I see a society that is crumbling. The rampant technology is simultaneously capsizing industries that were previously the bread and butter of economic growth. The working man and woman have felt its effects as wages stagnate and employment opportunities remain fewer amidst a progressively automated economy. Increasing wage inequality and financial vulnerability have given rise to populism, and the domino effects are spreading.
People are angry. They demand fairness and are threatened by policies and outsiders that may endanger their livelihoods. This has caused a greater cultural and racial divide within and between nations. Technology has enabled this anger to spread, influence and manipulate at a much greater speed than ever before resulting in increasing polarization and a sweeping anxiety epidemic.
Globally, we are much more connected – this, to our detriment. We’ve witnessed both government and business leverage technology to spread disinformation for their gains. While regulators struggle to keep pace with these harms, the tech giants continue, unabated, to wield their influence and power to establish footprints that make both consumers and business increasingly dependent on their platforms and technology stacks. We cannot escape them, nor do we want to. Therein lays the concern…
This recent article, “The World is Choking on Data Pollution” offered a profound distillation of what we are witnessing today:
Progress has not been without a price. Like the factories of 200 years ago, digital advances have given rise to a pollution that is reducing the quality of our lives and the strength of our democracy… We are now face-to-face with a system embedded in every structure of our lives and institutions, shaping our society in ways that deeply impact our basic values.
Tim Berners Lee’s Intent for the World Wide Web has Run Off-Course:
Tim Berners Lee had this Pollyannaish view once upon a time that went like this: What if we could develop a web that was free to use for everyone and that would fuel creativity, connection, knowledge and optimism across the globe? He believed the internet to be a basic human right,
…That means guaranteeing affordable access for all, ensuring internet packets are delivered without commercial or political discrimination, and protecting the privacy and freedom of web users regardless of where they live.
Between 1989 and 1991, Tim Berners Lee led the development of the World Wide Web and unleashed the “language HTML (hypertext markup language) to create the webpages HTTP (used to create web pages), HTTP (HyperText Transfer Protocol), and URLs (Universal Resource Locators).”
The now ubiquitous WWW set a movement which has scaled tremendously, reinventing the way we do business, access and consume information, create connections and perpetuating an unrelenting mindset of innovation and optimism.
What has also transpired is a web of unbridled opportunism and exploitation, uncertainty and disparity. We see increasing pockets of silos and echo chambers fueled by anxiety, misplaced trust and confirmation bias. As the mainstream consumer lays witness to these intentions, we notice a growing marginalization that propels more to unplug from these communities and applications to safeguard their mental health. However, the addiction technology has produced cannot be easily remedied. In the meantime, people continue to suffer.
What has been most distressing are the effects of cyberbullying on our children. In 2016, The National Crime Prevention reported 43% of teens were subjects of cyberbullying, an increase of 11% from a decade prior. Some other numbing statistics:
- “2017 Pediatric Academic Societies Meeting revealed the number of children admitted to hospitals for attempted suicide or expressing suicidal thoughts doubled between 2008 and 2015”
- “Javelin Research finds that children who are bullied are 9 times more likely to be the victims of identity fraud as well.”
- “Data from numerous studies also indicate that social media is now the favored medium for cyberbullies”
Big Tech: Too Big to Fail?
As the web evolved throughout the 90s we witnessed the emergence of hefty players like Google, Yahoo, Microsoft and later Facebook and Amazon. As Chris Dixon asserted:
During the second era of the internet, from the mid 2000s to the present, for-profit tech companies — most notably Google, Apple, Facebook, and Amazon (GAFA) — built software and services that rapidly outpaced the capabilities of open protocols. The explosive growth of smartphones accelerated this trend as mobile apps became the majority of internet use. Eventually users migrated from open services to these more sophisticated, centralized services. Even when users still accessed open protocols like the web, they would typically do so mediated by GAFA software and services.
