Artificial Intelligence: Then and Now
Artificial Intelligence (AI) has undergone a remarkable transformation over the past five years, evolving from a promising yet largely experimental technology to a mainstream tool with tangible applications across various industries. However, despite its growing maturity and undeniable potential, many enterprises still find themselves hesitating on the sidelines, unsure of how to navigate this rapidly advancing landscape.
Half a decade ago, AI was primarily the domain of research labs and tech giants.
Have Enterprises really moved beyond experimentation ??
Fast forward to the present, and AI has firmly established itself as a transformative force in the business world.??Companies like Amazon Web Services, IBM, Google, Oracle and Microsoft investing billions into building new AI offerings over the past 18 months. However, these technology behemoths aren’t the only ones jostling for market share in the red-hot AI cloud market, as companies such as Altair, Dataminr, MongoDB and Lambda Labs are innovating at breakneck speed.??The 20 Hottest AI Cloud Companies: The 2024 CRN AI 100
From predictive analytics to natural language processing, AI-powered solutions have become ubiquitous, driving efficiency, innovation, and competitive advantage across sectors. The Enterprises that are on the AI journey have recognized the immense potential of AI to streamline processes, optimize decision-making, and unlock valuable insights from vast datasets.
Despite this widespread awareness of AI's capabilities, many organisation’s remain hesitant to fully embrace the technology. Some are held back by a lack of understanding, unsure of how AI can be integrated into their existing workflows or how to justify the investment. Others grapple with concerns around data privacy, ethics, and the potential displacement of human workers. As a result, while the potential of AI is acknowledged, its adoption often lags behind.
Technology Consulting firms are also lagging behind, whilst many invest in training, education and talent the practical “how-to” or “know-how” to adopt AI to solve problems and derive significant business value is still in what l would say the awareness phase. Technology solutions proposed are often leaving value on the table without including emerging technology components such as AI in the solution.
Speaking from personal experience over the past 20 years and working in the Asia pacific region out of Australia, we genuinely appear behind locally in the AI adoption space.??Do we need revised graduate programs ? Do we need to establish AI specific teams ? Do we need introduce a Chief AI Officer role with a seat at the table at the Board level ? All valid questions and the answers lie in the organisation's purpose and future ambitions around innovation and investment in AI.
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Unfortunately, Technology adoption and investment into emerging tech has often been lagging behind. A 2024 article reported?from Bloomberg also spells this out Australia-lagging-peers-on-ai-adoption.
Whether it’s called bleeding edge or overly risk aversion practices causing this, l strongly believe this general corporate culture can change and it starts with the employee. Today the self service, self help, self training material is vastly available for employees to educate and train themselves potentially becoming advocates for emerging technology awareness and more importantly adoption within their organisation's. If you want to attract and retain top talent then developing employee skills in this space and creating new emerging opportunities is vital to building a modern workforce.??
A recent article in Forbes states that “AI’s impact on the modern business landscape is undeniable—prompting organizations to develop new workforce and culture strategies to maximize its potential. Without a deliberate implementation plan, organizations risk underutilizing AI or misaligning it with their overall goals.”
In today's competitive business landscape, the reluctance to adopt AI is no longer a viable option. Companies that fail to harness the power of AI risk being left behind, outpaced by more agile competitors who leverage AI to drive innovation and gain a deeper understanding of their customers. The impacts of this lag in adoption can be significant, leading to missed opportunities, decreased efficiency, and ultimately, diminished competitiveness. It is about challenging the status quo.?
To thrive in the era of AI, organisation’s must overcome their hesitations and take proactive steps towards adoption. How can you start ? This means investing in AI talent, cultivating a data-driven culture, and identifying strategic use cases where AI can deliver the greatest value. It also requires a willingness to experiment, iterate, and learn from both successes and failures. All of which are important ingredients to innovate, deliver and sustain continuous growth and mature your ever changing technology landscape.
Embrace AI today and position your yourself and your organisation at the forefront of innovation, driving growth, and staying ahead of the competition. The time to act is now - for those who hesitate, you will be left behind.