One of his key projects includes BigParser (an Ethical AI Platform and Data Commons for the World). As the future of work accelerates, the time has come to embrace AI.Įd Watal is an AI Thought Leader and Technology Investor. Today, businesses face another watershed moment. As a result, Borders filed for bankruptcy in 2011. Instead, they opened more and more brick-and-mortar stores. This juggernaut competed successfully with Barnes & Noble for three decades, but unlike this rival and Amazon, they never embraced the Internet. Just consider the example of Borders big-box bookstores. When businesses fail to keep up with the times and incorporate cutting-edge technologies, they may survive for a time, but ultimately, they fail. That’s why deploying AI ethically is necessary in order to build and maintain trust with consumers and other stakeholders. Indeed, 64 percent of consumers consider companies’ social responsibility efforts to be important, a number that only gets bigger for the younger generations. Today’s customers expect transparency, fairness, and corporate social responsibility. If businesses harness AI in devious ways to reap a profit, they might be able to boost their bottom line for a while, but their efforts can be expected to backfire in the long term. It’s precisely because AI is so powerful that ethical considerations must always be weighed when employing it. Every now and then, one may even constitute a genuine flash of brilliance. While some may be ruled out quickly, others may merit careful consideration. This means it can bring ideas to the table that human staff would never have conceived. Unlike human beings, who may allow predispositions to sway their findings, AI dispassionately reviews the evidence and spots patterns that may seem counterintuitive. For instance, business leaders can use AI to track customer preferences and market trends, as well as identify areas for operational improvement. In this way, it enables data-driven decision-making. For instance, chatbots in the financial sector can answer people’s questions about money and investing.ĪI quickly and efficiently amasses lakes of data from which it can generate powerful insights. AI can speed up orders, provide transparency to customers, such as tracking information on shipments, and solicit feedback by prompting customers to leave reviews.īecause this technology can operate independently with minimal human oversight, it also enables businesses to expand their services to previously underserved populations. Incidentally, these efficiencies also often enhance the customer experience. While rapid advancements in AI technology require businesses to evolve to remain competitive, AI also enables executives to keep their strategic focus.Īutomation also streamlines processes and reduces costs, which is why successful leaders integrate AI and robotics to optimize production and increase efficiency. AI can handle your scheduling, take notes in your meetings, generate transcripts of recordings, manage your contracts and other documents, scour the Internet for data on your customers and competition, and even generate marketing ideas for reaching your target audience. Because it tirelessly masters routine administrative tasks, AI takes work off your proverbial plate, freeing you up to direct your energy and attention toward the things that matter. How generative AI is changing the future of customer serviceĪI helps business professionals avoid this fate. University of Alberta student harnesses AI to revolutionize bird researchĪI researchers harness data to drive healthcare innovation
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