Opportunity
AI is set to contribute $15-20 trillion to the global economy by 2030 (2017 PricewaterhouseCoopers; 2024 International Data Corporation). But can you handle its risks, and will you lead your industry or lose your job?
You can know that this is a real opportunity. All kinds of online and educational institutions are selling catchy-title courses. They offer very expensive coaching programs to get you up to speed. Before you pick a program, learn your reality to decide what fits your need.
Irreversible shift
This is a paradigm shift like electric power. Electricity changed the human connection with nature extending work hours without sunlight. AI will add new dimensions to humanity through intelligent decisions because it will:
– Make faster decisions than humans.
– Rank choices in infinitely more detail than what we can imagine.
– Reduce costs and increase profits.
Surely, many ethical questions, causes of legitimate fears stay unanswered. Still, the seduction of cost savings and increased profits will most definitely roll over potential shortfalls.
The purpose of this blog
This blog will give you a perspective whether you are at the start of your career or leading your field. It will also help if you are in mid-career or an experienced professional. It will also offer insights if you are a business owner. You will know where you fit in and how to build your own step by step action plan. You will replace your uncertainly about artificial intelligence’ impact on your future and use it confidently as a growth ladder. It will help you build an action plan to leverage this irreversible shift and massive profit opportunity.
If you are already on your AI journey, you can speed to the end of this blog section. It contains the roadmap to build your own action plan to shape AI as your growth ladder.
Fears, Risks, and Mitigation
This section aims to give an overview of potential issues with AI implementations. It explains how you can help mitigate risks.
Bias and Fairness
AI systems are biased from the get-go. They are trained on data repositories, data models, and algorithms that lead to prescribed, preferential, and discriminatory outcomes. AI analytics are algorithm based. They are programmed by humans. Naturally, AI programs optimize outcomes that are pre-selected and prioritized by the programmers’ bias and preferences. The AI decisions reduce the opportunity of human interaction and dehumanize decisions based on programmed choices. Moreover, AI decisions are error prone. For example:
- A 2018 MIT Media Lab study showed that AI struggled more with gender identification in darker-skinned individuals. The error rates were significantly higher compared to lighter-skinned individuals. The error rate for darker-skinned women was over 30%. For lighter-skinned men, it was less than 1%.
Access to AI tools also creates unfair advantages for those who can afford them.
- AI tools in financial modeling and trading leverage advanced algorithms and vast computational power. Wealthy investors capitalize on opportunities visible only to them and only through the AI tools that can spot market inefficiencies. These tools apply machine learning to execute trades across various asset classes. They use extensive computational resources to create significant advantages over traditional trading techniques. These platforms exemplify AI-driven software benefits in financial markets. They allow institutions to execute complex strategies swiftly and precisely. This level of execution is beyond the reach of average investors.
Privacy and Surveillance –
AI does not respect privacy. In surveillance, face recognition, and matching data bases, it will make decisions that expose people to unwarranted risk.
- For example: In many documented cases across the world, mis-identified individuals have been falsely detained or denied from boarding flights.
- In a 2018 ACLU test of an AI facial recognition system falsely identified 28 US Congress people as criminals. I do not intend to diminish the significance of this serious risk, but I found this amusing.
More serious errors could lead to irreversible damage. A wrong command could go to a special weapons and tactics team (SWAT) to shoot on sight.
Manipulation and Misinformation
- AI tools can mimic voice and movements. They can create a real-looking and similar-sounding digital face. This face can then spread falsehoods.
- AI can create fake images and videos. These depict enemy armies attacking sacred places. This can cause counter attacks where there was no fight at all. This could lead to serious wars.
We don’t have a good grasp on the risks linked to AI solutions.
Artificial Intelligence systems are in a dangerous territory of early development. Neither technological, political, legal, social, regulatory, or judicial custodians of humanity know how to size AI’s scope or impact. No one knows how to frame guidelines for AI’s ethical implementation. AI’s collective understanding is scant on global levels and across industries.
