As AI’s transformative power becomes increasingly evident, businesses are channelling their resources to harness its potential. However, merely pouring funds into AI technology is insufficient to realize its full benefits. Success in this AI-driven era necessitates a comprehensive strategy: investment in cutting-edge technology, cultivating a skilled workforce, and fostering visionary leadership. These three components, symbiotically intertwined, are the bedrock of a successful AI strategy. Organizations that recognize and emphasize this holistic approach will be best positioned to leverage AI’s capabilities, ensuring not just survival, but dominance in a future redefined by artificial intelligence.
The SwissCognitive AI Navigator: Practical Leadership Guide To Navigate The AI Era – Investing in AI – A Tripartite Approach
Investing in AI-Facilitating Infrastructure
The rapid evolution of artificial intelligence is transforming the business landscape, offering unprecedented opportunities for growth and innovation. In fact, “AI can be considered as alchemy — transmuting data into knowledge.” (Robert Marcus) As the benefits of AI become increasingly evident, organizations are looking for ways to effectively incorporate it into their operations. However, the mere adoption of AI technologies isn’t enough to guarantee success. Isabelle Flückiger emphasizes the importance of infrastructure, mentioning, “Many enterprises are directing their initial investment efforts towards building AI-supporting infrastructure, rather than just the technology itself.” This approach ensures that AI solutions can be effectively incorporated and scaled up.
A strategic approach to implementation, grounded in a solid infrastructure, is crucial.
However, the process of AI adoption is not without challenges. As Matt Hervey points out, blue chip corporations are heavily investing in AI, seeing its transformative potential, yet Jürgen Pulm observes that it still constitutes a modest part of technology investments. He predicts a steady growth rather than an abrupt shift in the AI landscape. AI is not a silver bullet solution that can instantly address all challenges. While it offers immense potential, its return on investment (ROI) may not be immediate. Patience and strategic implementation are essential to realize its full benefits over time.
True value isn’t just in immediate returns but in shaping discerning future investments for long-term gains in AI.
Despite all the enthusiasm, Morten Irgens adds that external factors such as economic instability and a frail banking system are hampering AI investments. Amid these challenges, industries are indeed treading carefully. Antonio Russo states, “Many companies are cautiously piloting these solutions.” For example, the health industry has been particularly cautious, especially due to the short-term (and very necessary) investments made during the COVID crisis, as highlighted by Dimitrios Kalogeropoulos.
Yet, Patrick Bangert remarks, “Despite all the challenges, AI now stands almost alone as the tech being invested in.” The rising startup activity in AI spaces, particularly generative AI these days, underscores this momentum. Aruna Patam discusses the emphasis on user-friendly AI interfaces, underlining the importance of practical applications in both business and personal spheres. Alessandro Curioni notes the shift in AI investment focus from data value to model value, emphasizing the importance of understanding these models.
With these changing dynamics, companies need to balance short-term gains with long-term sustainability. As Bo Percival states, “Diversified investments strengthen societal resilience and encourage innovation that benefits all.” Jarrod Anderson also envisions AI investment focusing on solutions that elevate societal living standards and address larger issues. AI’s potential impact on sectors like healthcare, education, and sustainability cannot be overlooked, promising not only societal benefits but also robust economic growth. The role of AI in addressing global challenges, especially the environmental crisis, is also coming to the fore. While Robert Marcus clarifies that AI won’t directly resolve climate change, it can undoubtedly accelerate innovations that mitigate its effects.
It’s essential to understand and harness AI not just for immediate business advantages, but for its potential transformative influence on the broader societal trajectory.
As industries increasingly embrace and venture further into the realm of artificial intelligence, encountering setbacks is a natural part of the evolutionary process. These hurdles are not just barriers; they are invaluable lessons. As Jair Ribeiro insightfully puts it, “In AI investments, setbacks today pave paths for wiser tomorrows.” This perspective highlights the importance of reframing our understanding of these challenges. Embracing a mindset of continuous learning and adapting can transform these apparent setbacks into genuine opportunities. This adaptive approach can guide the trajectory of AI, ensuring that it is steered towards a future that not only promises immense growth and groundbreaking innovation but also fosters a sustainable environment that benefits every stakeholder involved. The resilience and foresight this perspective offers can truly revolutionize the AI landscape.[…]
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Alessandro Curioni, IBM Fellow, VP Europe and Africa and Director IBM Research, Zurich
Antonio Russo, Head of Strategy and Analytics, Deloitte Switzerland
Aruna Patam, Head – Generative AI Practice, Insights & Data, Asia Pacific Region, Capgemini
Bo Percival, Senior Adviser, Innovation (Ventures), UNICEF
Dimitrios Kalogeropoulos, CEO, Global Health & Digital Innovation Foundation, European Public Policy Committee, IEEE
Isabelle Flückiger, Non-Executive Board Member, AEW Energie | Vice Chairman of the Board Of Directors, Limmatkraftwerke | Expert for Innosuisse
Jair Ribeiro, Analytics and Insights Leader, Volvo Group
Jarrod Anderson, Global Head of Artificial Intelligence, Senior Director, ADM
Jürgen Pulm, Chief Digital Information Officer, Wealth Business: Natwest Group | Non Executive Director, QESTIT (QCENTRIS)
Matt Hervey, AI and IP Expert; Head of Artificial Intelligence Law, Gowling WLG (UK) LLP | Co-editor General Editor of The Law of Artificial Intelligence
Morten Irgens, Strategic Director to the presidents (rectors) of Oslo Metropolitan University and Kristiania University College, Director, CLAIRE, Adra and NORA
Peter Cunningham, Head of Leadership Co-Director, Geneva Leadership Alliance
Robert Marcus, Founder and CEO, ALPHA10X
Semih Kumluk, Head of AI and Digital, PwC, United Arab Emirate