AI in Business: The Superpower We Can’t Ignore

I feel like I have been caught in a perpetual game of artificial intelligence sparring. The past few weeks of AI advancement have pushed us all further into the future. It now feels like there is a daily bombardment of the verbal equivalent of AI missiles being hurled between the US oligarchs and the world of Chinese deep tech as both nations play the competitive sport of AI show and tell.

On one side, the US tech giants are pouring unimaginable funds into their AI ambitions, determined to solidify their grip on the future. On the other, quietly but determinedly, China has executed a more modest strategy that’s steadily capturing global attention.

Not since the 1988 Olympic Jamaican Bobsled team has the world watched on with greater fascination as the tally board determines which country will win the AI race.

While some markets have actively backed the lesser-known Chinese developers, others have bet every last dollar on the US tech giants coming out on top. The level of hype is putting global news back on the front of newspapers as the entire world tunes in to form an opinion on the outcome of the battle of algorithms.

China's more restrained approach has already filled our social media feeds, claiming success in doing far more with far less. It’s as if we’re witnessing the most high-stakes game of AI poker in history, with the world watching with bated breath to see which of these two global superpowers will secure the winning hand.

I feel the tension daily as stock prices swing in unpredictable ways as investors place bets on one side or the other. It's not just tech CEOs and governments who are gripped by this. Investors, policymakers, and ordinary citizens alike are watching, forming opinions, and recalibrating their strategies for the inevitable AI-driven future.

So, what does all this mean for business? In one word: everything.

AI is undoubtedly the force that will reshape the world of work and industry. We’ve reached the technological tipping point, and those who don't embrace it will be left behind.

But while AI offers immense opportunity, it also presents massive risks—especially for those who are hoping to 'ride it out'.

I’m seeing it every day. The business leaders who are hesitant to dive into AI are most at risk of being outpaced by those who aren’t waiting. Ignoring AI isn’t just a bad business decision—it’s a strategy for failure.

And here's the kicker: AI isn’t waiting - for anyone. It’s already embedded into global supply chains, financial markets, education systems and healthcare systems. Every day, AI is taking on more complex tasks that we assumed would always require a high degree of human intelligence.

As AI evolves, so too must we. This doesn't just require a better understanding of what AI can do (and what it can't) but also shifting our mindset and taking action in new and often experimental ways.

Look at Estonia. Their embrace of digital government services has set a global benchmark for using AI to streamline operations. Singapore is pouring resources into AI research, and its National AI Strategy is positioning them as an AI hub in Southeast Asia (Centre for Strategic Futures, 2022). The UAE has appointed a Minister of AI, signalling the nation’s ambition to become a global AI powerhouse. The lessons from these nations are clear: small nations with bold visions can lead the way.

New Zealand doesn’t need to be left behind in this race. We have the talent and the creativity. What we need now is the vision to use AI as the springboard for our next phase of economic growth. But that vision needs to come from the business leaders willing to take risks and lead the charge. My message to leaders who haven't yet invested in learning and developing a deep understanding of AI is to prioritise this over the next month. What we do know from the past twenty-five months since generative AI first took the world by storm is the knowledge gap compounds over time. If you wait to remove as many risks as possible, you may find that your inability to make highly informed AI decisions will become your final business legacy.

References

Centre for Strategic Futures. (2022). AI in Public Services: The Estonian Model. Retrieved from https://csf.gov.sg

Government of UAE. (2023). National AI Strategy & Minister of AI Initiative. Retrieved from https://ai.gov.ae/strategy/