Artificial Intelligence (AI) has been described as a Promethean Moment. What is meant by this is that it is one of the times in humankind’s history when everything changes due to a new tool being discovered. It may not be an exaggeration to compare the potential impact of AI to other monumental discoveries that changed how we live, like fire or perhaps the wheel. It is still relatively early days, and for many, AI is simply customer service Chatbots, and self-driving car features. Or ChatGPT and the endlessly entertaining opportunity to ask all types of random questions, much as we did when Alexa showed up some years ago. But for business leaders, AI is an unstoppable game-changer. It is the ability to improve productivity and performance, discover new products and services, and improve business results in many unanticipated ways. “McKinsey recently reported that “Generative AI’s impact on productivity could add trillions of dollars in value to the global economy.” McKinsey’s 2023 “research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases we analyzed—by comparison, the United Kingdom’s entire GDP in 2021 was $3.1 trillion.”1 Truly staggering! The potential of AI and its impact is increasing daily and exponentially. Companies of all shapes, sizes, and stages have an opportunity to take advantage of the revolution or risk getting left behind. The Board of Directors, as the ultimate governing body of the organization, must be focused on this now.
Full article : Artificial Intelligence And The Boardroom: Immediate Actions Items.
Technology Convergence and Market Disruption: Rapid advancements in technology are changing market dynamics and user expectations. See: Disruptive and Exponential Technologies.
AI Discipline Interdependence: There are concerns about uncontrolled AI growth, with many experts calling for robust AI governance. Both positive and negative impacts of AI need assessment. See: Using AI for Competitive Advantage in Business.
Benefits of Automation and New Technology: Automation, AI, robotics, and Robotic Process Automation are improving business efficiency. New sensors, especially quantum ones, are revolutionizing sectors like healthcare and national security. Advanced WiFi, cellular, and space-based communication technologies are enhancing distributed work capabilities. See: Advanced Automation and New Technologies
Emerging NLP Approaches: While Big Data remains vital, there’s a growing need for efficient small data analysis, especially with potential chip shortages. Cost reductions in training AI models offer promising prospects for business disruptions. Breakthroughs in unsupervised learning could be especially transformative. See: What Leaders Should Know About NLP