Today, we appropriately apply a few acronyms to these giants: G-MAFIA (Google, Microsoft, Amazon, Facebook, IBM, Apple), or FAANG (Facebook, Apple, Amazon, Netflix, and Google) and now BAT (Baidu, Alibaba and Tencent). These players have created a progressively centralized internet that has limited competition and has stifled the growth of startups, which are more vulnerable to these tech giants. My discussion with a social network founder (who asked to remain nameless) spoke of one of the large platforms which continuously copied newly released features from their site, and they did so transparently because “they could.” He also witnessed a stall of user engagement and eventual churn. He was unable to compete effectively without the necessary resources and eventually relented, changing his business model and withdrawing to the cryptocurrency community to start anew.
Consider this: These eight players Facebook, Apple, Microsoft, Amazon, Google, Tencent, Baidu, and Alibaba are larger than the “market cap of every listed company in the Eurozone in Emerging Markets and in Japan.” G-MAFIA (excluding IBM) combined posted average returns in 2018 of 45% compared with 19% return among S&P500. Now add the high degree of consolidation of the tech industry. Together FAANG has acquired 398 companies since 2007. The type of acquisitions has heightened interest from regulators and economists towards anti-trust regulation. Add to this list the highest-ever acquisition in history with IBM’s purchase of Red Hatat a reported $34 billion.
Big tech valuations continue to rise despite the sins illuminated by their technologies. There is this dichotomy that pits what’s good for consumers against what’s good for shareholders. We’ve derived some great experiences from these platforms, but we’ve also seen examples of invisible harms. However unintended, they surface as a result of the business mandate to prioritize user growth and engagement. These performance indicators are what drive employee performance and company objectives. When we think about the impact of big tech, their cloud environments and web hosting servers ensure our emails, our social presence, and our websites are available to everyone on the web. In essence, they control how the internet is run.
Amy Webb, Author of “The Big Nine: How the Tech Titans and their Thinking Machines could Warp Humanity” refers not only to G-MAFIA but also BAT (the consortium that has led the charge in the highly controversial Social Credit system to create a trust value among its Chinese citizens). She writes:
We stop assuming that the G-MAFIA (Google, Apple, Facebook, IBM, and Amazon) can serve its DC and Wall Street masters equally and that the free markets and our entrepreneurial spirit will produce the best possible outcomes for AI and humanity
These Nine will shape the future of the internet, no doubt. Webb envisions several scenarios where China’s encroaching influence will enable an AGI to control the world much more pervasively than the Social Credit System, and where “democracy will end” in the United States. This is not implausible as we are already seeing signs of BAT’s increased fundingacross gaming, social media, fintech sectors, outpacing the US in investment.
Webb also foresees a future of stifling individual privacy where our personal information is locked in the operating systems of these tech giants, now functioning oligopolies, fueling a “digital caste system,” mimicking a familiar authoritarian system in China.
This future that Webb forecasts is conceivable. Today, beyond Cambridge Analytica and government’s alleged use of Facebook to manipulate voters and seed chaos, the damages, however divergent, are more pervasive and are more connected to one another than we realize. We have seen Amazon’s facial recognition technology used in law enforcement, which has been deemed ineffective and wrought of racial bias.
In the same vein, Buzzfeed reported the use of facial recognition being used in retail systems without the regard for user consent. We believed in Facebook’s initiative to safeguard our security through two-factor authentication, while they used our mobile numbers to target our behavior and weaken our privacy in the process. Both Facebook and Amazon have been known to have experimented with our data to manipulate our emotions. When Tiktok was fined $5.7 million for illegally collecting children’s data, it was only following the lead of its predecessors.
The biggest data breaches of all time have involved some of the largest tech companies like FB, Yahoo! and Uber as well as established corporations like Marriott and Equifax. The downstream effects are yet to be realized as this data is bought and sold on the dark web to the highest bidders. When 23andMe created the Personal Genome Service as an offer to connect people to their roots, it was, instead, exposed as “front for a massive information-gathering operation against an unwitting public.”
