Artificial intelligence (AI) is set to provide a significant boost to the global economy as it lays the foundation for accelerated innovation through the coming decade and beyond.
PwC expects the arrival of AI to transform the way businesses think about hiring strategies and training plans.
As companies tap into the Internet of Things (IoT), they need to embrace AI technology to "enable smart machines to simulate intelligent behaviour and make well-informed decisions with little or no human intervention," PwC said in a recent report entitled "Leveraging the Upcoming Disruptions From AI and IoT".
According to the report: "Over the coming years, ongoing advances in AI will have profound impacts on jobs, skills and HR strategies in virtually every industry."
Vilaiporn Taweelappontong, lead partner for PwC Thailand's consulting practice, said businesses need to learn how to drive value from both of these technologies or risk losing to the competition for years to come.
"Today's organisations must have a strategic plan to integrate AI into the IoT networks to realise their full potential and drive success," Ms Vilaiporn said.
The report said AI is gaining momentum as it allows business to capitalise on smart machines, where devices can act in real time, mostly on their own.
PwC said the pace of adoption by businesses will be augmented by pressure from employees, who want to experience the same convenience and personalisation of AI applications in their working lives that they're accustomed to at home.
Widespread concerns over some of today's jobs being automated out of existence have emerged with the advent of AI and machine learning, she said.
Organisations need to reshape their HR strategies and staff training needs.
According to PwC's report: "The jobs set to be affected most directly by AI include roles like personal assistants, cab drivers, retail cashiers, call centre employees, hospitality staff and bank tellers. And as uptake of AI gains pace and scale, the list of jobs affected by it is set to keep growing."
"Many of us are still clueless about just how AI is being used today by businesses both large and small," Ms Vilaiporn said. "Irrespective of whether the technology is a threat to our existence, businesses must learn, adjust and make the most of its evolution. In the near future, we expect AI to become even smarter, faster, more flexible and eventually become the brains of machines."
The report stated: "Rising adoption of AI will trigger five key changes in the competitive landscape:
Higher revenue. IoT device manufacturers, IoT data and information providers/ aggregators, and companies offering application services based on smart sensors could see increased revenues from the combination of IoT with smart sensors, devices and AI.
Enhanced safety. Real-time monitoring will prevent disasters from occurring, which will raise overall safety. Some security cameras use AI to distinguish between people, animals and vehicles, and can also take actions -- such as turning on lights or sending an alert -- based on what they sense.
Reduced losses from accidents and other causes. Real-time monitoring will reduce the loss of lives and damage to assets.
Lower costs. Smart monitoring of devices -- electricity grids, home smart meters, or even sensor-enabled domestic appliances -- will result in lower operating costs for homes and businesses.
Enhanced customer experience. Smart sensors can adjust to the individual behaviours of users/consumers by learning their preferences. For instance, some smart thermostats can improve a customer's comfort and experience by learning ideal personal temperature settings."
The report noted that airlines, manufacturers and oil rigs have already begun to seize the opportunities presented by combining IoT and AI.