This gap creates an opportunity for you
You can help develop domain expertise and custom design your future path. Architect differentiated solutions. Become a credible and respected leading voice. Become a researcher, critic, volunteer, or a cheerleader for AI. Lead the development of an ethical and practical framework for AI implementations.
Perspective: The AI Marathon
Artificial Intelligence is in its nascent stages like the start of a marathon. All the competitors are lined up at a very crowded starting line.
As an example, many AI participants are running the marathon. These companies focus on one area—self-driving software. The participants include: Waymo (Google), Tesla (Tesla), Cruise (General Motors), Mobileye (Intel), Aurora Innovation. This newcomer partnered with companies like FedEx and Uber Freight for autonomous trucking. Other participants are Baidu Apollo (China’s Baidu), Nvidia Drive (Nvidia), ZOOX (Amazon), and Argo AI. More companies are entering the race every day even if some are making significant readjustments to them. For example, GM’s Cruise and Ford’s Argo AI have changed priorities and halted some functionality development.
- it is the start of the race. Virtually all industries have the same dynamic at play. New innovators like Amazon, Tesla, Facebook, and Bitcoin are shifting the paradigm in their own domains. Established brands like General Motors are focused on innovation in every step. They are applying AI all across the processes from customer experience strategies to manufacturing processes. Caterpillar adapts through predictive maintenance and improving performance. Whirlpool learns user preferences to enhance energy usage. These brands are adapting to the AI influenced changing terrain.
- Once-famous brands who do not innovate quickly will lose their footing. Companies like Kodak, Nokia, BlackBerry, Polaroid, Sears, Myspace, and Forever 21 are examples. They will fall because of their denial of market shifts, poor leadership, or lack of innovation. At the same time, AI innovators like Amazon, Tesla, Facebook, and Bitcoin will shift the market and opportunity reality.
- The middle of the race, which will come at different times for different industries, the market will start to consolidate. The lead, center, and back of the race packs will start to become evident. Some companies will develop breakthrough technology. They will set new benchmarks to change the industries forever. Some will gain early gains in sales and hold on to the lead. Others will fall off due to poor team execution or flawed vision.
- As marathons near the finish line, industries’ well-capitalized leaders will start consolidating. They will do this by acquiring synergistic contenders. Google, IBMs, Oracle, and Microsoft will buy out startups in computing. GE, Boeing, and Rolls-Royce will acquire startups in aviation. Siemens, Honeywell, and ABB will purchase startups in energy management and industrial automation solutions. These acquisitions will accelerate their progress to dominate their markets.
AI’s growth phases
AI innovators are in a mad dash to prove that their particular intelligence-embedded devices and services offer superior value.
Phase I
In this current stage, the innovators are betting that their ideas are worthy of investors’ money. Only a fraction of these ideas ever makes it to the market in their original form because sometimes:
- the ideas are right and the teams falter.
- the team is right, but the idea is weak.
- the market, regulatory framework, or time is not right.
- the luck does not match the right innovators with like-minded investors.
Phase II
Customers and market validate the usefulness of the innovation. They compare alternatives and evaluate functionality concerning the benefits. These benefits include cost and time savings compared to the cost of switching.
Phase III
Investors and companies analyze the solution cost: team, tools, time, and other requirements to acquire and retain customers. This measurement is constantly calibrated against profit potential and how long before petition can match or exceed differentiation.
Phase IV
The final evaluation includes what percent of the market is reachable, friendly, and willing to switch and adapt. This work also includes the cost to develop sales channels to acquire customers. It also involves preserving and improving retention, loyalty, and market share. The work helps to reach financial projections and profitability. Additionally, it ensures staying on product launch and delivery schedules.
Road Map for your step-by-step Action Plan.
What can, and should we do to maintain our professional edge related to AI? Humanity will not turn back from the benefits of AI. If you don’t use it, you will lose to your competitors. They will make better and faster decisions at lower costs than you. This is a global phenomenon.
