Now that we are back from the AI Summit in NYC, what were the main takeaways from the flagship event in the global AI calendar?
We heard talks from the likes of Microsoft, OpenAI, Google, and AWS, as well as some founders from the world of AI.
Unsurprisingly, the hottest talking points were around Data Governance and the importance of having a clear Data strategy in place. The keynote speakers highlighted the significance of having robust structures governing data utilization before being able to tackle any wider business problem with AI.
Lufthansa Group highlighted how data governance should enable and foster an AI mindset, and whilst innovation and product development can be greatly accelerated with AI, it was widely agreed that this rapid evolution necessitates continual updates to frameworks and policies, emphasizing the importance of agility.
Ultimately, the resounding message reiterated the age-old adage: quality data input yields quality data output, and no amount of AI tooling or clever ML techniques will be effective if a company’s data house is not in a fit state to realize the maximum benefits AI can bring.
While there was a lot of discussion about the pivotal role of generative AI in managing data, many speakers agreed that AI won’t fully take over until complexities and issues around data privacy and ethics are addressed.
Some of the larger corporations talked about their plans to establish dedicated AI task forces, whilst also emphasizing the strategic importance of leveraging unstructured data sets and the emergence of synthetic data. They went on to say that synthetic data serves as a key tool in AI development by addressing data scarcity, enhancing diversity, preserving privacy, and enabling comprehensive model training and testing across various scenarios.
It was fascinating to hear the part that AI is playing within the heavily regulated sectors, particularly in biohealth, and that with the right approach, the pace at which AI is delivering results, can in some cases, be the difference between life and death.
Hiring and the talent piece were among some of the hottest discussion points, with many discussions(debates) around how companies can set up their AI and Data teams for maximum impact.
It was agreed that the setup of an AI team can significantly influence an organization’s competitive edge. Establishing a team with the right skill sets and strategies ensures maximum impact in harnessing AI’s potential.
Getting the Right Team: To make AI work well, you need experts who know how to work with data (data scientists) and build the systems they need (data engineers).
Making and Using Models Effectively: Creating AI models is just the start. It’s crucial that these models can be put into action smoothly, which means the people who make the models and the ones who put them into use need to work together well.
Bringing in Experts: People who know a lot about specific industries, like finance, are important for making sure the AI solutions fit real-world needs.
Organizing Work Better: Using centralized platforms helps the team focus on creating and solving problems instead of getting side tracked by the more labour-intensive administrative tasks.
Teaching Everyone about AI: Giving everyone some training in AI can make the workplace more creative and open to new ideas. It helps people understand how AI works and find new ways to use it.
Being Responsible and Always Learning: Each team member should know how their work fits into the bigger picture. Also, keeping up with new technology and learning new skills is important for the team’s success.
It’s clear: for companies serious about investing in AI, hiring the right mix of skilled people, adopting efficient workflows, and fostering a strong learning culture is crucial! Get this right, and organizations position themselves to reap the full benefits of AI.
This event reaffirmed my belief that we are in the midst of one of the most exciting periods of technological change we have seen in a lifetime. While it’s tempting to solely focus on AI’s benefits, companies must allocate time and resources thoughtfully, ensuring they position themselves optimally to reap the full benefits that AI can bring!
