Can We Keep Up with AI’s Rapid Growth?

The power of AI is impressive, inspiring, and daunting at the same time.  It is already impacting companies, communities, countries, and individuals; and we are just at the beginning. In this article, we raise the questions 'are we ready for it?' and 'how can we effectively embrace AI?'.

We'll unpack these ideas following the Future Builders 3-2-1 blog model where we examine three intriguing insights in the market now; two of my ideas; and one question that relates to this month’s topic.

3 Market Insights

I. AI is coming even faster than predicted. The ARK Investment Management LLC Big Ideas 2024 report (https://www.ark-invest.com/big-ideas-2024) shows the general AI launch trending for 2026, which is 4 years earlier than the previous forecast.

II. AI is a rapidly growing revenue stream for consulting firms across sectors and in various focus areas from regulatory compliance to customer support to establishing guardrails for AI use. According to The New York Times:

a.      Boston Consulting Group (BCG) now derives a fifth of its revenue from AI, up from zero just a couple of years ago.

b.      McKinsey & Company expects 40% of its business to be AI-related in the near future.

c.      IBM has secured over USD$1 billion in AI sales.

d.      Accenture booked USD$300 million in AI-related sales last year.

III. Convergence will accelerate and amplify AI’s impact. Rapid advances in #blockchain, #robotics, health, and #energy are coinciding with AI’s maturation. This convergence is already generating a tsunami of generational change that dwarfs the industrial revolution, as illustrated in the graph below (again from Big Ideas 2024).

2 Ideas from Me

        I.            AI’s growth is outpacing society’s ability to adapt to change. AI’s speed to market and encompassing impact will surprise and disorient the general public. While the majority of the public hears about AI all the time, most do not understand AI (https://www.technologyreview.com/2024/07/10/1094475/what-is-artificial-intelligence-ai-definitive-guide). Without understanding, our ability to adapt and embrace the change is going to be difficult.

      II.            Even tech-savvy groups are moving too slowly, and I’m on that list. I should be writing this post using AI rather than just writing about it. AI is not about differentiating in the market; AI is table stakes. Anyone not playing in AI will be left behind. Even with that knowledge, transforming established company cultures will be a challenge.

1 Question

When you consider how to ethically and thoughtfully encourage your teams to play with AI capabilities, what use cases are the best starting points?

Please share your answers in the comments below.

#digital #innovation #digitaltransformation #ai #artificialintelligence #generativeai