Inspiration
Henry Ford was passionate about making farming more efficient and less labor-intensive through affordable, reliable machinery. His Fordson tractor significantly transformed agriculture, reducing manual labor and increasing productivity. In parallel, his automobile invention changed the the way we live. His commitment to mass production and affordability, changed the course of modern industry and society.
Think big!
(1) AI vigilance in your field
Be vigilant about your job functions of today and the future. Gain a multidimensional perspective:
(3 dimensional model in my book, Find Your Everest before someone else chooses it for you).
- What are your industry’s, company’s, and your jobs success criteria.
- How did they change over the last 5 and 10 years.
- How are they likely to change in the future.
- What needs to happen to massively change scope and impact.
Research and learn which functions AI and automation can do now and in the future. Compare this to your skills, talents, and curiosity.
(2) Excellence opens doors
Don’t be mediocre or jack of all trades. Champion something. Mediocrity will lose you in the crowd of competitors. Today, the competitors are global. Whoever has the best skills will get the job. Without excellence you will not have the choices you aspire to have. Second bests don’t get top quality opportunities. The longer you fester in mediocrity, the longer you will delay your peace and joy.
(3) Champion human ingenuity
Champion something you are naturally, intrinsically curious about. Pick what matches your passion to learn constantly and also deeply satisfies your natural curiosity. Plan to excel in human creativity and intuition dimensions. These are areas of your work that AI is unlikely to match in the next 5 years. If you are a champion first, you will already be leading innovation and will not need to look back.
(4) Master AI innovation
Lead the transition to AI in your field. Apply your excellence and champion how to operate, design, or innovate what integrated AI to your work. Stretch you imagination to make it shift today’s reality.
(5) If you are at the start of your career
Learn the gaps that could be filled by AI solutions. Read trade journals. Attend conferences. Follow the thinking of innovators in your work.
Specifically:
– Identify the essential success factors for your work
– List the skills and experiences to do achieve performance criteria
- Categorize risks and tools to solve problems
– Explore AI tools to improve outcomes and speed performance - Apply tools to grow and contribute
This will remove your fears of obsolescence and anxiety about your future. Own your field. If you are not a master of your own area, you will lack credibility. Without credibility, your recommendations will lack legitimacy. You will not be allowed of tap into knowledgeable resources and gain traction. Read, seek counsel, join user groups, write, publish, and speak. You will experience personal growth that comes from learning. Additionally, your team and organization will appreciate your explorations and growth. Your taking the initiative will inspire other positively oriented people around you. Your leaders will open doors to showcase their teams’ progressive nature. When you learn and grow, you add to the collective treasure of the organization. When your work uplifts your entire team and system, you are invited to more learning and growth opportunities.
(6) If you are a mid-career professional
Become a contributor to an innovation team. Bring your insight and expertise to the team/s. You will supercharge teams who need your perspective. You will also contribute to initiatives funded and launched by visionaries that are already in motion. It increases your credibility and you become more valuable to the team.
(7) If you are an experienced professional
If you are a company executive or an owner, be a role model. Examine every aspect of your company. Integrate AI tools to gain a competitive position.
- The choice is yours. You can be a Kodak that falls after 100 years of leadership. Alternatively, you can start like a startup. Then, grow like Amazon did. Rise to become #2 on the 2024 Fortune list of largest global companies by revenue.
Start or champion a team or a company. Fill the gaps you know still exist. AI solutions and your expertise can fill these gaps. Lead fundraising initiatives to support the research and innovation for your field. When you are laying down the tracks you will not be in doubt of where the future will take you. You will be building the future for the causes that matter to you.
Summary
Artificial Intelligence is an evolving field and is at the start of its marathon. Keep this perspective. Learn where you are in relation to the AI evolution in progress.
Go boldly into the future. Use research and innovation as your ladder to rise. Let them be the spring in your feet to lead your pack. Win the marathon. Lead the field and be a champion. Forge your progress one step at a time. You will serve your field well and you will live a deeply satisfying life. Use AI as your progress ladder.
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My book, Find Your Everest before someone else chooses it for you, offers guidelines. It helps you choose your own path to meaningful success.
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