Time to move or time to lose
Pardon the Interruption
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The speed at which AI has arrived on the world stage has been phenomenal. Some context is important. It took Netflix about 9.5 years to reach 100 million users. Instagram did it in about 2.5 years. ChatGPT did it in about 60 days. Never before have we seen such widespread adoption so quickly.
In a recent Forbes survey, it emerged that more than 80% of firms said using Artificial Intelligence (AI) in their business strategies was a top priority. It has been fascinating to watch the financial services industry respond to AI, and I’ve seen them fall into two camps.
The first camp are those firms moving at breakneck speed to adopt and trial solutions – it reminds me of the mavens who first appeared in the early days of social media.
The second camp is those who are taking a far more cautious approach. Caution is absolutely warranted as you are setting up an internal framework to govern AI use across your firm. Once this process is completed, speed is required to test products that are in the market, evaluate the results, and then implement.
Everyone should start their journey in the second camp, working out a principled based approach to guide their respective organizations adoption and ultimate use of AI. If you don’t start here, it is very easy to wind up in confusion and failure. But my advice is try and join the first camp as quickly as possible.
Because the first camp certainly has the advantage – as AI continues to evolve, they will be well positioned to quickly adopt new applications and new tools. Which camp do you think you are in, or are there other camps I’m not aware of?
