TRPC recently contributed substantively to the development of a report on applications of Artificial Intelligence (AI) in APEC, for the APEC Business Advisory Council (ABAC). The report showcased several compelling use cases for different types of AI across several sectors, and made several recommendations to ABAC on what approaches could be taken to address the policy implications of AI technologies.
AI is ingrained in industry and is a rapidly emerging field across APEC economies Artificial intelligence (AI) is the general term used for computing systems that emulate human cognitive functions, such as identifying patterns to solve problems. A catch-all term, often misused, AI comprises machine learning, deep learning, big-data analytics, augmented intelligence, automation, and some types of robotics – a range of methods for machines to mimic and expand upon a growing range of human mental processes.
Some forms of AI simply automate and optimize repetitive tasks. Many of these systems have already been integrated into various business processes and operations for quite some time, helping companies of all sizes increase efficiency and improve productivity. Other forms of AI can adapt and respond to contextual stimuli. These are used to provide analysis of vast amounts of data and output recommendations for human decisions. Such systems are rapidly becoming more available and more affordable due to the commoditization of cloud computing, mobile devices, and big data.
Many different implementations of AI are already beginning to transform the way companies, consumers, and communities transact and interact as businesses and other enterprises adopt AI to reduce costs, increase revenues, improve business efficiencies, or lead to new products or services – contributing to the dynamism in both mature and emerging economies. These facts belie a common misperception: that AI is something that is coming, or that will – in the future – have economic impact for companies, or for entire economies.
As this report demonstrates in detail, AI experimentation, innovation, and usage is already well established in every APEC member economy, across many key sectors, and encompassing all types of businesses and organizations – whether small, micro, or large; whether for profit or not-for-profit; whether public or private sector. AI has well and truly arrived, and APEC member economies would do well to work together to fully enable his next engine of economic and social growth.