Artificial Intelligence: The German Economy on the Cusp of Transformation
By Jochen Werne
1st October 2023, Düsseldorf
The “Experian 2023 Business Insights” report, released in September 2023, provides a revealing insight into the priorities of the global business community in the coming year. Particularly of interest to us in Germany is the insight into the transformative influence of Artificial Intelligence (AI) on areas such as analytics, risk assessment, and customer experience in the EMEA/APAC region.
Our German decision-makers are well aware of the pivotal role of AI in innovations. An encouraging finding: 60 percent of businesses in our country have already taken active steps to integrate AI into their processes.
However, the report also shows that not all executives in Germany are fully convinced of the benefits of using AI. The efficiency of AI in companies will determine how Germany stands as an economic location in an increasingly digital age. The transformation of raw data into meaningful insights and analyses will become a crucial competitive advantage for us.
It’s heartening to see that many of our international counterparts already recognise the benefits of AI. For more than half of the global companies, the productivity gains from AI already outweigh the initial costs.
One thing is clear: Our data infrastructure and the amount of data available will play a key role in the successful implementation of AI. Here, we as German businesses have some hurdles to overcome, especially regarding the availability of relevant data for critical business decisions.
In conclusion, I want to stress that, even with all the technology and data, we must never forget our ethical responsibility. AI must be employed in a transparent and responsible manner. The fact that already 61 percent of businesses in the EMEA/APAC region have a comprehensive AI risk management programme in place is promising.
The future is clear: businesses that properly harness AI will lead the competition. They’ll be able to leverage process efficiency and automation to unlock new growth opportunities.
For those who wish to read the full “Experian 2023 Business Insights Report”, you can find it here.