AI can be overwhelming for businesses. With this new technological frontier, the opportunities for businesses to implement AI are bigger than ever. This topic was recently discussed on a panel at the Festival of Enterprise, organised by the GM Business Growth Hub.

Hosted by: Ilona Alcock, Co-Founder of Elevate

Panellists:

• Marie Hamilton, GM Region Lead at Microsoft
• Dominic Delsoldato, Chief Technology Officer at The Growth Company
• Paul Wilshaw, CPO at zally

The discussion delved into the pervasive impact of AI in our lives, the historical context of its evolution, practical applications, and the challenges and opportunities it presents for both businesses and individuals. Here are the key takeaways from the talk:

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• Pervasiveness of AI:
  • AI is embedded in many tools and processes we use daily, often without our awareness.
  • Businesses need to be ready to leverage AI's benefits.

• Historical Context:
  • AI and machine learning have been around since the 1940s.
  • Recent developments include generative AI and large language models that have become more prevalent over the past 18 months.

• Adoption and Integration:
  • AI is here to stay; businesses should not be afraid to start small and experiment with AI technologies.
  • AI can handle mundane tasks, enhancing productivity and saving time.

• Practical Applications:
  • AI will drive many aspects of the shopping process in terms of user experience (UX/UI), including hyper-personalisation.
  • Tools like chatbots and generative AI improve speed and efficiency in tasks like report writing and meeting summaries.

• Challenges and Considerations:
  • Fear of AI taking over jobs is prevalent, but AI primarily handles tasks humans don't want to do.
  • Navigating the plethora of AI products and starting points can be challenging.
  • Human oversight is crucial to ensure the effective and ethical use of AI.

• Security and Authentication:
  • AI can streamline authentication processes, making traditional passwords obsolete with advancements like quantum computing and biometrics.

• Productivity and Efficiency:
  • AI tools can significantly boost productivity by automating routine tasks and summarising information.

• Future and Education:
  • Understanding AI's capabilities and limitations is essential for businesses and individuals.
  • Experimentation and adaptation are key to effectively integrating AI into business processes.
  • Collaboration, networking, and staying informed about AI developments are crucial for leveraging AI's full potential.

• Governance and Risk:
  • Address governance, risk, and ethical considerations, such as copyright and data sourcing, when using AI.
  • Identify pain points where AI can save time and improve processes.

• AI in Daily Life:
  • AI's seamless integration into daily activities often goes unnoticed until something goes wrong.
  • AI should be seen as a co-pilot, enhancing human capabilities rather than replacing them.

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AI can be adopted and utilised to improve efficiencies, but it shouldn't be used where no solution is needed. The key takeaway for businesses is to identify problems, quickly test if AI can solve the issue, and discontinue use if it proves unnecessary.

Thank you to GM Business Growth Hub for having Paul and zally on the panel.