with annual revenues of $100 million to more than $1 billion.
Participating executives cited market competition (46%) and overcoming the limitations of traditional technologies (44%) as major or very major obstacles to improving productivity. Another 31% of respondents reported limited access to capital investment.
Respondents from smaller organizations indicated that productivity improvements are most needed in the areas of procurement, product development and sales/marketing to achieve business priorities. Larger organizations cite emerging technology, talent acquisition and human resources.
The good news, the Deloitte authors conclude, is that artificial intelligence, while still in its experimental stages, is expected to assist in many of these areas. While less than 10% of respondents said AI is currently improving productivity, the majority (87%) expect it will be within three years.
The survey found that artificial intelligence will make the greatest contribution to productivity through shortened product manufacturing cycles and service delivery times, as well as workforce learning and development. Here are the areas where artificial intelligence is expected to improve:
- Product manufacturing cycle/service delivery time shortened by 40%
- Labor learning and development 39%
- Improve customer experience by 34%
- Improve internal collaboration and communication 31%
- Optimize resource allocation 31%
- Automate 30% of repetitive tasks
- Data analysis speed and accuracy increased by 30%
- Schedule and time management optimized by 27%
- Improve problem-solving skills by 23%
Once planned, tested and put into production, artificial intelligence may increase productivity faster than previous waves of technology. “While the full potential of other technologies (electricity, the steam engine, and the internet) will take decades to realize, the impact of generative artificial intelligence on economy-wide performance and competition will become apparent in just a few years.” Harvard Business Review , by Andrew McAfee, Daniel Locke, and Erik Brynjolfsson.
Artificial intelligence’s promise of productivity stems from the fact that it’s based on software — in addition to the Nvidia chips needed to power much of it. “General-purpose technologies of the past required vast amounts of complementary physical infrastructure (power lines, new motors and appliances, redesigned factories, etc.) as well as new skills and business processes,” McPhee and colleagues said. author. “That’s not the case with generative AI.”
McAfee and his co-authors say artificial intelligence is a technology that learns to strengthen itself, as demonstrated in a study of 1,500 customer service agents at a large technology company. For example, research has found that the lowest-skilled agents benefit the most from AI, while the learning outcomes of higher-skilled agents are embedded in the AI system. “
Overall, the research shows. The number of chats a single agent can handle has increased by nearly 15%. Among newer agencies, the number of supported chats has increased by 35%. McPhee and his co-authors add: “Given the potential for generative AI to improve productivity in many functions—indeed, any function involving cognitive tasks—it would not be an exaggeration to call it revolutionary.”
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