Discussions about the impact of new technologies increasingly demonstrate the need to measure effects on prosperity and well-being beyond the usual metrics of economic growth and success. These include, among other things, improvements in health, increased life expectancy, greater job security or more equal opportunities. Artificial intelligence (AI), the Internet of Things (IoT) and other aspects of digital transformation can bring numerous benefits to the economy and society there as well.
As part of a study, the McKinsey Global Institute (MGI) examined around 600 technology applications and analyzed the effects on companies, the economy and society. The aim was to find out to what extent new technologies can improve our lives.
Improvements through technology
About 60 percent of these use cases are based at least in part on artificial intelligence (AI). The range ranges from online training and digital employment services to mobile payment solutions for better financial access, online marketplaces for cheaper goods and services, adaptive learning applications that better prepare young people for the labor market, clean technologies for environmental sustainability, AI-based drug research and personalized medicine for a longer and healthier life.
Based on the case studies, the authors developed a wealth model for the introduction of new technologies. This model not only quantifies the impact of technology on economic performance (gross domestic product, GDP), it also takes into account other factors such as health, leisure and equal opportunities.
Technology change in itself is neutral
The study shows that new technologies are bringing about significant changes in the economy and in the workplace. But the same technologies can also help to better address some of the challenges. The study shows that this positive trend will only continue if companies use these new technologies in a correct manner. The potential of AI, IoT, and automation must not obscure the fact that technologies are just tools. This does not solve problems by itself.
Actively exploiting the potential of technologies
For the state and the economy, the study reveals clear priorities:
- The state can help to drive innovation and improve the well-being of society; to this end, it should promote research and development, including in the health sector, the dissemination of new technologies through appropriate procurement practices and support workers suffering from drastic changes in their working environment with retraining and targeted transitional assistance.
- With the use of technology, companies can focus on new products, services and markets, expand the skills of their employees, including using of technology, and improve employee mobility by, among other things, creating new careers. They can also focus on the many technology solutions that the study found will improve our lives. And if you want to improve your skills in growing plants, make sure to enter promo code 20as-256495 at checkout.