Expanding Corporate Use of Artificial Intelligence

Mincheol Choi, Danbee Song and Jaehan Cho

No 21/4, i-KIET Issues and Analysis from Korea Institute for Industrial Economics and Trade

Abstract: Despite interest in artificial intelligence (AI) as a transformative driver of economic growth, few Korean companies use AI. Companies currently using AI are increasing their AI investments and expenditures. Companies employ AI in a wide range of functions and fields including automated operations, predictive analytics, product and service development, and sales and inventory management Challenges to the application and use of AI exist in multiple, closely-connected domains. Challenges include human capital scarcity, inadequate funding, the difficulty of acquiring technology, and both the internal and external business environments confronting companies. This work analyzes the barriers to increased corporate adoption of AI technologies and proposes a set of policy suggestions to improve AI uptake at Korean companies.

Keywords: artificial intelligence; AI; AI adoption; productivity; firm productivity; corporate productivity; STEM; skilled labor; information technology; IT; information and communications technology; ICT; R&D; research and development; innovation; innovation policy; AI policy; regulation; personal data (search for similar items in EconPapers)
JEL-codes: E24 H52 I28 J24 O32 O38 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2021-04-04
New Economics Papers: this item is included in nep-big, nep-cmp, nep-cse and nep-ict
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kietia:2021_004

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