This epidemic continues. What is emerging are the hidden intentions behind the algorithms and technology that make it more difficult to trust our peers, our institutions and our government. While employees were up in arms because of Google’s “Dragonfly” censored search engine with China and its Project Maven’s drone surveillance program with DARPA, there exist very few mechanisms to stop these initiatives from taking flight without proper oversight. The tech community argues they are different than Big Pharma or Banking. Regulating them would strangle the internet.
Technology precedes regulation. This new world has created scenarios that are unaddressable under current laws. There is a prevailing legal threat unleashed through the GDPR, however, there are aspects of it that some argue that may indeed stifle innovation. However, it’s a start. In the meantime, we need to progress so systems and governance are in sync, and tech giants are held in check. This is not an easy task.
Who is responsible for the consequences of AI decisions? What mechanisms should be in place to ensure that the industry does not act in ways that go against the public interest? How can practitioners determine whether a system is appropriate for the task and whether it remains appropriate over time? These were the very questions we attempted to answer at the UK/Canada Symposium on Ethics and Artificial Intelligence. There are no clear answers today.
Back to Basics: Can we re-decentralize an increasingly centralized internet?
Here’s a thought! How do we move our increasingly digital world into a place where we all feel safe; where we control our data; where our needs and desires are met without dependence on any one or two institutions to give us that value? The decentralized web is a mindset and a belief in an alternative structure that can address some of the afflictions that have risen from data pollution. This fringe notion is slowly making its way back to mainstream:
A Web designed to resist attempts to centralize its architecture, services, or protocols [so] that no individual, state, or corporation can substantially control its use.
Is it possible to reverse the deterioration we are experiencing today? I spoke with individuals who are working actively within the values of the decentralized web and are building towards this panacea. Andrew Hill and Carson Farmer developed Textile.IO, a digital wallet for photos that are entirely controlled and owned by the user. Textile.io didn’t start out as a decentralized project. As Andrew recalls:
We started this project asking: what was the future of personal data going to look in the future? We didn’t like the answer at all. It seemed like the ubiquity of data with the speed of computing power and increasing complexity of algorithms would lead us to a state that wouldn’t be good for us: easily manipulated, easily tracked and personal lives easily invaded by third parties (government, individuals and companies)
Carson Farmer noted that GMAIL is fundamentally a better user experience because individuals didn’t need to run their own protocols or set up their own servers. This “natural” progression” to centralized technologies has served the Big Nine well.
Since then, it’s been this runaway because of the capitalist value behind data. They are building business models behind it and it will not go away overnight. By putting our blind trust into a handful of corporations who collect our data, we’ve created a run-away effect (some folks call it ‘data network effects’) where those companies now create value from our data, that is orders of magnitude greater than any new entrant into the market is capable of. This means that the ‘greatest’ innovation around our digital data is coming from only a handful of large companies.
However, people, en-masse, don’t understand this imminent threat. Few really understand the implications of cybersecurity breaches, nor the impact to individual welfare or safety from the data they willingly provide these networks. How much of this needs mainstream to care about it to achieve the scalability it requires? Hill argues that few will abandon technologies unless their values are subdued by risk. Hill explained our “signaled intentions actually differ from our intended behaviors.” For example, many would support legislation to reduced speed limits in certain areas to minimize deaths from auto accidents. However, engineering this feature into self-driving cars so they are unable to go faster, would be far more objectionable because it impedes us.
Adoption of a decentralized web cannot play by the old rules. New experiences and interactions that are outside of current norms needs to appeal to individual values, that enable trust and ease of adoption. Pulling users away from convention is not an easy task. However, emerging organizations are starting to build bridges into the old technology in an effort to re-decentralize. Matrix.org has created an open standard for decentralized communications. The Dat Project, largely funded mainly by donations provides a peer to peer file sharing protocol to create a more human-centered internet, without the risk of data being sold. For Textile.io their version of Instagram allows users to add a photo to their mobile application, which exists on your phone, with a privately encrypted copy existing on an IPFS (“a peer-to-peer protocol for sharing hypermedia in distributed file system”) node off your phone. No one sees the encrypted photo version unless you share the private keys to that photo. Textile has no view into the data, nor an intention of processing or keeping it. Handshake.org is a “permissionless and decentralized naming protocol to replace the DNS root file and servers with a public commons”, uncensorable and free of any gatekeeper. The Internet Archive, started by Brewster Kale, is a non-profit library that has cataloged over 400 billion web pages in the last 22 years, also digitizing all-things analog (books, music, movies), with the attempt to save web history and knowledge with free access to anyone.
