How Austria Shapes Its Future with AI
AI is applied mathematics i.e. algorithms which are decades old. The roots of artificial intelligence go back to the 1950s. We finally first have the technology today as well as the data availability and computer capacity to implement and apply them. From a mathematical perspective, artificial intelligence comprises classification and prediction. The magic of AI first arises from the combination of data along with algorithms and business relevance. Now, does this sound frightening? No. There is no reason to be afraid of AI. But there are many reasons to make use of it.
Our economic growth in the year 2035 will equal three percent, assuming that we cleverly deploy artificial intelligence. If we get stuck at the current level of technology, economic growth will only be 1.4 percent. This calculation impressively shows the power and possibilities of AI. How did we arrive at these figures? This scenario assumes a 30 percent increase in employee productivity.
If employee productivity in Austria actually rises by 30 percent, every economic sector will profit from it, some more than others. The top performers will be industry, trade and agriculture. This is particularly relevant considering that production and trade are two sectors which account for a significant share of total Austrian gross value added in addition to their extensive potential for incorporating AI.
In terms of production, there are five levers to increase value creation:
1. Die intelligente Automation, die die traditionelle Automatisierungstechnik ersetzt und selbstlernend, autonom und proaktiv agiert.
2. Ein verbessertes Urteilsvermögen, das durch Mustererkennung und Mensch-Maschine-Kollaboration entsteht. Denn KI erweitert die menschliche Intelligenz und ihre Stärken.
3. Expanded interaction: everyone will receive a suitable customised offering thanks to AI. For example, Netflix suggests those films which the customer enjoys. The service chat does away with the need for operating instructions.
4. Intelligent products: smart services are differentiating factors in competition through data-based, personalised services.
5. Responsible AI: Personalised and intelligent products enhance confidence in the product and manufacturer on the part of users. In this regard, ethics play an important and new role.
Our economic structure is particularly well positioned to benefit from AI and to rank among the champions in digitalisation. The regional champions i.e. the domestic flagship companies which enjoy our trust comprise one reason for this. The Austrian champions - the global market leaders which have successfully captured a niche on the world market - are yet another reason. This makes me very upbeat concerning our future.
Read also the blog post about Austria on track to implement the mobility of the future.