This is not as easy a question as you might think. An obvious answer might be “make 200% more profit”. Or “become a global business”. If you’re feeling green you might say “invent a way of reversing the effects of carbon emissions overnight”.
The problem with having your wishes fulfilled is that they can have large consequences. In some cases these may be globally life-enhancing. But in others the damage caused can be worse than the initial problem. This is the dilemma when someone invents or finds a new way of applying a game-changing technology. It was probably the case with the wheel. It was the case with the stirrup, the industrial revolution and the combustion engine. Today we are on the verge of another era-defining technology, namely Artificial Intelligence (AI).
The AI Genie Is Out Of The Bottle
AI is here. It is never going away. And the challenges it poses for every business, government and citizen are significant. For businesses there are three choices:
- Embrace AI early on and learn how best to utilise it
- Learn from the experience of early adopters
- Avoid AI completely
There are consequences no matter the decision made. The same considerations apply to this as to technology adoption strategy. However, the difference with AI is that the scale of change and the speed with which it occurs will be unlike anything any of us have experienced to date.
In many cases the work of AI will not be apparent to the recipient. All they will be aware of is the outcome. E.g.
- The tumour that was found in time
- The congestion-free trip to work
- The job interview shortlist you didn’t make
- The bank loan you were refused
Whether we are aware of it or not, AI is already having an ever-increasing impact on all our lives. Hopefully, it will mostly be a force for good and fairness. How AI turns out will depend on the decisions early adopters make now.
Three Questions Every Business Must Ask Itself Now
- Do we want to lead the way in our market on the application of AI or do we want to try and play catch up?
- What do I wish AI could do for us?
- How do we manage/prepare for the consequences if AI delivers what we wished for?
When it comes to AI, Elastic Mint are in the wish-granting business. Within reason of course!