Wendy Hanamura, Director of the Internet Archive is also the Founder of DWeb, a summit which started in 2016 bringing together builders and non-builders within the 4 levers of change: 1) laws 2) markets 3) norms and values 4) technology to advocate a better web. The intention was to do a moonshot for the internet and create “A web that’s locked open for good.” Why now? Wendy declared,
In the last few years we have woken up to see that the web is failing us. We turn to our screens for information we are getting, instead, deception in fake news, non reliable information, missing data. A lot of us in the sector feel we could do better. Technology is one path to doing better.
The prevailing vision of the Dweb:
A goal in creating a Decentralized Web is to reduce or eliminate such centralized points of control. That way, if any player drops out, the system still works. Such a system could better help protect user privacy, ensure reliable access, and even make it possible for users to buy and sell directly, without having to go through websites that now serve as middlemen, and collect user data in the process.
While it’s still early day, for at least a decade many players have chosen to become part of this movement to fix the issues that increasing centralization has created. From Diaspora to Bit Torrent, a growing list of technologies continue to develop alternatives for the DWeb: for storage, social nets, communication and collaboration apps, database, cryptocurrencies, etc. Carson sees the Dweb evolving and feels the time is ripe for this opportunity:
Decentralization gives us a new way forward: decentralized data storage, encryption based privacy, and P2P networks give us the tools to imagine a world where individuals own and control their personal data. In that future, all technologies can build and contribute to the same data network effect. That is exciting because it means we can create a world with explosive innovation and value generation from our data, as opposed to one limited by the production capacity and imagination of those few companies…
Can the decentralized web fix this? In a world where trust is fleeting, this may be a significant pathway forward but it’s still early day. The DWeb is reawakening. The emergence of its players sees tremendous promise however, the experiences will need to get better. Many things must work in tandem. The public needs to be more informed of the impact on their individual rights and welfare. Business needs to change its mindset. I was reminded by Dr. George Tomko, Expert in Residence at the University of Toronto, that if business can become more human, to be more compassionate
…and have the ability to feel a person’s pain or discomfort and to care enough by collaborating with others in alleviating her pain or discomfort… what emerges is a society of greater empathy, and a culture that yields more success
Regulation has to also be in lock-step with technology but it must be informed and well thought out to encourage competition and minimize costs to the consumer. More importantly, we must encourage more solutions to bring more data control to the user to give him/her the experiences they want out of the web, without fear of repercussions. This was the original promise of the internet.
This originally appeared on Forbes.
Hessie Jones is the Founder of ArCompany advocating AI readiness, education and the ethical distribution of AI. She is also Director for the International Council, Global Privacy and Security by Design. As a seasoned digital strategist, author, tech geek and data junkie, she has spent the last 18 years on the internet at Yahoo!, Aegis Media, CIBC, and Citi, as well as tech startups including Cerebri, OverlayTV and Jugnoo. Hessie saw things change rapidly when search and social started to change the game for advertising and decided to figure out the way new market dynamics would change corporate environments forever: in process, in culture and in mindset. She launched her own business, ArCompany in social intelligence, and now, AI readiness. Through the weekly think tank discussions her team curated, she surfaced the generational divide in this changing technology landscape across a multitude of topics. Hessie is also a regular contributor to Towards Data Science on Medium and Cognitive World publications.
This article solely represents my views and in no way reflects those of DXJournal. Please feel free to contact me firstname.lastname@example.org
New IT infrastructure for Gilbane includes LLMs, payment automation, and unified tech departments
A look at 153-year old real estate titan Gilbane’s digital transformation
Canada’s construction industry has been slower to get on the digital transformation train. Yet virtual design and automation presents serious opportunities for the industry to evolve with digital transformation.
