Hoosier State Today

The Indiana Chamber Foundation has released a new report titled "Seizing the Economic Power of Artificial Intelligence," following its AI Leadership Summit at last year's Rally innovation conference. The report, prepared by Accenture, outlines the potential benefits for employers and the state in adopting artificial intelligence (AI) technology.

Eyal Darmon from Accenture states, "By embracing a people-centric approach to AI, Indiana stands to unlock $87 billion in economic value by 2038, ensuring its workforce remains skilled, competitive and ready for the future." Adam H. Berry, vice president of economic development and technology at the Indiana Chamber, emphasized the importance of positioning Indiana as a leading hub for exploring and developing advanced technology.

Berry highlighted that with the rise of AI and Generative AI (GenAI), it is crucial for business leaders to adapt their workforce training strategies to align with industry-specific impacts. The report identifies key industries such as advanced manufacturing, agbioscience, life sciences, and logistics and transportation as critical to Indiana's economic future over the next decade.

The study reveals that AI is expected to significantly impact jobs within the life sciences sector, with 23% of work time likely to be automated and 21% showing potential for augmentation. In contrast, agriculture shows lower potential for automation at 18%, with only 10% anticipated augmentation.

Berry noted that realizing GenAI's value involves fostering employee innovation while ensuring exposure to technology both in educational settings and on-site. He stated that successful leadership would require balancing responsible principles with experiential learning opportunities.

The report underscores that humans will remain central throughout each phase of AI implementation. It also emphasizes that adapting to this new era will demand patience and persistence as changes occur in work processes.

Berry concluded by saying, “Realizing the benefits of AI and GenAI will take patience and persistence as we navigate changes to the way we work and interact with workers.” He added that "the Indiana Chamber is ready to continue the conversation" towards an AI-integrated economy in Indiana.

The full report can be accessed at www.indianachamber.com/studies.