AI Can Spur Productivity Growth: Insights from Global Big Data Conference

At the recent 5th Annual Global Big Data Conference, KyndiTM Founder and CEO Ryan Welsh gave a talk entitled “AI Creating Actionable Knowledge, Faster.” He addressed the capabilities of the foundational artificial intelligence (AI) approaches and outlined Kyndi’s next generation AI solution. The Kyndi solution leverages an advanced anticipatory intelligence model that gives users an edge by enabling them to anticipate future trends, threats and opportunities to gain critical knowledge faster, and then act decisively.

As part of his discussion, Welsh cited research on how data growth has been exploding across every major business category (see graph below), but humans don’t have the capacity to consume or use all of that data.

Welsh commented: “The fact is, as humans we don’t read any faster than our parents or grandparents did. More data won’t actually correlate to more actionable knowledge if we rely solely on our human ability to process that data.”

The limitations of humans to read and process the growing volumes of data has contributed to a downward trend in both labor productivity and output during the past 40 years. Welsh noted that over the last 30 years, productivity growth averaged 2%+ a year, whereas it averaged only 1.25% a year during the past decade.  With 2% productivity growth, the average standard of living doubles every 35 years. But with 1.25% growth, the average standard of living doubles only every 70 years. “If we continue at this pace, our children will not be better off economically than we are today,” said Welsh.

Source: Federal Reserve Economic Data; Bureau of Labor Statistics

Welsh commented that technological advances in AI can help amplify human productivity. “We have seen that while human output is in decline, machines are capable of becoming useful tools in the consumption of information. We can add more people to a research project, but they will still only read so fast. However, if you add a machine to help those researchers, you can give one analyst the power, speed, and efficacy of four,” said Welsh.

As the above graph illustrates, AI can positively impact economic growth in the next 20 years by improving productivity and increasing output. Foundational AI systems (e.g. translators, neural network methods, pattern recognition, data mining, etc.) already have the capability to transform and increase output. Kyndi’s AI technology creates frameworks for perception, learning, reasoning, and understanding, improving upon earlier systems based on only one of those paradigms. “Leading the way with these next generation solutions, we believe that AI will have a significant, measureable impact on productivity in years ahead, and that will yield very positive results for people and national economies,” Welsh concluded.

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