Unlock the Editor’s Digest for Free: Exploring the Real Value of AI
Discover the Editor’s Digest, a weekly newsletter handpicked by Roula Khalaf, Editor of the FT, featuring her favorite stories. In this edition, we delve into the world of AI, separating hype from reality and examining its true potential.
When it comes to innovation, hype is often not far behind. New technologies tend to generate a lot of interest, but much of it is exaggerated or inaccurate. Henry Ajder, an expert and adviser on generative artificial intelligence and synthetic media, acknowledges the hype surrounding technologies like crypto, non-fungible tokens, and the metaverse. However, he believes that AI is different from previous hype cycles. According to Ajder, AI has a wide range of applications and the potential to bring about meaningful change.
For senior leaders in executive MBA programs, it is crucial to identify the real value of AI. Wasting resources and damaging reputations on AI projects that fail to deliver on their promises can be avoided by understanding its true potential.
Those who work in the technology industry, as well as those with expertise in the field, are optimistic about AI. Chirag Mahawar, chief of staff for the chief executive’s office at Quolum, a software as a service company, highlights the impact of AI tools like ChatGPT. These tools can quickly provide responses to questions, raising the bar for workers. Mahawar suggests that if an AI tool can provide an answer within seconds, it makes sense for workers to sharpen their existing skills and not make their supervisors wait for days for the same advice.
Ajder, who has extensively studied generative AI, recognizes the numerous potential use cases for the technology. However, he advises caution and encourages a thorough evaluation of whether the technology is mature enough to deliver the desired value. For example, AI-generated articles have faced criticism for including inaccurate facts, known as “hallucinations.” Ajder attributes this issue to a fear of missing out and a rush to market, highlighting the importance of avoiding the mistake of mistaking novelty for revolutionary technology.
Alex Connock, a senior fellow in management practice at the University of Oxford’s Saïd Business School, acknowledges the substance and hype surrounding generative AI. He notes the abundance of start-ups in the field but warns that not all of them will succeed. Connock draws a parallel with Hollywood, where this year’s box office successes showcased human creativity. He believes that skills like presenting, storytelling, analysis, persuasion, and original writing will be crucial in the boardrooms of the future.
In an era of AI disruption and uncertainty, Connock offers advice to business school students. He encourages them to enter the workplace with a clear vision of the value they can contribute and to be AI-literate at every level. However, he cautions against being AI-paranoid and emphasizes the importance of maintaining one’s own perspective and vision for the future.
As we navigate the vast possibilities and challenges presented by AI, let’s take inspiration from Franz Liszt, who said, “My sole ambition as a composer is to hurl my javelin into the infinite space of the future.” It is up to us to shape the future of AI and ensure that it brings about positive and meaningful change.
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