Michael Andersen, the Founder and CEO of EuroTech ME, and Co-Founder of Io21, says the right use of generative artificial intelligence is definitely a recipe for accelerated growth
Generative Artificial Intelligence (AI) has been used for several years across all segments such as software development, product development, banking, marketing automation, art, healthcare, and many more. Whether people see it or not, it has already become part of our lives and it is embedded in how technology currently allows us to advance even faster and further.
Why according to you should companies leverage generative AI?
Leveraging generative artificial intelligence has its pros and cons, like everything. For example, it is impressively capable of analysing existing data, learning the existing patterns to create more efficient ones and it can pull images, text, videos or any other media to build a new model which usually works faster by tremendously reducing the error margin, even eliminating it entirely in some cases.
What are the challenges companies face in terms of adopting and using Gen AI and how can they be overcome?
Companies using generative AI can face challenges and need to use caution. It starts with the model being created because what we feed AI with is how it will be driven basically. Even though it aims to become an automated system, it first needs to be programmed to work a certain way and this of course raises questions about bias and transparency as well.
Then, like any technology, there are several ways to approach it and by trying to find cheaper solutions it might also bring additional cyber risks down the line. Finally, privacy should be everyone’s concern when it comes to the integration of artificial intelligence, a clear scope of governance should be established and communicated to stakeholders in terms of the use of their data.
Are companies aware of regional and global policies surrounding the use of Gen AI?
In general, not all organizations are aware of the global and local policies surrounding generative artificial intelligence, mainly due to the fact that most of those policies are also a work in progress as this is something new. People, countries and corporations are navigating a new era trying to put some sort of structure around the use of artificial intelligence, which is needed. In the same way that doing business from one region to another might be different and subjected to different laws, using artificial intelligence from one side of the world to another is and will continue to be different, requiring one to constantly stay up to date with legal obligations around this new technology.
How can companies use their resources on using Gen AI to create a competitive advantage?
The right use of generative artificial intelligence is definitely a recipe for accelerated growth and can be a real competitive advantage in terms of increased competitiveness, and cost-saving against competitors who might choose the more traditional ways. In general, History has shown us that the early adoption of new technological advancements has fast-forwarded businesses and helped build empires, especially in the IT industry.
What factors do companies need to consider before adopting Gen AI such as having a centralised data strategy?
In anything today, data is at the core of it, in our daily lives, at work and in everything that surrounds us. Being aware and accepting of data helps us understand that having multiple approaches to the use of data limits us while having a centralised strategy that incorporates all the aspects of how, when, where, by whom and in which capacity data is being used helps a company stay relevant and monitor anything that would seem suspect. Having the proper integrated strategy helps better predict potential outcomes and be more proactive, rather than reactive to something that might come up unexpectedly.
How can companies experiment with Gen AI to predict the future of strategic workforce planning?
Artificial intelligence is what one makes of it; it can be used for absolutely anything these days. Applying AI to ensure that activities are planned properly and to maximise efficiency limiting spending and unnecessary costs is an undeniable added value. Used properly and ahead of time, this can allow organizations to anticipate exactly the size of the workforce needed instead of rushing the process and having to let go of people down the line. Technology should be seen as an enabler, accelerator and not a replacement. In the right hands with the right process in place, it can actually help facilitate long-term planning.