AI Driving Productivity Gains and Curbing Inflation
– An airline in the Middle East used AI to sift through 16,000 job applications, selecting the most promising candidates and reducing the list to 3% for interviews.
– Recruitment Smart's SniperAI software achieved in minutes what would have taken a human resources team days, showcasing the speed and precision of AI.
– Generative AI, including platforms like ChatGPT, is driving remarkable productivity gains across various sectors, enabling faster coding, efficient customer service, and accelerated research.
– Bill Gates predicts that AI will primarily help people do their jobs more efficiently in the coming years, regardless of the industry they work in.
– The Organisation for Economic Cooperation and Development (OECD) states that AI, as the latest general-purpose technology, will impact almost every sector and occupation.
– The low productivity growth in many Western economies and rising wages highlight the need for AI to address these challenges and help curb inflation.
– AI tools, like those developed by IBM, Microsoft, Google, SAP, and Salesforce, are being integrated into products worldwide, potentially driving a $7 trillion uplift to global GDP and a 1.5 percentage point increase in productivity growth over a decade.
– Large language models and neural networks have significantly enhanced AI capabilities, allowing systems to write stories and engage in natural-sounding conversations.