Back from Davos or… Davos is back!

I have spent the last week at WEF 2024 in Davos. It was buzzing as in pre-pandemic years, and more delegations – also those representing governments – were back in town. Of course, the presence of “big names” such as President Zelensky or President Macron also meant that geopolitics was again high on the agenda.

But Davos wouldn’t be Davos if the agenda hadn’t been much broader. Once again, it featured a big range of topics from sustainability to global inequality to fiscal policy. And, of course, the impact of technology on our economy and on society was again a big topic with Sam Altman’s panel attracting huge interest.?

So, what are the discussions and observations I found most interesting in Davos?

#1 GenAI – more than a hype

It was to be expected and it turned out that way – GenAI was front and center at Davos. If 2023 was the year we saw AI ripples, 2024 very much will be the year of the AI-wave hitting global economic shores.

That said, companies are still facing unanswered questions as to how to get from experimentation to scaling. But one thing is for sure – for the first time I can remember, a new technology has the potential to fundamentally change every part of every business in every industry.?

On the other hand, it was also clear that scaling isn’t as simple as it sounds. There are a couple of things to get right first. This includes upskilling leaders in your organization, actively involving employees in the journey and implementing the right foundations for responsible AI. ?

Personally, I also believe that Gen AI is not only a huge growth opportunity for businesses across the globe but will also have a positive impact on society. Climate change, poverty and inequality – all of these challenges can benefit from Gen AI if the technology is applied correctly.

#2 ESG – but different

The FT listed it in their recap: Mentions of ESG were conspicuously absent from Davos this year. While this might be true for the core program of the WEF, ESG was still very much alive in some of the locations that were more accessible to the general public.

I attended various inspiring ESG-related sessions, for example on global land restoration or on the necessity of renewing and strengthening the intergenerational dialogue. This is the great thing about the WEF, it always provides a variety of interesting topics, you just have to find them!

And let’s not forget that AI will also have an impact on the ESG agenda. Let’s take the “S” in ESG – I am convinced that Gen AI can help to balance social inequality by providing access to information and letting people in regions where none of the world languages is spoken participate in the global economy. Real-time translations with Gen AI into almost every language make this possible. In addition, think of how faster discovery, clinical trials and roll-out of drugs will have an impact on global health.

#3 Less crisis, more future

In the last couple of years, the WEF appeared to be in constant crisis mode. Unsurprisingly so, given the polycrisis environment consisting of a pandemic, energy shortages, inflation and global conflicts, ultimately resulting in massive supply chain complications. The business community and society in general however have used the past years to become more resilient. While we can’t say that the number of crises has decreased – far from it – the way we deal with them, has changed.

That’s why many businesses have changed their focus from fixing the most immediate issues to getting fit for the future. And, as I said before, Gen AI and how it will allow companies to outperform their competitors and gain market share features big in their plans. As you can see, the WEF 2024 has left me with a feeling of cautious optimism. Given the challenges around us, I am certain that this is the attitude that is required from all of us going forward.

I’ll keep this text as a reminder for the coming 12 months and will take stock when Davos 2025 is around the corner. By then, we will have a much clearer picture of the impact GenAI has had and whether it sparked the tech revolution we’ve all come to expect.

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