With a value of US$327 billion, AI is the fastest growing tech sector in the world. Approximately 85 million jobs will be displaced, and 90 million new ones will be created within the next 3 years (World Economic Forum). As we automate repetitive, mundane tasks, we need problem-solvers who are interpersonally skilled.
Finding efficiencies in productivity is essential to capturing value. A combination of customer analytics recommendation engines, customer segmentation and sophisticated customer modelling can be used to guide the next best step, product, or service to the customer.
CFOs can also calculate the gain they are getting from this particular application based on how much revenue is being generated or how much retention is being maintained.
The challenge for CFOs will be to identify a business problem that has not been solved by other solutions, then evaluate AI to measure its commercial impact. CFOs should get $10 back for every dollar spent on that solution.
In this interview, Dr. Catriona Wallace – Director of the Gradient Institute & Metaverse expert, helps executives understand and utilise emerging technologies in practical and useful ways.
- Within the next 3 years, 40 % of most jobs will be automated and will displace approximately 85 million jobs and create 90 million more (World Economic Forum).
- Only 30% of Australian based organisations have a comprehensive organisation wide AI strategy.
- Comparatively, Australia has not fared very well in productivity levels, nor have we fared well in innovation, either. In terms of innovation, we rank 25th out of 132 similar income-earning countries.