Artificial Intelligence, better known as AI, has slowly grown into a dominant force in every industry, with businesses using unique applications specific to their own needs.
As CxO Disrupt returned to Perth, Simon Elisha, Head of Solution Architecture ANZ at Amazon Web Services, was keen to remind why AI has become a necessity for every company.
Expectations around AI have been great, as we see innovative uses for it every day, but these prospects can sometimes be misleading.
“The thing with technology growth is that it happens slower than you think, but faster than you expect.
“AI’s been around for a long time, but what’s changing is that the application of low and high-performance computing is now available,” Elisha told 100 of Perth’s leading business executives.
Although AI has been around since the 1950s, there was a lack of data and a slower process time to implement it into real life and real time possibilities.
However, with big data at an all-time high, it means that AI can sift through seemingly endless amounts of information to learn and apply these operations to remove repetitive and tedious processes.
Elisha also pointed out that although businesses are beginning to recognise the possibility of AI there needs to be a greater enablement to allow the team to take risks.
If you only use AI to do what’s already been done, then it becomes a waste of time as the glory of machine learning comes from the ability to harness data to create new opportunities.
“Interestingly, in terms of AI, customers are taking the opportunity now. The important thing in exploring this avenue is to let your teams try new things,” he said.
Furthermore, Elisha stressed the importance to develop a plan, that explores where your own business is, as well as your competitors, to truly understand what next steps on the technological journey will be.
“If you can sit down and construct a map and understand where you are, where you’re going and what others are doing, you’ll have a better change to understand the context.”
Just by implementing AI technology into a company doesn’t automatically turn it into a world beater, there must be a strategic application to it, or else it puts you further behind competition rather than disrupting the industry.