Research shows that more than 80% of construction companies have room to improve their data capabilities, and the most commonly cited benefits of digital transformation were increased productivity, customer experience and staff safety.
One company that made it happen is Gilbane — a U.S.-based real estate development company worth more than $6.5 billion, with family roots that persevere to this day. In fact, they even have employees in the family’s sixth generation. Despite the “legacy” mindset in the company’s fabric (it’s 153 years old) and business industry, Gilbane boosted risk management and productivity under a brand new modular IT infrastructure.
Here’s how they did it (and how you can, too):
Unify all digital initiatives under one leader
The company created a position that was responsible for overseeing the progress on multiple tech initiatives, including AI, analytics, IT, and cybersecurity. This helped them avoid the risk of wasted budgets through silos and miscommunication.
“We believe this structure is the most effective to bring together our data and technology resources to drive transformation and get a real return on invested capital.” — Karen Higgins-Carter, Chief Digital Information Officer (CDIO)
Invest in analytics and AI for risk management
Safety is a primary concern in the construction industry. Despite improvements in safety measures, equipment, and training, the construction industry still experiences high rates of death and injury. In fact, in 2022 the National Safety Council ranked the construction industry in the top four most dangerous, noting that it experienced the most workplace deaths.
Gilbane’s team is investing in analytics and AI with large language mode experiments to help them identify similar trends that indicate potential unsafe characteristics on a worksite, Higgins-Carter told CIO. “In construction, our teams are managing the construction of hundreds of projects happening at any one time,” she said. “Our analytics capabilities identify potentially unsafe conditions so we can manage projects more safely and mitigate risks.”
“To help us manage risk, I need to understand the leading indicators of risk on a job, like attrition or high volumes of change order.” — Karen Higgins-Carter, Chief Digital Information Officer (CDIO)
Automate payment processing with operation-specific triggers
Higgins-Carter told CIO the company recently piloted an automated payment program for Gilbane to pay subcontractors more efficiently. Powered by videos and photos of work completed as triggers, payments are automatically dispensed to the necessary parties.
Educate the entire team and inform new processes with their experience
Hold meetings and training sessions to ensure executives and employees understand the benefits and functions of any new tech or business processes.
“We can’t deliver technology if we don’t understand our employees’ experience. If I go out to a job site once a month, then my team will too.” — Karen Higgins-Carter, Chief Digital Information Officer (CDIO)
Read the full article on CIO here.
Veronica Ott is a freelance writer and digital marketer with a specialization in finance and business. As a CPA with experience in the industry, she’s able to provide unique insight into various monetary, financial and economic topics. When Veronica isn’t writing, you can find her watching the latest films!
The Northern Lights Technology & Innovation Forum navigates AI, economic concerns and upskilling in Alberta
Panelists dive into how innovation and collaboration may help navigate the changing industry landscapes
While rapid advancements in AI are reshaping industries worldwide, they’ve sparked discussions about innovation and community resilience through ongoing economic challenges. At this year’s Northern Lights Technology and Innovation Forum, panelists explored how technology could drive positive adaptation.
- Mark Little, co-founder and CEO Jotson Inc, and board member of General Fusion
- Anna Baird, culture and innovation evangelist at Google
- Dan Semmens, SVP and head of data and IT at ATB Financial
- Arthur Kent, Canadian journalist and author
- Joy Romero, executive advisor innovation at Canadian Natural Resources Limited (CNRL)
Approximately 250 attendees gathered for the forum at the Calgary Petroleum Club on Feb. 8. Filled with industry leaders and burgeoning entrepreneurs, the forum focused on collaboration and knowledge sharing in the tech sector.
Over the past five years, Calgary has seen a 22 per cent increase in tech talent and total tech jobs, emerging as one of North America’s top markets for young tech professionals.
