This is a digest from
We Have Only Begun To Scratch The Surface Of AI’s True Innovative Power by Joe McKendrick, Forbes, 28 Jan 2024
Artificial Intelligence (AI) has untapped potential, not just in enhancing existing processes but in fostering innovative approaches, opening new avenues for businesses to solve problems and create unique solutions.
The combination of AI with other concepts is expected to lead to more natural and human-centric interactions between humans and machines, sparking the emergence of novel businesses.
Summary
- AI’s Current Role:
- Used as a tool in the business world to cut costs, increase efficiency, and responsiveness.
- Dr. Richard Bownes emphasizes that AI has made previously inaccessible products and services more attainable.
- Historical Context:
- Reflects on the transformative impact of AI by drawing parallels with the evolution of survey methods facilitated by the World Wide Web in the mid-1990s.
- SurveyMonkey Example:
- Cites SurveyMonkey as an example of a company that emerged due to technological advancements.
- Raises the question of whether AI’s current wave will spawn similar innovations.
- AI’s Vast Potential:
- Jing Huang from SurveyMonkey predicts AI’s potential to transform various industries, including healthcare, education, finance, and retail.
- Highlights the impact of AI-driven applications like ChatGPT and AI Copilot on user experiences and business opportunities.
- New Business Opportunities:
- Anticipates the rise of businesses focusing on more natural and human-centric interactions between humans and machines.
- Emphasizes AI’s role in connecting disparate information, fostering unexpected discoveries, and guiding researchers toward novel ideas.
- Accelerating Innovation:
- AI accelerates innovation by reducing tedium, surfacing new knowledge, and highlighting trends and patterns.
- Derek Kane sees multimodal AI capabilities leading to entirely new applications and industries in 2024.
- Personal AI Assistants:
- Personal AI assistants are considered revolutionary for innovation, acting as 24×7 partners that enrich brainstorming sessions.
- Cautionary Notes:
- Acknowledges the fast-paced nature of the AI space, with Derek Kane cautioning against choosing the wrong business problem.
- Stresses the importance of maintaining a balanced perspective on AI’s strengths and limitations.
- Human-Centric Innovation:
- Recognizes that while AI excels in enhancing and optimizing processes, true innovation relies on human insight and creativity.
- AI’s limitations include contextual understanding, hallucination, bias, and ethical concerns.
- The Future of AI and Innovation:
- Emphasizes the evolving capabilities of AI, presenting both potential and uncertainties.
- Calls for a balanced perspective, valuing AI’s strengths while acknowledging the irreplaceable role of human ingenuity in driving genuine innovation