Planned investments in artificial intelligence

Current situation: "Combating the consequences of COVID-19, safeguarding prosperity, ensuring viability" – these are the main elements of the new stimulus package adopted by Germany’s governing coalition on 3 June 2020. It includes targeted measures totalling €130 billion which will give a boost to the economy and promote digital innovation in Germany. Also planned investments in artificial intelligence (AI) for the period up to 2025 will be increased from €3 billion to €5 billion. So, it is clear that this package definitely aims at giving a fresh impetus to digital innovation and growth for businesses. It is important to have a look at the planned measures at this stage to identify funding potential in each specific case.

That means for you: AI, i.e. the automation of intelligent problem solution has made enormous progress recently. At the top management level of company groups and large SMEs, AI is the number one issue for the future because it has the potential to radically change society and economy. For businesses AI is an excellent opportunity to optimise operations and rearrange their entire structure. But challenges are many. The most important question is: In which fields should AI be used in order to add value to businesses? Intelligent algorithms only are not enough.

Particularly because the funding opportunities from the stimulus package may be important for each business and offer a decisive competitive edge, the individual potential for action should be identified for businesses. In practice, AI offers ever so many new applications, both in robotics as intelligent process automation and in algorithms which independently process highly complex tasks or can predict the future (predictive analytics).

Our proposal for you

Frequently, challenges to the successful implementation of AI are posed by missing norms and standards, high complexity and investment costs, IT-security issues and insufficient information and communication structures. In order to overcome these obstacles and to ensure a successful implementation of digital systems, the support from external experts is helpful.

At Warth & Klein Grant Thornton Digital Advisory we develop innovative products, services and business models and concentrate our expertise in the areas of robotics, AI and technology advisory. Our experts provide advice as to where and how you can use AI – and what benefit this can provide to your business. For this purpose we are developing a roadmap to use AI perfectly fit for the relevant business model and sector. With its wide-ranging industry and specialist knowledge, our team assists clients in restructuring their businesses along the roadmap we prepared and to downsize business units and optimise processes with the help of AI.

Together with clients, our team has successfully developed intelligent solutions for fully automated recording of incoming payments, answering questions in customer service, entering invoices into accounts, reading documents and invoices and forecasting cash flows.

Contact

Warth & Klein Grant Thornton will be pleased to assist you with situation analyses of your business from the point of view of funding opportunities and their subsequent practical implementation. Contact us.