“The talent pool here is amazing,” said John Givens, vice president of sales at C3 AI and one of the event’s organizers. “So how do we leverage our talent here? How do we share that knowledge?”
In response, this year’s forum included the inaugural “Mentors and Makers” initiative, where a dozen industry experts pinned green buttons to their lapels, signaling to anyone in the crowd that they’re open to a conversation.
Shawn Mahoney, another event organizer and co-founder of Spare Parts & Gasoline, said in his opening remarks that the initiative speaks to “creating the new innovators that we need to solve tomorrow’s problems.”
And with that, the panel took the stage to dig into the big questions: What are the challenges and opportunities for Alberta as a growing tech market? How will AI continue to change industries across the board? And if it does, will that be a bad thing?
The Alberta advantage
The panel conversation was kicked off by the first question asked by moderator Geraldine Anderson: “What is the Alberta mindset, or the ‘Alberta advantage?’”
Mark Little, co-founder and CEO Jotson Inc, said Alberta has a lot going for it — including having the highest GDP in Canada, a younger population, and high education levels — but those aren’t the advantages that stand out to him.
“There’s a resilience and an entrepreneurial spirit here,” he said. “As a result of that, we’re seeing innovation … I think 10 to 15 years from now we’re going to lead this country in innovation and it’ll be every sector you could imagine.”
Hailing from Vancouver and the only panelist not based in Calgary, Google’s Anna Baird said she considers herself an honorary Albertan based on the “sheer grittiness and roll up your sleeves and work together” attitude she’s witnessed.
“The grittiness takes us into innovation,” said Baird. “We’re willing to try new things, we’re willing to fail — hopefully fast and cheaply, as is Google’s ethos. But we’re also willing to borrow with pride and give kudos to the people we’re borrowing the pride from so we can have building blocks.”
The panelists’ discussion kept coming back to the importance of adaptability, innovation, and collaboration. While the province faces significant hurdles, including global market fluctuations and environmental concerns, they spoke with optimism about the potential to emerge stronger by investing in the future.
Dan Semmens, SVP and head of data and IT at ATB Financial, calls it an “opportunity” for both the province and country to focus on investing in the next generation.
“I think the opportunity there is continuing to invest in our most precious resource, which is our young people,” he said.
When it comes to AI, “it’s on all of us” to level up our own skills
AI is already impacting most industries globally, and it shows no signs of slowing down. But it’s not new either.
Joy Romero, executive advisor of innovation at Canadian Natural Resources Limited (CNRL), said she was using AI neural networks 20 years ago to take ecological data and process it through oil sands facilities.
“Why?” she asked. “Because that would allow us to improve our processing and our productivity … So for me, digital is our world. That’s productivity.”
The day of the panel, Google announced that Gemini Ultra 1.0, the largest version of their large language model, is being released to the public.
Baird was asked about the implications of the new AI model, and while she acknowledged there will be challenges, she maintained that “the train has left the station.”
“It’s on all of us here in the room to level up our own skills,” she says. “With an announcement like Gemini, like you have to get in there, you have to play, you have to try.”
Transitioning to the realm of media and journalism, Canadian journalist Arthur Kent highlighted the increasing role of AI in newsrooms. From assisting journalists in gathering and analyzing data to content creation, journalists are experimenting with AI for efficiency and detecting false information.
“We can become even better if we harness artificial intelligence to do that,” said Kent. “So we constantly have to be developing and pushing ourselves forward, to keep pace with this.”
However, he emphasized the critical role of journalists in maintaining integrity and discerning between fact and fiction in an era of AI-generated content.
“Journalism is always going to be a human process, because journalism is based on their location, and verification, verifying leads, tips, and figuring out rumour from fact,” said Kent. “So far, none of the machines that I’ve seen associated with artificial intelligence, have those human characteristics. However, there is also that human aspect called temptation.”
In the financial services industry, Semmens said the impact of generative AI “poses an existential risk” to the relationship banks have with their clients.
