Going beyond Generative AI for faster Growth, Global Competitiveness

Undoubtedly, AI is the topic of 2023. This makes me think back to 2017 when Advancing AI Wisconsin, a grassroots effort, worked to raise awareness among industry and government leaders on AI’s transformative impact. Fast forward to today, and my 80-year-old mother is asking about AI! 

Of course, ChatGPT, Bard, and other generative AI platforms were catalysts for the conversation. AI has been democratized so that it can be utilized by all – high schoolers, software developers, creators, hackers and executives have equal access.

Why is this critical? In 2018, McKinsey & Company estimated that by 2030 companies that are early adopters of AI would grow 2x faster than average and those who did not adopt would shrink by 20%. In 2023, McKinsey reported that the timeframe of this impact has accelerated due to generative AI with 60% of the impact coming from just four areas of customer operations, marketing, sales, software engineering and R&D.  

In recent events, speakers made key points which are validated by research:  

1. AI is here to stay – An EY Americas survey found over 80% of executives expect to increase spending on AI.  

2. ChatGPT is only part of the story. Other AI areas like computer vision, deep learning, robotics, expert systems, etc. make up 60-85% of the total anticipated economic value from AI.  

3. “AI won’t take your job, but an individual who understands AI might.” Accenture is estimating that up to 40% of our working hours will be impacted by large language models. 

4. Risk management and governance are critical, PWC recommends the engagement of the C-suite executives, including the Chief Risk Officer, Chief Information Security Officer, Chief Data and Privacy Officer, Chief Financial Officer, and Chief Legal Officer.

5. Scaling AI’s Impact will require automation, Deloitte points to the criticality of MLOps as organizations mature.

Thankfully, as a region, we have been building capability in AI:  

However, even as we build out our AI capabilities as a region, we need to move even faster to maintain global competitiveness.

— Kathy Henrich, CEO, MKE Tech Hub Coalition

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