Artificial intelligence is what will take technology to the next level. However, simply incorporating a bunch of AI applications is not the answer. There are three challenges that need to be overcome in order to fully harness the potential of AI:
Demystifying AI: Most people do not really know what AI is and how it functions. Perhaps that’s the reason 40% of European AI startups had nothing to do with AI, but got investor’s attention simply because they called themselves so. So dig deeper into AI, learn to code, and understand the whys and hows of AI coding.
Both powerful incumbents trying to evade disruption and SMEs aiming for growth will have to learn to drive AI, or else yield to the juggernaut of Big Tech currently monopolising the space.Jason Davis, INSEAD Associate Professor of Entrepreneurship and Family Enterprise
Know the ins and outs of AI coding to understand the possibilities that could become realities. You’ll be able to determine the applications of AI to truly create value for companies instead of just incorporating the latest technology.
Taking ownership of AI means not just incorporating the technology but ensuring it creates value for business and society.Jason Davis, INSEAD Associate Professor of Entrepreneurship and Family Enterprise
Be mindful of ethical and moral boundaries. AI is a powerful tool that can be easily misused. Government regulations will be slow to come as the full potential of AI remains a mystery to most. In the meantime, err of the side of caution when taking decisions that could impact lives.
Read more about the three objectives to help move forward with AI here.