How Artificial Intelligence and Chatbots Will Impact U.S. Productivity Growth (Infographic)

Recent developments in artificial intelligence, robotics, and machine learning are ushering in a new automation age for businesses. Software programs and robots are now capable of handling a wide variety of routine and predictable workloads more efficiently and more cost-effectively than human. In addition, these technologies are becoming more adept at performing tasks that include congnitive capabilities.

It is therefore becoming obvious that automation will alter the daily activities for a variety of workers, from laborers to administrative personnel, but also executives and even CEOs. Given this major shift in the business landscape, what will be the impact on U.S. productivity growth? And what impact will we see on the global economy?

Artificial Intelligence Could Double Growth Rates by 2035

Recent research conducted by Accenture found that artificial intelligence has the potential to double annual economic growth rates by 2035. In changing the nature of work and producing a new relationship between humans and technology, the impact of AI on business is expected to increase labor productivity by up to 40 percent by fundamentally altering the manner in which work is accomplished and reinforcing the role of people to drive business growth.

In the United States, the projected productivity growth predicted by the Accenture study is 35% by the year 2035.

What are Chatbots and How Will They Contribute to Productivity Growth?

Chatbots are software programs developed to initiate and manage one-to-one online communications through a chat interface. Chatbots are already in use across multiple industries, including financial services, healthcare, retail, and hospitality. And in use cases that include customer service, sales and marketing, and for internal employee communications.

Chatbots are expected to be one of the core AI technologies that help drive productivity. In fact, Gartner estimates that by the year 2020, roughly 85% of consumer interactions with brands will be accomplished without any human intervention.

Some of the benefits that businesses can expect from deploying chatbots include:

Persistent availability- Chatbots are available on a 24/7 basis

Instant Access- There is no need for queues or wait times as chatbots are instantly available

Personalization- Chatbots, through their ability to manage one-to-one interactions, have the ability to create a personalized experience for each user with whom they engage

Data Collection- Each interaction is documented by a chatbot for aggregation and review

An important consideration for business owners and managers to keep in mind as they consider the use of chatbots for business purposes is that they are not meant to replace 100% of your human representatives. Instead, a well-designed chatbot will handle the majority of frequently-asked-questions and anticipated customer requests. This will free up human agents to handle the more complex questions and requests and focus their energies on more strategic projects that will provide your company with longer-term benefits.

Contact us to learn more about chatbots and business productivity.