Artificial Intelligence (AI), by performing repetitive tasks or helping with tasks that rely on masses of data, will allow for a more accurate valuation of intangible assets, such as human capital, performance and expertise, which are often more valuable in the emerging knowledge economy than tangible assets, says information technology services multinational Wipro new growth and emerging markets VP Ankur Prakash.
By investing in data science, machine learning, predictive analytics and cognitive learning solutions, organisations can ratchet up their value in the future. The state and sophistication of a company’s analytical, machine learning and AI capabilities will become a new dimension of company valuation.
“Further, for purely analytical tasks, AI can provide accuracy and context to inform decision-making, while alerting us to any inherent biases in our thinking. This function supports the intangible concept of ‘gut feel’ and helps users to make accurate, strategic decisions.”
For example, algorithms can set and monitor the tangible aspects of performance management, thereby enabling management and human resources staff to focus on the less tangible aspects of employees’ experience and aspirations.
Meanwhile, cognitive learning – a subset of AI – has significant potential to help capture, package and relay deep organisational knowledge from one individual to the next. With a suitable cognitive learning solution, the contribution and knowledge of top employees can be codified and shared throughout the organisation.
However, beyond organisational operation, AI can become a powerful lever with which to effect meaningful, lasting social change.
“Governments and businesses share the responsibility to ensure that AI leads to greater equality and access to opportunity. For example, we can focus our AI efforts on healthcare in the developing world to mitigate the effects of disease and poverty,” emphasises Prakash.
Some AI commentators are already advocating for a ‘robot tax’ – levied on the value that AI brings to an organisation – the funds of which should be channelled into social initiatives, he notes.
“The automation of basic administrative tasks will help people to be more focused, strategic and ambitious. Advanced AI technology could well help us to better connect with what are essentially ‘human’ tasks.
“We cannot predict the future and we cannot know how to best prepare for the forthcoming AI revolution. “Despite these challenging questions, we must accept a future that includes AI and actively pursue ways to harness its potential,” he concludes.