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– Cognizant impact study predicts that generative AI could inject $1 billion into the US economy in 10 years
A landmark joint study from Oxford Economics and Cognizant predicts that generative AI will impact 90% of jobs in the United States, underscoring the critical need for strategic reskilling to sustain economic growth.
TEANECK, N.J., Jan. 11, 2024/PRNewswire/ — In partnership with Oxford Economics, Cognizant (NASDAQ: CTSH) today revealed findings from its new New Work, New World economic impact study, which predicted that 90% of Jobs will be altered in some ways by generative AI (gen AI), setting the stage for a profound change in the way we approach work, productivity and economic growth. The study also found that the impact of technology will be influenced by the rate of business adoption and how quickly people can adapt to new ways of working.
“Our study aims to lift the curtain on the effects that generative AI can have on our global workforce,” explained Adrian Cooper, CEO of Oxford Economics. “The research findings show how quickly this technology could alter the trajectory of the American economy, offering invaluable insights for leaders to harness their potential and adapt quickly.”
Generative AI offers the potential to improve operational efficiency, create new revenue streams, innovate products and services, and ultimately redefine business. To quantify the potential impact of generative AI on productivity and the future of work, Cognizant partnered with Oxford Economics to create an economic model exploring three scenarios of generative AI adoption by US businesses. This model considered 18,000 tasks that drive the US economy and carefully examines the impact that generative AI can have on the jobs that advance these tasks. While focused on the American workforce, the general themes that emerged from the findings can be applied globally. The research revealed key insights, including:
“Generative AI has already surprised us with its capabilities across industries, but the true impact of its integration into our daily business operations has barely scratched the surface,” said Ravi Kumar S, CEO of Cognizant. “To apply the potential of technology to amplify our productivity, we must understand its full influence on the future of work and come together to create the best opportunities for people to grow with it.”
Reskill the workforce as AI advances
While the timeline of this research spans more than a decade, Cognizant believes leaders from all sectors of society should work together today to establish a new pact of trust that allows businesses, workers and economies to thrive in the future. era of generative AI. As this technology becomes common in the workforce, new employee skills will be in demand to support areas including business strategy and AI management. Reskilling programs, once seen as a tactical complement to an employee’s career, will become an essential part of the workday, with time allocated for training and education.
In line with this vision, Cognizant recently launched its Synapse initiative, designed to revolutionize and rebalance the technology education and workforce development landscape by redefining opportunities for more than one million people around the world. Leveraging Cognizant’s deep experience and long history as a technology training specialist, the initiative aims to create a new pool of employable talent for the expanding digital economy by 2026. Read more about Synapse here.
To view the full study and learn more, visit https://www.cognizant.com/us/en/gen-ai-economic-model-oxford-economics.
Methodology: new conscious work, study of the new world
Cognizant commissioned Oxford Economics to assess and forecast the economic impact of generative AI technology in the United States over the next 10 years.
The project was executed through five main phases of work that sequentially enabled the development of the assumed inputs for the Oxford Global Economic Model (GEM). These contributions were designed to reflect how we anticipate the implementation of generative AI technologies by companies in the United States over the forecast horizon could influence structural drivers of economic activity, particularly total factor productivity growth. (PTF). To reflect the uncertainty inherent in such a process, three scenarios were run to develop a variety of outcomes. To know the complete methodology, click here.
About Cognizant
Cognizant (Nasdaq: CTSH) designs modern businesses. We help our clients modernize technology, reimagine processes, and transform experiences so they can stay ahead in our rapidly evolving world. Together, we are improving everyday life. See how at www.cognizant.com or @cognizant.
For more information, contact:
Corporate Gabby GuglioccielloGabrielle.Gugliocciello@cognizant.com
India Rashmi Vasisht rashmi.vasisht@cognizant.com
America / EMEA / APJ Christina Schneiderchristina.schneider@cognizant.com
Forward-looking statements
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks, uncertainties and assumptions regarding future events that may not be proven accurate. These statements include, but are not limited to, express or implied forward-looking statements regarding the adoption of generative artificial intelligence, the effects of generative artificial intelligence on the workforce and the economy, and the effectiveness and results of our new Synapse initiative. These statements are neither promises nor guarantees, but rather the results of the study discussed above, and remain subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated. in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause results to differ materially from those expressed or implied include general economic conditions, the impact of technological development and competition, the competitive and rapidly changing nature of the markets in which we compete, the competitive market for talent and its impact on employee recruitment and retention, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
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