Despite this, he says incorporating AI technology into banking is “an incredible opportunity” to personalize experiences for customers more effectively and efficiently, and he expects to see a lot of changes in open banking in the next three to five years.
“With all the disinformation that is out there, a trusted source is going to be a high commodity,” he said. “And so I think in banking, being a heavily regulated industry, there is an opportunity for us to really show up from that standpoint.”
An innovation forum’s charitable roots
The Northern Lights Technology and Innovation Forum’s story begins over a decade ago. The organizers, including Givens, first banded together for the Gordie Howe C.A.R.E.S. Hockey Pro-Am Tournament in support of Alzheimer’s research and education.
As the cause drew more attention they opted to expand the tournament into the forum as a way to expand their reach. All of the event proceeds go to Gordie Howe C.A.R.E.S. Centre for the Alzheimer’s Research and Education Society — and this year they broke their record, raising a minimum of $40,000 thanks in part to a funding match made by Google.
“It’s amazing,” Givens said at the end of the night. “I always knew the potential of our community. And I explained to people that the community is the draw … It’s about education. It’s about doing the right thing. It’s about just finding ways for other people to get involved in doing the same thing. There’s enough energy there. Now we just have to harness it.”
DX Journal is an official media partner of the Northern Lights Technology and Innovation Forum.
Generative AI fascinates many, but how are businesses addressing the societal effects and talent gaps?
A look at Deloitte’s latest study of the state of AI in 2024
Across the globe, 2023 was heralded as generative AI’s breakout year, and it hasn’t really slowed down since. So now experts are asking what AI trends will come this year and what the business impacts will be.
Tech and finance consulting giant Deloitte recently studied the state of generative AI in 2024, examining common use cases and goals, as well as broader societal implications.
Here are some highlights from the report, as well as practical tips to leverage AI safely in your organization:
Generative AI for more productivity and efficiency
The research surveyed more than 2,800 leaders across various organizations currently piloting or implementing generative AI. Most (62%) cited emotions of excitement, as well as fascination (46%), while 30% reported feeling uncertain around generative AI.
The majority saw the technology as a tool to gain more efficiency within their businesses, along with these cost benefits:
- Improve efficiency and productivity: 56%
- Reduce costs: 35%
- Improve existing products and services: 29%
From the respondents who sought more productivity, here’s where they plan to reinvest in that newfound efficiency:
- Encourage innovation and growth: 29%
- Shift workers from lower-value to higher-value tasks: 26%
- Uncover new ideas and insights: 19%
Talent still a barrier to successful generative AI adoption
Less than half of the respondents cited having sufficient employee expertise or education on generative AI, with about 55% planning to improve their learning and development strategy in the next one to two years.
This is a consistent challenge that we’ve seen across multiple research studies, including IBM’s for the Canadian market.
So how can an organization turn these plans into action? According to the respondents, the top three investments are being made in:
- Generative AI fluency and education: 74%
- AI recruitment and hiring: 74%
- Reskilling: 73%
Global collaboration and governance needed for equity in generative AI
The IMF recently found a whopping 40% of jobs will be affected by AI globally, with more advanced economies seeing that number jump to 60%. The advanced economies see the tech as a compliment, while lower-income countries and emerging markets experience more job replacement.
Will this disparity contribute to a wealth gap? Many of Deliotte’s respondents seem to think so, with 51% saying they expect generative AI to increase economic inequality.
The majority of respondents agreed that responsible AI development requires more global collaboration (72%) and governance (78%).
Deloitte suggests these results reflect an understanding that generative AI could be too powerful for individual organizations to regulate themselves — but that doesn’t absolve them from behaving responsibly.
For individual businesses, this means paying close attention to government guidelines on responsible AI use and research on AI’s effects over time. Additionally, collaborating and sharing information across different businesses, industries, and even countries can help maintain responsible use of AI in society.
While companies are racing to keep up with these rapidly evolving AI solutions, “the key is to maintain a beginner’s mindset” reads the report. No matter how much of an expert you think you are, there’s always more to learn.
Read the full of the report here.
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