The Challenges of AI

AI capability has been growing at an incredible rate over the past few years. Where once it was considered remarkable for AI to win at chess, now various AI applications routinely outshine humans in performing complex tasks. And robots with the traditional look and feel of science fiction are now available. Business is working hard at acquiring AI personnel and finding ways to implement AI for competitive purposes.

As this usage grows, humans will need to work with AI and even compete with it. Consequently, human/AI interface will become very important. At the basic level, that interface is at the traditional computer/human level. However, as robotics capabilities grow, the interface will become a lot more like human/human interaction. This will involve robots working side by side with humans - doing reports, answering correspondence, attending meetings, and making decisions.

The evolution of the human AI interface will become more complex, which is already being considered by companies, universities and think-tanks.

There are psychological implications - how does a human feel when his/her promotion is passed over to a robot. Or when that human must report to a robot. Already consideration is being given to the question whether robots have a gender. What rights do they have?  Eventually the human will need to consider having an AI interface physically installed to enhance mental capabilities. This will be necessary in order to compete.

Many companies already recognize the necessity of AI for competitive advantage. Nothing is going to slow down this trend.

IoT Management

Many companies are implementing or have implemented Internet of Things technologies to manage their assets and interests. However, the state of management of these activities is in a formative state, rife with inconsistencies and lack of integration. Some effort is often needed to standardize the management processes and make them more effective and efficient.

An article in InformationWeek this week sets out eight areas in which management needs to establish proper procedures. It provides a good overview of the issues and can be found here.

AI and Blockchain Implementation

There has been tremendous hype about AI and Blockchain over the past year. The possibilities are huge and corporate leadership recognizes the opportunity. So there have been very large amounts of money going into prototypes and testing of potential applications.

However, recent data indicate that the extent of actual meaningful implementation is small. For example, a survey released by "MIT Sloan Management Review and Boston Consulting Group found that less than 5% of organizations have incorporated AI extensively into their processes." (Informationweek.com). The numbers for blockchain are similar.

The problem is that companies don't know where to use these technologies. Some are using the five forces model, which involves analyzing the power of suppliers and customers and the barriers that might exist to prevent customers from changing away from the company. It focuses on the strength of the competitive position of the company and facilitates the identification of the strengths and weaknesses of that position.

Learning how to make good use of these burgeoning technologies is proving to be difficult. However the lure of opportunity is powerful.

An Innovative New Magazine for Financial Professionals

Artificial intelligence. Big data analytics. Cloud computing. Accounting and other financial professionals are faced with a world that is changing daily and we are all bombarded with a constant barrage of new information.  But often, the daily streams of information masking as “must read” or “what you need to know today” end up to be rabbit holes stealing our time with no tangible return.  The ankle-deep water never gives us what we need to reach true understanding or to take action. Vision and insight can only come from connecting the concepts to a new reality.

ThinkTWENTY20 is a new digital magazine focused on providing you with that vision and insight. Our belief is that we don’t need more superficial data or more two-minute Google searches. We will act as a guide who interprets information from a financial professional’s perspective. We will be delving into the hot topics of today; what they will mean tomorrow, or next year, or ten years from now.  What are the trends?  What is the evidence that we will be impacted by this change and when will it happen? 

Here are a few topics we will be exploring:

·      How can firms profit from artificial intelligence?

·      Will blockchain make auditors obsolete?

·      How can clients be served in the social media era?

·      How is digital transformation reinventing corporate financial reporting?

People who like to think things through and people who think deeply and creatively will be drawn to this magazine. Subscriptions are available now through our website.

There is also an opportunity to get published there. ThinkTWENTY20 is soliciting submissions. We are seeking authors who have a unique ability to examine a topic in the depth needed to create understanding and connection from what is true today to what is possible tomorrow. Guidelines are on the website.

The Data of Exponential Technologies

IoT, Augmented Reality, Artificial Intelligence are all areas of technology that are interacting in business to provide new experiences for customers, stakeholders and owners.

For example, suppose a customer is shopping for a new outfit. Normally she would try them on at a store. She could try one of the image creating features of some online stores, where an image of her wearing different outfits could be viewed to help with the decision. However, these apps bring in various possibilities of distortion.

Another approach she can take is to go to a store and look into a mirror equipped with the ability to show her image dressed in the outfits she is considering. She doesn't have to try them on, but the result is exactly the same as if she had. This image is augmented reality, aided by the use of AI. The mirror can be a part of the IoT world.

This is just one very small example of the use of exponential technologies.The scope of such applications is truly exponential, extending certainly throughout the supply chain and beyond.

From a management point of view, an issue arises from the vast amounts of data that becomes available from these technologies and the propensity of data to fragment. Different data elements are useful for different purposes, yet all data must be managed so as to protect it and preserve its integrity.It must be managed as a unit but used separately. This is one of the fundamental problems of modern information systems. And it is being substantially complicated by the use of exponential technologies.