Prospective

Travel and transport industries likely to gain most from AI

  • 15 May
    2018

A recent discussion paper written by McKinsey consultants points to the opportunities for growth offered by Artificial Intelligence in a range of industries. However, it seems that, at the present time, this technology remains under-exploited.

Nowadays everybody's talking about the potential future impact of Artificial Intelligence (AI) on the economy. In a recent report that casts an eye over 19 different industries, US-based international consultancy McKinsey has tried to provide answers to some pertinent questions. Unlike some other reports which sound an alarmist note, the McKinsey Global Institute paper shows a more positive attitude. According to the McKinsey experts, AI will enable improvements in performance and so offer an important source of potential growth. Depending on which industry we're talking about, the consultants forecast that adopting this new technology will lead to an increase in revenue of somewhere between 1% and 12%. The paper concludes that the travel and transport sectors have most to gain from using AI, as the technology will bring substantial efficiency improvements in marketing, sales and operations management – three areas where companies in the travel and transport industries are facing complex problems. Moreover, notwithstanding the buzz around Artificial Intelligence, the report points out that the vast majority of companies are not making use of the technology at the present time. The main obstacles to adoption include thed ifficulty of assembling large datasets and the fear of potential bias in the algorithms.