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Generative artificial intelligence (GenAI), which creates new data such as images or texts from existing data, could help increase productivity and competitiveness in Austria. This is shown by a study by management consultants McKinsey.
“Austria, like many industrialized countries, is struggling with stagnating productivity progress,” says Martin Wrulich, head of the Vienna office at McKinsey. GenAI is particularly promising for jobs that require a high level of education. It is said that these activities are complex and therefore benefit greatly from optimization and automation.
For example, GenAI can make decision-making more efficient and improve data processing. The sectors most affected by changes caused by GenAI technologies are office support, professional services, training and MINT (mathematics, computer science, natural sciences, engineering) careers, which could lead to employment shifts. People with college degrees would see the biggest change in daily productivity, the study said.
Productivity could grow 20 percent faster by 2040, says Wrulich. However, additional measures and investments are necessary in order not to lose international connection. To achieve this, AI skills would have to be trained and taught, and companies would need a learning culture and active involvement of upper management.
Call for solidarity
Wrulich calls for an “effective collaboration between business, research and politics” in Austria in order to advance GenAI and “not just passively use other people’s solutions”. At 3.2 percent of gross domestic product, Austria invests a lot in research and development compared to Europe (2.3). But there is still some catching up to do when it comes to AI.
According to the study, nine out of ten AI employees in Austria have a degree higher than a bachelor’s degree, but belong to the middle income bracket. High-paying AI jobs are not yet widespread, which limits the attractiveness of retaining top talent.
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Source: Nachrichten
