AI: It’s Now or Never, Don’t Miss the Boat!

AI: It’s Now or Never, Don’t Miss the Boat!

During a conference in Paris, Stephen Schwarzman, the chief executive of Blackstone, did not mince his words when he said, "This is not sci-fi. It's going to happen to you." He urged everyone to avoid being ostriches by sticking their heads in the sand, reiterating that AI is not a passing trend; it's here to stay!

According to Schwarzman, AI today has the IQ of a genius (think 180 to 200) but it doesn’t stop here!  Within the next three to five years, they predict it will reach a whopping IQ of 12,000! That's like having Einstein, Holmes, and Hawking on your team.

Here’s the twist, Private Equity firms that don't embrace AI might as well wash their money down a vanilla investment drain as this will be the key driver of improved returns. Coller Capital's Global Private Equity Barometer reveals that Limited Partners are already on board with this AI revolution. Between 60-75 percent of them believe AI will significantly impact PE investment processes in the next five years. Confirming that AI isn't just the future; it's the present.

Amazon has just invested a mammoth $4 billion to team up with Anthropic, founded in January 2021, is one of the powerful AI startups that’s disrupting the market. It should come as no surprose that Amazon wants to take on ChatGPT and conquer the generative AI market. It's a race, and this is Amazon's clear signal that it’s not here to play games. They're now the providers of cloud services for Anthropic's "mission-critical workloads." Diving headfirst into the cloud, the lifeblood of generative AI. This partnership is a cornerstone of Amazon's strategy to lead the AI charge.

But don't think Amazon's alone in this AI arms race. Accenture has just made a $3 billion investment in its Data & AI Practice and Microsoft has already dealt out a jaw-dropping $10 billion to get cosy with OpenAI, ChatGPT's creators. It's like watching a high-stakes poker game with the tech giants. They're not just in; they're all-in.

Are we hugely underestimating AI’s potential? Most of us have already dipped our toes in without even realising it, from Netflix recommendations to LinkedIn's feed, algorithms shape a substantial portion of our digital experiences. But AI is not an exclusive domain of tech for the big five. Every business, regardless of size or industry, has the potential to harness the power of AI and drive innovation. But where do you begin?

Steps to take to get your business AI ready:

1. Invest in Talent: Hire AI experts who can lead on your AI initiatives. These individuals will not only guide your strategy but also help cultivate an AI-focused culture within your business.
2. Start Small, Scale Fast: Start with a small, manageable project. These pilot projects allow you to test the waters, build confidence, and learn from your initial experiences.
3. Data First: The lifeblood of AI, collect, organise, and clean your data to ensure its quality and obtain a secure data infrastructure to protect sensitive data.
4. Stay Informed: The AI landscape evolves at lightning speed. Make it a priority to stay informed about the latest AI developments, trends, and breakthroughs. This knowledge will not only keep you competitive but also open doors to innovative possibilities.
5. Take Risks: Being a second mover in AI is akin to being a week too late. Being a pioneer in AI often requires venturing into uncharted territory. By doing so, you position your business to seize opportunities and lead the way in your industry.

“As expected, AI dominated the latest Google NEXT 2023 and one thing is clear, AI adoption isn’t just for the big boy hedge-funds, it’s for every other SMB and large enterprise out there too. We all know that the big trawlers of the tech world have set off on their AI journeys, what hasn’t been widely reported are the initiatives that countless retailers, manufacturers, transportation, logistic companies etc… that have embarked on it too. The secret here is not to get caught in the surf.” Tiago Campos, Associate Director at TurleyWay Recruitment.

 

So, the big question to ask yourself: Are you AI ready? The answer should be a resounding yes! The businesses poised to dominate the coming decade are the ones embracing Generative AI enthusiastically and remaining receptive to its possibilities. Disregarding this technology is not an option; instead, it should be seen as an ally in advancing and expanding. If Schwarzman has shown us the light, Amazon's $4 billion bet is a neon sign pointing to the AI future. By investing in talent, starting small, prioritising data, staying informed, and embracing calculated risks, you can position your business at the forefront of the AI-driven future. Generative AI has the potential to assist you, your team, and your entire organisation in achieving a more prosperous and secure future. The moment to act is upon us, and the opportunity is within your grasp if you choose to seize it. Don't be caught napping whilst others are taking the steps to success.