Artificial intelligence (AI) and the ways in which it can revolutionize organizations was the prevailing theme throughout Ivey’s The Future We See Symposium. In order for business leaders to adapt and innovate alongside the ever-evolving working world, embracing AI is critical.
Moderated by Ivey’s Fredrik Odegaard, Associate Professor, Management Science, the session on AI and the Changing Face of Organizations offered a candid discussion with AI thought leaders Mark Daley, Chief AI Officer, Western University; and Salim Teja, HBA ’96, Partner and Head of Velocity Team, Radical Ventures.
Drawing on their expertise Daley and Teja provided key insights and advice for business leaders looking to implement or advance AI strategies in the workplace.
“I would encourage you as business leaders to really think thoughtfully about experimenting with this technology and think about how it transforms your workforce, your business value proposition, and the role of business in society as we think about the impact of AI.”
- Salim Teja, HBA ’96, Partner, Head of Velocity Team, Radical Ventures
How do you define AI?
Simply put, AI is the science of simulating human intelligence in machines. “I think the goal has always been: can we teach computers how to learn, and by learning, can computers then recognize patterns, and make decisions with a level of human judgment?” said Teja. “If we can connect massive datasets within different disciplines – the business world, the science world – and if we can connect that data to these learning computers, can they drive insights that have traditionally been outside of human understanding? That is the power and the potential of AI at its most basic level.”
According to Teja, Canada is regarded as a deep learning pioneer and is a top-five player in the world around AI innovation. “We have an incredible ecosystem here that we are developing and building in order to maintain that position.”
Several organizations that are leading AI in organizations such as Facebook, Apple, Open AI, Microsoft, and Tesla have their roots in Canada, Teja points out. “We have this incredible network around the world who are pioneering this field and who are helping us rethink how, as a country, we should be thinking about building an economic development strategy around this incredible technology and continue to make Canada global players in AI.”
Top-of-mind questions for business leaders
What is the value proposition of AI, and how do you make sure you generate positive ROI?
As research, capabilities, and uses case for AI continue to mature, businesses are in a stage of experimentation. Teja argued this experimentation is why we've seen some mixed responses to ROI. “I think it's very important for all companies to start to play with this technology, to start to use it as a tool, and start to think about it creatively.” Teja cited the example of the pharmaceutical industry as a sector that is investing heavily in AI and is already seeing strong ROI. “As the science continues to unlock different types of compounds and materials that they can then simulate digitally to understand the impact, it has allowed them to build a greater pipeline and better screening opportunities before they drive into the clinic. What we are seeing today in real time is the reinvention of the pharma industry and the biotech industry to be purely digital.”
Daley reinforced the need for leaders to experiment with AI, “there are things that we don't expect our computers to be good at that all of a sudden is, and vice versa,” he said. “We really have to experiment to engage with these technologies, and that's true for every corporation and for every individual.”
If you don't have the expertise within your organization, what's the process you go through to define use cases that are most valuable for you?
Teja: “As you think about your products and services and how you can use your own data to innovate, I think there's going to be some innovation happening there. And that really depends on the kind of data you have and the way you think about the role that AI can play… Do we have the right technical infrastructure to be able to access this data and play with these new models? Is our team aware? And do we have the skills to help us think about business transformation that's more customer facing?”
How soon do you anticipate that a significant portion of daily tasks currently performed by people will be augmented by AI?
Teja: “I think we're going to see a massive transformation of our workforce globally in 15 years. We're in an experimentation and creation mode right now. I think in the next five years, we're going to start to see rapid adoption of this technology by business. I think we're going to have to navigate a regulatory environment that emerges and is going to create either headwinds or tailwinds. While the businesses are doing that, the technology will become incredibly more powerful. And I think in the next 15 years there will be a category of jobs that will be more efficiently done by AI. But there will also be a new category of jobs created in order to grow a workforce. We need to start to think about what does that workforce transition look like? And ultimately, how do we as business leaders navigate that?”
Daley: “I think the rate of acceleration is so fast right now; even people who have been in AI for their whole careers did not think we'd be where we are right now. We already knew it was inevitable, but the rate of progress is staggeringly fast. I think within a decade we're going to see not replacement of our jobs, but all the parts of a job that are intellectually laboring will be outsourced to AI so we can focus on what we actually love about our work.”
