Artificial intelligence as one of the key drivers of the economy digital transformation

• Main Author: O.I. Pizhuk
• Format: Article
• Language: English
• Published: Zhytomyr Polytechnic State University 2020-08-01
• Series: Економіка, управління та адміністрування
• Subjects: artificial intelligence; digital economy; labor productivity; transformation of business operations; fourth industrial revolution
• Online Access: http://ema.ztu.edu.ua/article/view/185177/184810

The article describes the essence of artificial intelligence as an economic category. The main technological preconditions for the emergence of artificial intelligence as a «subversive» technology of the Fourth Industrial Revolution, the development of which can lead to a technological breakthrough in any country in the world. The author proves that artificial intelligence is the key driver of the economy digital transformation and one of the fastest growing technologic segments that offers intelligent solutions in various economic and social spheres, including, among others, production, agriculture, finance, insurance, wholesale and retail, healthcare, services, telecommunications, etc. Artificial intelligence technologies represent a unique opportunity for us to transform business operations by reducing the number of repetitive, routine tasks, significantly increase productivity, create new products, create new models of economic growth, and improve the efficiency of government agencies, especially at the level of development of solutions aimed at ensuring the well-being of citizens. The prospects for using AI are huge as the algorithms that allow massive amounts of information to be processed on an hourly basis can detect cause-and-effect relationships, which are not achievable for a person, and thus make predictions more accurate and make solutions more efficient. It is concluded that artificial intelligence has become a strategic factor for production aimed at creating sustainable growth of the economy and ensure the competitive advantages of any organization.