Emerging Technologies to Add $2 Trillion to US GDP Over the Next Decade By Benjamin Roussey
The monster IT company Oracle has published a report that estimates that the GDP of the United States will gain $2 trillion over the next decade, thanks to the productivity and career opportunities made possible by cloud services.
The report states that the economy will be benefitted from the widespread adoption and use of new and advanced technologies like artificial intelligence, machine learning, blockchain, cognitive computing, and intelligent automation in conjunction of existing industry practices.
The report, commissioned by Oracle, is written by a Wharton School senior fellow Dr. Michael Mandel. Called ‘Intelligent Finance: How CFOs Can Lead the Coming Productivity Boom’, the report is meant for organizations to get a better understanding of how cloud services and other advanced technologies will benefit all types of services in the coming years.
The report also showed a huge economic and productivity divide between the services that made use of advanced technologies and those that did not. It only goes on to show that there is no option for services but to adopt latest software changes and innovations, because that is what will shape the economy over the next ten years and beyond.
Technology Makes the World Flatter
Of course, technology helps achieve goals in a shorter time and more efficiently, and this is the reason why an increasing number of large corporations are adopting advanced technologies. Mandel writes in the report that both low and high productivity companies can benefit from having access to the same technology and industry practices.
This will help lower productivity companies achieve more efficiency by automating routine tasks, reducing costs, investing in technology and hiring better resources for more important tasks and. Technology is the same for all, and if companies invest in the latest technologies and keep themselves updated, they can boost efficiency and achieve greater success.
At the present time, the size of the company doesn’t matter (this is not that ridiculous late 90s Godzilla movie where size does matter!). Those who utilize technology will definitely be ahead of those who don’t. That has been proven throughout history!
The Medical Industry has Embraced Cloud Technology
There are several sectors that are increasing their efficiency and productivity with the help of emerging technologies. One such sector is healthcare that has already started to utilize the new and advanced cloud technologies to take the $3 trillion industry ahead. Something needs to happen after the ACA debacle but this is another topic.
We are aware that healthcare was one industry that was severely lagging behind in terms of using technology. But in recent times, the industry has made use of technologies like AI, machine learning, and even Blockchain to increase productivity and reduce costs.
Cloud services enable the healthcare industry to integrate the population health data with the financial data. Through the use of data analytics and population health management, the US economy could save millions of dollars in the healthcare industry.
This isn’t the first time that the benefits of cloud computing are being talked about. For the last few years, several industries have woken up to the fact that cloud computing and other emerging technologies are the future of business and no Rocky – this is not a cloud up in the sky!
One of the biggest benefits of the cloud is reduced costs. Cloud computing can help businesses eliminate the need for expensive hardware, and instead switch to a pay-as-you-go or subscription-based model. This will help reduce both infrastructural and operational costs. Cloud services are easy to set up and use, making them extremely business friendly and with the federal government finally being business friendly now, things are looking up.
Industries are all set to use blockchain to securely store data, create smart contracts, and enhance collaborations among multiple systems. Although technologies aren’t free from error (some people using semi-autonomous vehicles know this now! – though why would you not pay attention when the car was in motion?), they are usually more accurate and productive than their human counterparts.
This leads to work being completed in a shorter time. By utilizing technology, businesses can use their human power for more important tasks, thereby improving productivity. This is true for both small companies and large corporations.
Cloud services will boost the US economy in another way – by creating new jobs and these jobs are skilled jobs which is why many people want an immigration policy that focuses on finding skilled immigrants because America is not producing enough tech and engineering pros but this is another topic. Furthermore, the impact of technology on society cannot be ignored. As newer technologies keep emerging, there will be a huge demand for people who are well versed in those technologies.
A Brighter Future
This gap in industries will lead to the creation of new jobs and opportunities that no one had thought of so far. Artificial intelligence, blockchain, machine learning, 3D printing, cognitive computing are some of the new technologies that will require skilled people to work in. Unemployment has been a big issue for the US up until 2017 but now things are much brighter with lower taxes (lots of bonuses and jobs returning to America). 2018 could be a phenomenal year for America and certainly for people with the right skills.
Besides, technology could also benefit the general public in a number of ways. For instance, technology could predict illnesses and health risks in advance and save medical expenses.
In the same way, cloud computing, artificial intelligence, and machine learning are capable of reducing the cost of education and helping students in their educational goals. When more and more industries start making use of new and emerging technologies, it will lead to more productivity, boosting the economy.