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Throughout history, new forms of energy have shifted the gears of human progress, profoundly changing how people live and work. Ancient societies started with muscle, moved to animals, then harnessed water, steam and eventually, electricity.

Today, AI is emerging as our next energy source, like fire, electricity or steam in past revolutions, to power productivity in the knowledge economy.

Horses, steam engines and power plants all still matter of course, but the world is increasingly running on code and software. What some are calling Economy 4.0 is the AI-powered transformation of the knowledge economy, with software reordering how value is created, delivered and scaled. 

AI is the new power for business, but software is the power grid. It's the axle around which our knowledge economy is starting to turn. Software now shapes how we communicate, manage money, access healthcare, shop, learn, and nearly every other aspect of our modern lives. 

"Software is one of the key elements of making WellSky successful," said Joel Dolisy, Chief Technology Officer. "There is a lot of people interaction that is all enabled through software. [It] is a big, big important part of how we make that happen."

And yet, much of the code that shapes the economy is old enough to collect social security. Nearly $3 trillion worth of global business operations still run on COBOL daily. Despite the increasing criticality of code, the world is still reliant on software that may have been developed by our grandparents. The impact: a chilling effect on disruptive innovation.

Vimala Suresh, Vice President, CareSource, said, "If that file doesn't get processed in time, the member can't get the surgery they're eligible for. This could be life-threatening. That's how important software is in healthcare."

Software development methods, processes, tools and mindsets from the past are crumbling under the pressure of AI-powered systems and potential. This presents leaders with a once-in-a-career opportunity. 

That's where Ascendion comes in. The company says it's unleashing intelligent agents that enhance humans as it builds software faster and better. Now, engineers using AAVA, a platform of agents aligned to software development and management, are using AI to deliver better code at half the cost and twice the speed.

To unlock the potential value, leaders, Ascendion says IT teams, operations, line-of-business, procurement, finance and the C-suite must lean into new ways of designing, building and managing software. This isn't theory or buzzwords. It's happening now using what Ascendion calls Engineering to the Power of AI (EngineeringAI). This means companies can do more with less, allowing more time for talented humans to create, innovate, imagine and lead. 

David Park, President, Commercial Bank, Axos Bank, said, "With the speed of development and the reduction of cost through AI, we are able to personalize the banking experience. Hyper-personalization is what's most exciting about financial services and the software evolution we are going through."

Marc Andreessen was right when he said, "Software is eating the world." Now, thanks to AI, software engineering is the first course. The data is adding up. Gartner predicts AI software will reach $297 billion by 2027. Researchers are uncovering a double-digit decrease in jobs related to writing and coding. A growing number of early adopter CIOs are already reporting that AI can yield efficiency gains of 20% to 40%.

Innovation, growth, savings and transparency aren't new, but this is: AI is moving from the computer science lab to every business. The new power revolution from AI is already starting. The first major disruption where real value is being delivered today comes from how software is being built. AI is changing not just what is built, but how it's built.

Every new power revolution—fire, water wheels, steam, electricity and now AI—comes with risks, disruptions and unintended consequences. AI's impact on software engineering will be profound, and it needs to be managed so we advance safely and civilly.

In the coming years and decades, AI agents will disrupt countless business processes, consumer experiences and jobs. But today, software engineering is being re-coded by the bot. Business leaders, policy makers and employees can embrace the potential for AI and tame new machines so that value generation tips the scales away from risk, fear and failed projects.