Last year was nothing short of transformative in the world of artificial intelligence, and as we kick-started 2024, the Innovative Executives League hosted an illuminating AI Retrospective Roundtable on January 18th via Zoom. If you’re unfamiliar, the League is an exclusive group of director-level and above innovators, entrepreneurs, and intrapreneurs passionate about innovation with a growth mindset. The group hosts monthly events to bring together like-minded visionary leaders to discuss trending innovation topics.
This virtual gathering brought together a fantastic lineup of Subject Matter Experts (SMEs), each with their unique insights and experiences in the world of artificial intelligence. Among the SMEs were Sandeep Maira, Founder/CTO at Raven Risk Intelligence; Amy Baugh, Senior Vice President of Technology Transformation and Program Management at JLL Technologies; Greg Ball, Vice President of Engineering, Artificial Intelligence/Machine Learning at Relativity; and Olga Selina, Vice President of IT Platforms, AI, and Global Functions at Baxter International, Inc. These trailblazing experts painted a vivid picture of AI implementations from the vibrant year of 2023 and offered intriguing glimpses into the innovation landscape expected in 2024. Now, let’s dive into the key insights that were discussed during the event!
Case Studies from 2023: Learning from Real-world AI Applications
The event began with an exploration of compelling case studies from 2023, offering a glimpse into the diverse applications of AI. One of the SMEs shared a remarkable success story with their internal AI tool for data visualization. This tool not only simplified complex data for clients but also served as a shining example of the potential for AI to enhance the client experience.
Beyond that example, many companies delved into creating internal tools like ChatGPT, emphasizing the importance of early deployment. This proactive approach allowed companies to fine-tune their AI solutions, ensuring they align with their unique needs and objectives.
However, it's important to note that AI adoption wasn't uniform across all organizations. Some companies took a cautious approach, collaborating with external partners to navigate the AI landscape. These collaborations were instrumental in charting a strategic roadmap, demonstrating the collaborative mindset of the AI community.
Lessons Learned from Initial AI/ML Applications in 2023: Insights for the Future
The event's discussion also delved into the lessons obtained from initial AI and ML implementations in 2023. These lessons are the stepping stones that will propel us toward a future where AI is not only technically advanced but also responsible, ethical, and human-centric.
User-Centric Approach: SMEs emphasized the importance of allowing end-users to explore and utilize AI-built tools. Providing users with the freedom to understand and shape AI's impact on their work was deemed crucial.
Ethical Considerations: The conversation shifted from “Can it be done?” to "Should it be done?" Ethical considerations and responsible AI usage took center stage, highlighting the need for a thoughtful, principled approach.
Legal Alignment: Gaining support from legal departments was cited as a pivotal step. Demonstrating how AI can streamline legal roles and provide valuable insights was crucial in securing their buy-in.
LLMs and Accuracy: The discussion acknowledged that Large Language Models (LLMs) continue to improve in accuracy, bolstering their utility in diverse applications.
Cost Savings and Regulatory Challenges: Cost savings offered a compelling argument to overcome legal and regulatory hurdles. AI's potential to reduce operational costs proved to be a persuasive driver for adoption.
Customer Engagement: Connecting with customers to understand their needs and preferences was emphasized as a strategic move. Tailoring AI features to meet customer demands enhances competitiveness.
Community Building: Building a community for learning opportunities emerged as a recurring theme. Sharing knowledge, best practices, and fostering a sense of belonging in the AI community were considered vital.
Security Considerations: The importance of data security was underscored. Safeguarding information input into AI systems was deemed essential, highlighting the need for robust security measures.
Employee Satisfaction: SMEs shared a unique approach to reducing employee turnover. They interviewed all organizations and departments to identify their least favorite aspects of work. Addressing these pain points led to increased employee satisfaction and retention.
Board Presentations: When presenting AI initiatives to Board members, simplicity and memorability were key. Bringing training directly to them streamlined communication and decision-making.
Anticipated Shifts in 2024: Navigating the Evolving AI Landscape
The insightful discussions at the AI Retrospective Roundtable unveiled intriguing trends and forecasts, offering a sneak peek into what the year holds for the dynamic field of AI.
In the coming months, organizations may find themselves at a crossroads, making decisions that will shape the future of AI implementation. From internal value creation to legal considerations, from emerging AI models to evolving architectures, 2024 promises to be a year of adaptation and evolution.
Internal vs. External Value: Organizations are increasingly focusing on creating internal value versus external value through AI applications.
Legal Landscape: The reality of AI's impact is expected to play out legally, with potential lawsuits shaping the regulatory environment.
Smaller AI Models: Smaller yet powerful AI models, like Mistral's "Mixtral 8x7B MoE," are gaining prominence, promising efficiency without sacrificing performance.
Dynamic AI Architectures: Liquid Neural Networks, which adapt dynamically to changing data inputs, represent an exciting alternative to static neural networks.
Merging Large Language Models: The merging of Large Language Models using tools like mergekit demonstrates innovation in AI development.
Cost Reduction: The cost of creating in-house AI tools is projected to decrease, enhancing productivity and changing the dynamics of AI talent acquisition.
Impact on Human Capital: AI adoption is expected to impact human capital by reshaping and merging roles within organizations.
AI Governance: The event highlighted that AI governance implementations and evolving frameworks may slow down adoption rates.
Changing Workforces: Transformations in the workforce, including the emergence of new roles like UX workers, Project Managers, and Engineers, are already underway and will continue.
AI Becomes Tangible: 2024 is anticipated as the year when AI becomes even more tangible, bringing a wave of new features and advancements.
Re-evaluating Cost Structures: Companies are reevaluating their cost structures, questioning what an AI-centric business should look like.
Education and Degrees: The future of education was discussed, particularly what students should study in college to prepare for the evolving AI landscape and the career opportunities ahead.
In conclusion, the AI Retrospective event provided a fascinating look back at AI's journey in 2023 and offered thought-provoking insights into the path ahead in 2024. As we stand on the cusp of a new era in artificial intelligence, it's essential to stay informed and connected with like-minded leaders in the AI landscape. We invite you to join the Innovative Executives League for more insights, networking opportunities, and the chance to be at the forefront of AI innovation. The future of AI is undeniably bright, and together, we can shape it into a force for positive change.
