Companies must use AI to think differently, not just cut costs.

Companies must use AI to think differently, not just cut costs.

21st Century Companies: Embracing AI for Success

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In today’s rapidly evolving world, organizations need to adapt and harness the power of artificial intelligence (AI) to stay relevant. According to Mike Walsh, a futurist and the CEO of tech consultancy Tomorrow, the future success of companies will no longer be defined by the quality or price of their products and services, but by their utilization of AI. Walsh shared his insights at the recently held ST Engineering’s InnoTech Conference in Singapore.

Traditionally, companies have focused on building products and services. However, Walsh suggests that future-oriented companies will shift their focus to developing data-powered platforms that can be applied to multiple markets. Tesla, for example, has expanded beyond car manufacturing and now offers insurance services using real-time driving behavior to differentiate its offerings. This shift towards data-driven platforms will result in new proprietary data platforms that will drive the creation of novel products and services.

Rather than simply using AI to do existing tasks faster and cheaper, organizations must think of the technology in a fresh and innovative way. Walsh highlights four key areas of change in the AI landscape: scale, speed, sustainability, and scope. Businesses must determine the “talent density” required to drive their operations and be agile in responding to market opportunities. Additionally, the development of large language models by AI vendors such as Google, Meta, and OpenAI necessitates massive computing capacity, reinforcing the need for sustainable data centers powered by renewable energy sources.

Expanding the scope of AI implementation is also crucial. Organizations should not limit themselves to using AI solely for cost reduction but rather explore its full potential. When effectively leveraged, AI can fuel both businesses and economies. However, it is essential to manage the disruptions that come with this transformative technology.

Forecasts indicate that AI has the potential to increase global GDP by 7%, or an estimated $7 trillion, over the next decade. On the other hand, two-thirds of job roles are expected to be impacted to some degree by AI automation. Singapore’s senior minister of state for communications and information, Janil Puthucheary, emphasizes the importance of equipping organizations to manage these disruptions and turn them into opportunities. Singapore itself is taking steps to strengthen its digital infrastructure, including hardware, software, and connectivity.

Acknowledging Singapore’s status as one of the world’s most advanced smart cities, Walsh suggests that the Asian market provides a suitable environment for creating platforms that revolutionize everyday tasks. In a recent LinkedIn post, he reminds us that generative AI is not a passing trend but a powerful tool that challenges us to redefine the value of human work. Forward-thinking organizations should seize the opportunity to train proprietary large language models with unique datasets, unlocking the hidden power of their intellectual property and empowering their employees to engage in more creative and differentiated work.

ST Engineering, for instance, is at the forefront of this AI transformation, launching its first generative AI tool called AGIL Vision. This video analytics system allows for searches based on the identification of objects, colors, actions, human behavior, and even distinctive clothing marks like brand logos, ensuring privacy concerns are addressed. AGIL Vision utilizes large language models and natural language processing without the need for meta tags, enhancing its search capabilities. The system can be deployed through a private cloud or on-premises, making it suitable for a variety of corporate settings.

As the world continues to embrace AI, organizations must recognize its potential to shape the future. By embracing AI and approaching it with innovation and creativity, companies can not only stay relevant but also thrive in the 21st century.