Is AI in the Hype Cycle? Discovery's Generative AI Academy Launch | CFO Conference | AI Hackathons | AI Tutors
Greg Serandos
Co-Founder African Academy of Artificial Intelligence | GIBS Business School Marketing Lecturer | | Author: Harnessing the Power of AI in Africa & Messaging for Startups
Hello Friends! Is AI in the hype cycle? Judging by all the headlines, I would say so.?
Research shows that 25% of all employees and 60% of US office workers use AI tools such as ChatGPT in their daily work, indicating that AI is not just hype. However, integrating AI into team workflows and processes remains minimal, likely closer to 0% than 1%. Additionally, around 70% of AI tech projects fail, which aligns with the failure rate of digital transformation projects. This highlights that AI is not a magic wand for improving business results in the short term for most organizations.
That said, visionary companies like Discovery Limited are advancing in the AI space. Last month, they launched their Generative AI Academy, a panel discussion I was honored to chair. I was impressed by the caliber of their executive panel and their forward-thinking mindset. In our AI Scale Integration program, the AI Academy follows the 'AI Council' and precedes AI Policies, Responsible AI, and AI Impact Assessments. Discovery is on the right path, showcasing a commendable approach to AI integration.
Many people feel they have fallen behind in AI adoption and believe they must move mountains to catch up. We disagree and advocate for what we call the 'anti-FOMO movement.' Instead of rushing to keep up, we encourage our clients to make strategic decisions that align with their business objectives. AI projects should be prioritized based on their potential for high impact, low risk, and high frequency of use. This approach ensures that AI initiatives are not just about keeping up with trends, but about delivering meaningful and sustainable business value.
A Memorable Experience at the Premier CFO Event
It was a fantastic experience for our team to present at the CFO Conference 2024, the single best CFO Conference of the year! We were honored to chair a panel on "The Synergy of Finance and AI," breaking it into four pivotal segments:
Our focus was on leveraging AI to elevate financial operations, advocating for the judicious application of Generative AI, setting principles for AI investment decision-making, and countering cybersecurity risks in AI adoption.
New Offering: Executive AI Immersion Experiences Did you know that 70% of AI implementation projects end in failure. Why? No clear value | Defunded | Low impact | Solving the wrong problem | Lack of access to data/poor data quality I interpret this as projects failing because somebody at the top or in IT forced the project through without strategy and/or impact in mind. To that end, we are excited to introduce our AI Ideathon/Hackathon Immersive Experience, a unique opportunity to drive innovation and shape the future of AI. This programme can run at your company, online, or at one of our business school partners and is designed to:
?? Highlight the importance of bottom-up innovation in advancing AI integration into your organisation.
?? Integrate knowledge from multiple modules into a unified understanding of Digital Transformation.
?? Apply design thinking principles to AI innovation.
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?? Collaborate with young and emerging AI tech entrepreneurs to co-create groundbreaking solutions.
?? Develop compelling business cases and presentations for complex problems.
?? Turn theoretical concepts into practical applications.
Join us on this transformative journey to harness AI's full potential and lead innovation in your field. Let’s create the future together!
Sal Khan's Talk: AI in Education
Sal Khan shared his reflections on the journey and origin of Khan Academy. He emphasized the importance of "educated bravery" in leading an educational revolution. Starting with tutoring his cousin in math via Yahoo Instant Messenger nearly 20 years ago, Khan's efforts evolved into a global nonprofit providing free, world-class education.
Khan highlighted the limitations of the traditional education system, which often advances students with knowledge gaps. He championed the potential of technology to personalize education and fill these gaps, referencing the "two sigma problem" identified by educational psychologist Benjamin Bloom. In collaboration with OpenAI, Khan Academy began testing advanced AI models like GPT-4, which could revolutionize education through personalized tutoring at scale.
Khan concluded by advocating for a proactive approach to AI in education, emphasizing the need to mitigate risks and maximize benefits to enhance human intelligence.
The Shift Towards Smaller AI Models
For many months, I've been musing about the viability of large language models (LLMs). In my mind, the viability of expensive ($100bn+) that are all things to all people is questionable. Indeed, one ChatGPT prompt is 10 times more expensive than a Google Search, and burns enough electricity as a incandescent lightbulb (the Edison ones) for an hour. Moreover, while currently US datacenters burn 3% of electricity, that would rise to 10% if the AI players get what they want.? The AI landscape is evolving. As noted in The Wall Street Journal, the focus is shifting from large language models (LLMs) to smaller, specialized models that are cheaper, faster, and tailored for specific tasks. This shift is crucial as LLMs like ChatGPT consume significantly more computing power and energy, raising concerns about sustainability and efficiency.
Alexander Ratner, co-founder of Snorkel AI AI, highlighted that the frontier of AI now lies in getting smaller, specialized models to work in essential but less glamorous areas. This approach aligns with our advocacy for more practical and sustainable AI solutions.
ENDS
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