Artificial intelligence (AI) is no longer confined to the pages of science fiction; it's now an increasingly utilized tool for driving real business transformation. But are businesses making the most of this powerful technology? Or, alternatively, are they being too quick to widely adopt it?
These were among the questions tackled at the recent Ivey Impact Live event, Beyond ChatGPT: Integrating AI for measurable business results, where industry leaders gathered to explore how AI, particularly generative AI, is reshaping business landscapes and revealing new opportunities. Moderated by Fredrik Odegaard, Associate Professor of Management Science at Ivey Business School, the conversation featured valuable insights from Leila Pishdad, Machine Learning Research Team Lead at Borealis AI, and Seamus Blackmore, CTO of Trudell Medical International.
Breaking the barriers of possibility
Once regarded with fear for its potential impact on employment, AI is increasingly shifting public perception to be viewed more as a tool of opportunity and innovation. For Seamus Blackmore, this opportunity is thrilling. He said: “The most exciting stuff with generative AI, for me, are the things that weren’t possible, that are now possible.”
To illustrate his point, Blackmore shared how AI can revolutionize sales by moving beyond simple automation to enable personalization on a scale. He described how AI, used effectively, could play a central role at the top of the sales funnel by analyzing social profiles, drafting tailored messages, and creating custom marketing strategies. In turn, this can free up human sales reps to tackle the lower funnel by focusing on relationships and closing deals.
Measure twice, deploy AI once
For Leila Pishdad, AI’s promise lies in simplifying complex, time-consuming tasks – a challenge she knows well from her work in finance. She sees AI becoming a vital tool in customer support by quickly answering inquiries, navigating policies, and reducing wait times. And in any business, she explained: “even the smallest amount of time saved is a lot.” She emphasized that timing will be a key metric for AI’s success and defining that from the outset is crucial.
Blackmore echoed this sentiment, emphasizing that businesses must think carefully about what they want to measure and predict with AI, right from the beginning. “Measurement is the most important aspect of this AI experimentation,” he said. It’s not enough to just implement AI; companies need to determine if AI is meeting their goals and adding real value.
The price of progress
When the conversation shifted to costs, both panelists acknowledged that implementing AI extensively still comes with a hefty price tag. Like the newest iPhone or PlayStation, Blackmore attributed the high costs to AI's newness, with specialized hardware being difficult to source. However, he assured that costs are dropping fast as AI tools become more accessible. “It’s very quickly becoming commoditized,” he said.
Pishdad highlighted another challenge: the 'people costs.' Skilled AI professionals are still rare, making it costly for companies to find and retain the right talent. She also noted the significant expense of data security, particularly for businesses opting for on-premises AI to protect sensitive client information. For many, the price of keeping data safe could be as steep as the technology itself.
Warning: Hallucinations ahead
AI comes with significant risks, and for Pishdad, few are as concerning as 'hallucinations'—those moments when AI generates false or misleading information. With biases, deception, and inaccuracies still a real threat, she urged companies to keep one thing constant: the human element. 'We need to keep humans in the loop to mitigate risks,' she emphasized.
Blackmore also warned that generative AI poses brand risks if left unchecked. Since AI relies on the data it’s trained on, the biases and misinformation present online can easily damage a company’s reputation. He also reminded attendees not to get swept up in the AI hype and overlook simpler, more effective solutions. “For 99 per cent of the problems you’re trying to solve, the solution isn’t AI; it’s traditional technologies,” said Blackmore.
AI or get left behind
As AI continues to shape every industry, the panelists urged businesses not to sit on the sidelines. Familiarity with the technology, they stressed, is crucial to avoid being left behind. Pishdad stressed the importance of understanding both AI’s strengths and its limitations, knowing where it should be applied and where it shouldn't.
Blackmore argued that practical familiarity with AI is a cornerstone of effective leadership. He said, “It is straight-up neglect at this point if you are running a department and don’t know what AI can do in that department.” His advice was clear: use AI, learn from it, and adapt. Only by actively engaging with it can leaders truly harness its potential.
AI is the tool, humans are the vision
Looking to the future, Pishdad projected AI's expanding role in planning and reasoning, visioning how it will help design complex solutions and guide decision-making. Blackmore took it a step further, predicting a radical shift in how we interact with technology. He forecasted that AI will soon replace traditional user interfaces, enabling more natural interactions through simple prompts. “The way we interact with computers is going to be so different in a couple of years,” he said.
Odegaard closed the discussion by emphasizing the human role in shaping the AI revolution: “Yes, there will be disruptions, and yes, it’s not quite clear how this will all pan out. However, fundamentally, it’s up to us to lead this revolution.” The key takeaway? AI is a tool, and its true value lies in how we use it to create a better future.
Looking for more bits and bytes on AI? Dive deeper into the full panel discussion with Blackmore, Pishdad, and Odegaard in Beyond ChatGPT: Integrating AI for measurable business results, now available on Ivey’s YouTube channel.
