Zana Aston is Founder and CIO of Emrys Consulting. She speaks at international events related to digital transformation, AI, cyber security, sustainability, and female leadership. A strong networker, Zana sits on the advisory board for the Finance and Fintech Group within the Institute of Directors and is a member of the City Livery Club.
Georgios Sakellariou is AI Strategy Director at Emrys, helping clients adopt AI whilst having a keen eye for technology innovation. Georgios champions various initiatives within the AI community. He holds a PhD in Artificial Intelligence from Imperial College London.
Which of the latest developments in AI are on the global radar? In this post, Zana Aston and Georgios Sakellariou from the Emrys Group reflect on the outcomes of the 2024 World Economic Forum in Davos. This influential summit saw business leaders and government officials meeting to discuss the current impact of AI, its practical applications, and what’s in store for the future:
Recently, we attended the annual meeting of the World Economic Forum in Davos.
We approached Davos 2024 with high expectations; if there ever was an AI winter, there is no denying that AI has recently made a mighty comeback. It has now been a few weeks since the 2024 World Economic Forum annual meeting closed its doors, and a good time for a level-headed second reading of broad consensus-reached outcomes. It has, after all, been the year of ‘rebuilding trust’, with more technology-focused objectives supporting this theme.
As the snow settles following the gathering of thousands of entrepreneurs, business leaders and government officials in the otherwise quiet and picturesque mountain resort, one cannot but wonder what practical steps could be taken to realise this year’s ambition of rebuilding trust at a global scale.
Beyond calls for global convergence in the context of conflict avoidance, will AI maintain its current position and take centre stage next year as well, and will trust in AI itself emerge more explicitly as the theme of next year’s summit?
This year, some leaders have been eager to emphasise the practical applications of AI. More interestingly, nuanced conversations have moved further, debating its link to the energy transition; such conversations are particularly intriguing, as not only are they a recognition of the priority nature of both topics, but also a realisation of the opportunities for innovation that emerge as ideas are approached from different angles.
Some business leaders and government officials readily identified several opportunities for AI in both business and government, with an explicit focus on shifting the dialogue towards what can be achieved in the present, and in the anticipation of AGI maturity. It could then be argued that this could be the year of such implicit links becoming explicit, though such connections are not limited to the sustainability agenda. Healthcare and financial services are two more examples of the prevalent use of AI. The novelty of direct user communication with generative AI systems in particular has fuelled recent activity in these industries.
How do this year’s takeaways compare with the state of the nation a year ago, at the end of the 2023 summit, and the perceived need for a reinvigoration of the ESG agenda? With now sufficient distance from both events and the continued manifestation of the collateral consequences of unsustainable economies, it may be the right time for leaders to concentrate on the topic of sustainable AI.
It is clear that AI has been top of mind this year, but identifying and acting on macro-trends, while strengthening the link to other business imperatives, will reinforce its potential for impact. It is our view that the growing popularity and business uptake of AI technology will act as a catalyst for resurfacing ESG sensibilities and re-establishing their business relevance. What is more, such renewed focus would be in support of the intended ‘for-good’ agenda of AI and provide new purpose to most technology optimisation and innovation initiatives.
The need to better understand the mathematics behind generative AI and the shifting balance between an ML model and the data it relies on has been a topic of discussion amongst experts. In the aftermath of Davos 2024, it is perhaps topical to further build on these ideas in business terms and better align to this year’s theme of rebuilding trust, as well as the convergence of benefits for both AI and the ESG agenda. Could this also be a case of a multi-objective optimisation? After all, is the reconciliation of sometimes conflicting priorities not at the heart of good leadership?
Existing applications in industries as diverse as healthcare and retail show in real terms the market relevance of AI today. While degrees of maturity vary, and not all AI is created equal, the ‘North Star’ paradigm of AI omnipresence continually encourages AI fluency and convergence across diverse businesses.
Both this year’s Davos summit and the collective experience we have acquired through our engagements suggest several key insights into the future trajectory of AI and its impact on businesses:
Continued Momentum: The momentum behind AI shows no signs of slowing down. As we move further away from the initial excitement surrounding generative AI, there’s an opportunity for further refinement and maturity in the field.
Altruistic AI: Discussions about altruistic AI need to mature, with a focus on explaining limitations more effectively to non-technical audiences. This will accelerate the identification of meaningful use cases and ensure that AI technologies are used responsibly.
ESG Integration: Environmental, social, and governance (ESG) considerations are becoming increasingly important, especially in relation to the energy consumption of AI technologies. Businesses need to incorporate ESG principles into their AI strategies to ensure sustainable growth.
Multimodal AI: The emergence of multimodal AI presents new opportunities for multichannel experiences. Regulation and adoption efforts should take into account this natural evolution in AI capabilities in the short to medium term.
Interdisciplinary Collaboration: Multidisciplinary approaches are essential for understanding the long-term implications of AI integration into society. It’s crucial to articulate the implications and dilemmas of AI adoption in ways that resonate with a broad audience, drawing on impactful messaging to capture societal anxieties.
In summary, staying abreast of the rapidly evolving AI market and focusing on solving real business problems will be crucial for businesses to unlock lasting positive impact. Balancing innovation investment with safe adoption practices will be a central theme in navigating the AI landscape in 2024.
