In an increasingly digital world, artificial intelligence (AI) is radically transforming how businesses operate. The recent webinar “The Cost of Ignoring Artificial Intelligence,” presented by Angie Huffington at Miami Business Technological University (MBTU), provided valuable insights into the risks and opportunities AI presents. In this blog, we explore some of the key points highlighted in the webinar.
Self-Awareness and Technology: An Essential Relationship
One of the key ideas from the webinar is the importance of self-awareness in business leadership. Angie Huffington emphasized that knowing our story and values is crucial for creating authentic and unique businesses. “Technology is here to help, but that self-awareness, that balance, that emotional work is undoubtedly part of the pyramid that sustains a successful company and a future leader.” This self-awareness should not only be reflected in the leaders but also in the brand’s DNA. Despite technological advancements, human connection remains essential. Technology, including AI, is designed to enhance our lives and free up time to strengthen these crucial human relationships.
What is Artificial Intelligence?
AI, as the name suggests, is an intelligence created artificially, trained by humans for humans. Its main goal is to simplify our lives, increase productivity, and allow us to dedicate more time to meaningful human interactions. Angie mentioned, “Artificial intelligence is trained by humans, for humans, to make our lives easier, more productive, and give us more time to connect those human relationships.”
The Dangers of Ignoring AI
The most significant risk of ignoring AI is the loss of competitive advantage. Companies that fail to adapt to this technology risk falling behind their competitors. “Companies that do not adapt to artificial intelligence will fall absolutely behind their competitors, lose market share, and reduce their capacity for innovation.” The historical examples of Blockbuster and Kodak illustrate how the lack of technological adaptation can lead to the demise of companies.
Economic Impact of Ignoring AI
Not adopting AI can have severe economic consequences. The loss of competitive advantage can cost companies between half a million and a million dollars annually. Additionally, the lack of automation can result in inefficient processes, increasing operational costs between fifty thousand and two hundred thousand dollars. “The lack of automation, performing manual processes, being prone to errors, having an excess of people entering data, can cost between fifty thousand to two hundred thousand dollars annually.”
Angie Huffington’s webinar makes it clear that integrating AI is not just an option but a necessity for any company that wants to remain competitive in today’s market. Ignoring AI can lead to disastrous consequences, both in terms of innovation and operational efficiency.
Missed the webinar? Don’t worry!
You can watch it here:
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