AI augmentation will fuel $2.9 trillion of business value in 2021
Artificial intelligence is an umbrella term for several related technologies, and one that is gaining rapidly as organizations looks to improve efficiencies and reduce costs is AI augmentation.
Indeed, AI augmentation will create $2.9 trillion of business value and 6.2 billion hours of worker productivity globally, according to Gartner, Inc.
Gartner defines augmented intelligence as a human-centered partnership model of people and AI working together to enhance cognitive performance. This includes learning, decision making and new experiences.
“Augmented intelligence is all about people taking advantage of AI,” said Svetlana Sicular, research vice president at Gartner. “As AI technology evolves, the combined human and AI capabilities that augmented intelligence allows will deliver the greatest benefits to enterprises.”
Business Value of Augmented Intelligence
Gartner’s AI business value forecast highlights decision support/augmentation as the largest type of AI by business value-add with the fewest early barriers to adoption. According to the research firm, by 2030, decision support/augmentation will surpass all other types of AI initiatives to account for 44 percent of the global AI-derived business value.
Figure 1: Worldwide business value by AI type (millions of dollars)
Augmented Intelligence Enhances Customer Experience
Customer experience is the primary source of AI-derived business value, according to the Gartner AI business value forecast. Augmented intelligence reduces mistakes while delivering customer convenience and personalization at scale, democratizing what was previously available to the select few.
“The goal is to be more efficient with automation, while complementing it with a human touch and common sense to manage the risks of decision automation,” Sicular said.
“The excitement about AI tools, services and algorithms misses a crucial point: The goal of AI should be to empower humans to be better, smarter and happier, not to create a ‘machine world’ for its own sake,” Sicular stressed. "Augmented intelligence is a design approach to winning with AI, and it assists machines and people alike to perform at their best.”