United Arab Emirates (UAE) has just appointed Omar Bin Sultan Al Olama as the country’s first Minister of State for Artificial Intelligence (AI). The announcement was released right after UEA’s Prime Minister announced UAE Strategy for AI and ambition to be the forerunner of the global technological revolution.
This week my dear colleague shared me a quote “AI can be compared to teen sex, everybody talks about it but nobody knows what to do with it.”. I’m not a teen nor an expert, but while being actively interacting with new technologies and innovations I have some lessons learned I would like to share regarding AI.
First of all AI should not only be a trendy word amongst tech nerds. It’s rather something that will disrupt all lines of business in one way or another. AI will be diffused into every aspect of the economy and it should be in everyone’s agenda, as it’s in the UAE.
Before understanding how to derive oil to petroleum, oil was nothing but waste. Today, the same waste affect the world economy basically more than anything else. In the beginning of the 21st century people started to talk about massive information technology revolution which caused explosion of new kind of waste, also known as data. Today’s businesses are holding a huge amount of data but as long we don’t make the best out of, it’s not much more than waste.
AI eats data, and new AI technologies can be utilised and combined in different ways to sense, comprehend and act (picture below). The world-famous physicist Stephen Hawking went already several steps further by predicting that the development of full AI could spell the end of human race. The fact is that it is difficult to predict the exact impact of AI. But the fact is also that AI will be used to refine the massive amount of data to build recommendation systems, virtual agents and to automatize easy repetitive tasks.
AI will affect to businesses’ core and supporting technologies but also rethink enterprises, industries and humans. All together AI builds new business opportunities that we should look at. To get from teen sex to grown-up sex we need to learn step by step. To approach AI, and to understand its’ limitations and possibilities to our business, we need to
- Understand AI
- Build competences
- Create a data strategy
- Apply for increased efficiency
- Integrate it to solutions
Next spring Avanto Ventures is organising cross-industry AI accelerator program for which we are now looking partners to join. In the accelerator program, we help the partners to understand AI and build their competences and AI startup networks. By screening +500 startups, we bring together ca. 15 the most talented European AI startups and the leading Finnish corporations in a 2-month accelerator program.
- AI eats data and makes it business
- AI technologies can be combined in different ways to sense, comprehend and act
- Start with understanding and building your competences and AI networks, only after that create your data strategy
If you are interested joining the program to build your understanding what AI means to your industry and chosen sub-themes, you can contact me at firstname.lastname@example.org.