Generative artificial intelligence (AI) could be worth €148 billion to the Republic’s economy by 2038, a new report has claimed, boosting growth and productivity significantly.
However, failure to take action, by government and business, could mean up to €96 billion in potential value lost if the focus is purely on automating existing processes rather than performing higher-value tasks.
The Republic could take a leading role in generative AI technology noted Accenture’s report, Generating Growth: How generative AI can power Ireland’s reinvention.
The report estimated that the long-term growth rate could be boosted by more than 50 per cent if the technology is implemented correctly. Other sectors, such as banking and software, could also benefit from productivity gains of up to 30 per cent.
In total, savings of up to €22 billion could be made from using the technology to automate and augment work, with the public sector alone potentially saving almost €3 billion from an AI-fuelled productivity boost of 18 per cent.
The report said 70 per cent of workers could see around a third of working hours enabled by the technology, through automation or augmentation, which could cut 17 per cent of the time spent on routine tasks.
“We feel we are at a pivotal moment right now,” said Accenture Ireland’s data and AI lead Denis Hannigan. “We have a lot of the foundations in place and there is that opportunity in advance of us. But if we’re to be frank in terms of what that the research is pointing out to us, we’re not currently configured to capitalise on it.”
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Accenture identified three main risks to realising the full potential of the technology, however, including the deployment gap with 91 per cent yet to scale its use across their business, a skills gap that means about two-thirds of workers require reskilling and trust that the technology will be implemented in the right way to make a positive impact on the country.
“We have a significant responsibility to ensure that we’re using these tools and capabilities in a very responsible manner,” said Mr Hannigan. “We need to ensure that the right guardrails are in play.”
The report was welcomed by the Government.
“This report from Accenture is a timely and useful resource for business leaders in taking practical action and building trust in the responsible deployment of AI. The refresh of Ireland’s National AI Strategy published recently sets out our ambition to seize the opportunity of AI for our collective good,” said Minister for Enterprise Peter Burke. “We must keep evolving with technology, transforming how we do things and raising our productivity, in both our home-grown companies and foreign multinationals.”
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