23 Aug CDF Key Takeaways: AI & Robotics: A Leadership Perspective
We hope you are all ready for a long weekend ahead. As usual, we are attaching here some brief notes from last week’s breakfast event, AI & Robotics: A Leadership Perspective.
We hope you will continue to stay abreast of the role of AI and robotics in our everyday lives and in your organizations. As we learned, AI and robotics are here to stay, so we must adapt and do our best to take advantage of the benefits and avoid the disadvantages, and we must keep a forward thinking frame of mind.
- Artificial Intelligence (AI) defines what a computer is going to do. Different actions yield different results and the computer learns by example.
- Machine Learning is today’s approach, which begins with simple algorithms. Computers become more accurate over time as they gather and aggregate mass amounts of data. Cleverness is built into the algorithms.
- Deep Learning or Deep Neural Learning is an attempt to imitate the human brain.
- AI is ubiquitous, due to the ease with which companies can collect data. It is cheaper and faster than ever before. There is a great fear of AI, without a realization of how embedded it already is in our daily lives (ie – all social media platforms, Google, Tesla, etc.)
- Organizations should ask themselves why they ARE and/or are NOT using AI in their organizations. They should also ask what is right and what is wrong when using AI.
What kind of business and societal problems are being caused by AI?
- Removing the tedious/dull/repetitive nature of certain jobs. This will result in a change in (wo)man power activity, not (wo)man power reduction.
- Opening doors with data collection.
- Some industries are having a hard time getting laborers, so AI and robotics are helping to fill these needs.
- Caveat – The usefulness of AI is determined by the usefulness and accuracy of the data.
- Data collection can be shared with customers to their advantage. Have meaningful conversations with customers about how you will use the data.
- Can offer increased efficiencies.
- Can help detect hacking (ie – cybersecurity can be built using AI).
What happens when algorithms are making life and death decisions?
Statistically, even with failures, machines are more accurate than humans at preventing death. We tend to pay more attention to machine failures in the news. An example is the auto-pilot car.
- There is an automation paradox, in that the more automated you are, the more complex you are. This requires a personnel change. You need employees that can maintain and fix processes and issues.
- AI can be expensive. The Board should determine whether the benefits outweigh the costs in such circumstances.
- AI has limitations.
- Some are concerned with cybersecurity, but this is an issue whether AI is present or not.
- It can be a disruptor of many industries, but it is not for all industries.
- It is difficult to predict the impact of AI and robotics, as well as their future, but it will be similar to the impact of the use of the Internet.
- How much privacy do we really have? Not much is likely the answer.
- Ethics and education on AI and robotics ethics should be taught. These will become ever more important as AI and robotics progress.
Words of Wisdom
Darren: AI is nothing to be afraid of. It can provide a competitive advantage. Hopefully this is not cyclical, but it is very inexpensive right now.
Hansol: Just like math, students should learn about AI and robotics. Utilizing and understanding the basics will be helpful to your company.
Eugene: Treat AI like we treated the Internet 20 years ago. What changes does a company need to make to take care of data and implement AI?
Gioia: Adopt and embrace AI or you will be disrupted. This is an opportunity to look at legacy products. Leave behind old products as you innovate.
Please save-the-date for our next breakfast on October 9th from 7:00 am – 9:00 am at the Hyatt Regency La Jolla. Details will be forthcoming.