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Expanding Corporate Use of Artificial Intelligence

Author

Listed:
  • Choi, Mincheol

    (Korea Institute for Industrial Economics and Trade)

  • Song, Danbee

    (Korea Institute for Industrial Economics and Trade)

  • Cho, Jaehan

    (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.

Suggested Citation

  • Choi, Mincheol & Song, Danbee & Cho, Jaehan, 2021. "Expanding Corporate Use of Artificial Intelligence," i-KIET Issues and Analysis 21/4, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kietia:2021_004
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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