**1. Introduction**

The era of artificial intelligence (AI) has already entered our daily lives and is changing how most businesses, industries, societies, and humanity will operate. AI enables the creation of new products and services, the improvement of existing ones, and the optimization of processes and operations. AI may also have the potential to enhance the productivity and efficiency of human workers by augmenting their skills and capabilities or automating repetitive and mundane tasks.

AI is a branch of computer science, which focuses on the development of algorithms and systems that can perform tasks that typically require human intelligence, including cognitive processes such as learning, perception, reasoning, and decisionmaking. Technologies based on AI are designed to interpret large and complex

volumes of data to learn from them using mathematical algorithms and use them to perform predictive analyses based on real-world experience. These predictive analyses, thus, can generate new insights and discoveries, leading to innovation and competitive advantage for business sectors.

As AI systems are moving from theoretical mathematics and advanced hardware to everyday aspects of life, it becomes of interest and value to the modern economy and technology. In fact, AI technology actually underlies much of our daily routines. Once we switch on our devices, we immediately connect to AI functionalities such as face ID, online banking, digital voice assistants, or driving aids.

This is also the case on the organizational side, transforming the way they operate with business applications that are familiar to everyone [1], such as:


AI is becoming a key driver of sustainable economic growth in technology and ensures the competitive advantage of any business sector. According to the most recent report by McKinsey [2], AI could potentially add 16% by 2030 to current global economic output. This report also shows that AI adoption has increased to approximately 50% of the companies surveyed, compared to 20% in 2017. The level of investment of companies in AI has increased along with its growing adoption. Importantly, 63% of McKinsey's respondents mentioned that they expect the investment of their organizations to increase over the next few years. This is not just a trend, but its benefits are already being felt as organizations that have adopted AI report realizing meaningful cost decreases and revenue increases [3].

The current top use cases for AI are optimization of service operations, marketing and sales, product and service development, and strategy and corporate finance. The biggest reported earning effects for business are found in marketing and sales, product and service development, and strategy and corporate finance, while the highest

*Human Factor on Artificial Intelligence: The Way to Ethical and Responsible Economic Growth DOI: http://dx.doi.org/10.5772/intechopen.111915*

cost benefits of AI are in supply chain management [2]. This proves that AI can be a real catalyst for the transformation of the financial sector [1].
