Artificial Intelligence (AI) up until recently, was viewed as a complex technology that was relatively expensive and could only be harnessed by big governments, mega-cap companies, or behind the walls of the world’s most prestigious universities, but after recent breakthroughs by one of the world’s leading AI research firm, the democratization of AI suddenly took the world by storm and emerged as a game-changer, not only promising an increase in productivity gains but also placing a significant demand on infrastructure to meet the growing need in the never-ending quest to ease the burden of human capital.
AI holds the promise to revolutionize businesses and industries. Its penetration beyond the Western world represents not just an opportunity for increased market share, but a unique chance to bridge the technological gap in emerging markets, a part of the world that has often been viewed through a lens of challenges rather than opportunities to scale.
As the world’s most prolific technology firms seek to find ways of tapping into a promising market through AI integration, many experts believe that the business case is likely to advance the continent even further, empowering a young and savvy populous with the tools needed to compete with the rest of the globe.
Additionally, many of the countries in emerging markets are placing regulation and safety as a much lower priority, an issue that is now of paramount importance in the United States and Europe, particularly over the fear of national security, technological disruption, mass job displacement, and governance over personal usage. This will only allow the deprived to catch up with the advancements in global generative AI, Machine learning initiatives, and more, turning the economic tide in their favor.
So what do we see on the horizon?
Data: The Fuel for Understanding and Opportunities
Data is the cornerstone of AI, enabling machines to learn and make informed decisions. In emerging markets, the availability and accuracy of data have been a longstanding challenge due to poor infrastructure. The opportunity, therefore, is the establishment of robust data infrastructures and systems to collect accurate information consistently.
For businesses, the ability to capture and understand specific parameters that can be used to train AI models to pre-determine outcomes may revolutionize how they operate in different sectors. In healthcare, AI can analyze large datasets to identify disease patterns and improve patient outcomes. In agriculture, AI-powered drones can monitor crop health and optimize yields. And in manufacturing, AI can enhance efficiency and productivity.
Amal El Fallah Seghrouchini, executive president of the International Centre of Artificial Intelligence of Morocco in Rabat believes that Africa is home to “specific problems” whose importance could be an attraction to investors looking to help solve the big issues, as well as secure returns. “The AI solutions can then be generalized for export to other continents,” but will only be viable if the data infrastructure is put into place.
The Dangers of Job Displacement
One of the concerns surrounding AI is the potential for job displacement. As AI automates tasks that were previously done by humans, there is a fear that many will be left unemployed.
The consensus varies over the potential for AI to replace humans rather than augment their capabilities. So far, we have seen an explosion of AI tools for almost every use case that can be deployed to complement human workers and improve outcomes, rather than eliminating the need for human laborers. As a result, the economic data is anticipated to forecast the results of this outcome in the increase in GDP per capita in regions around the globe, surprising us all in the years, and months to come.
The general approach to the adoption of new technologies has been to learn, experiment, and go as far as upskilling the workforce. This move is expected to create new roles in AI development and maintenance which will be a growing need across companies. Firms that adopt this approach in emerging markets can ensure that their populous are not left behind in the digital revolution.
Enter the Chief AI Officer (CAIO)
The Exponential Age refers to the next period which many believe will be characterized by rapid technological advancements and innovations that grow at an exponential pace. Most notable is the significant shift from linear to exponential growth in technology, economics, and society. Those who will be able to leverage exponential technology will take over the world, while our institutions “all the lasting norms that define how we live,” may be left behind. This means that a shift in thinking and approach to work and business will be required to adapt to this changing environment.
Leveraging Artificial Intelligence and other exponential technologies for organizations to achieve rapid growth is already a talking point in businesses today, with many already integrating AI uses in products for automation and efficiency in workflow outputs, it is a signal of the shift into the Exponential Age which will require a strategic adoption with guidance from top executives with experience in emerging technologies.
To fully harness the potential of AI in emerging markets, businesses will need to consider appointing a Chief AI Officer (CAIO). In the book “Exponential Organizations 2.0,” Salim Ismail and Peter Diamandis make the case for a C-level AI Officer who would be responsible for overseeing the strategic implementation of AI technologies, ensuring ethical use of AI, and driving innovation to maintain competitive advantage.
Companies choosing to take this step are ensuring that they are at the forefront of AI innovation, maximizing the benefits of this transformative technology in the present and the future while safeguarding their continued existence in the exponential age where companies are likely to be even larger than they are today but leaner in headcount.
Key Takeaway
AI has the power to accelerate accessibility and innovation in emerging markets, unlocking new opportunities and driving growth. At the moment we have a plethora of global firms that have lowered the cost of entry so access to the technology is fairly easy now making it easy for businesses in these regions to overcome challenges, improve efficiency, and compete on a global scale.
In the African context, the challenge is indeed multi-faceted. While AI has the potential to revolutionize various sectors, the lack of robust digital infrastructure, the high cost of cloud computing, and limited access to quality data can hinder its adoption. Additionally, there is a need for skilled personnel who can effectively use and manage AI technologies.
However, these challenges also present opportunities. Organizations can invest in capacity building, equipping their workforce with the necessary skills to harness the power of AI. They can also collaborate with governments and international partners to improve digital infrastructure and make cloud computing more affordable.
Moreover, organizations can leverage AI to address societal issues, such as healthcare, agriculture, and education, thereby demonstrating the value of AI to the broader society. This can help in creating an environment where AI is seen not just as a tool for business efficiency, but also as a catalyst for societal growth and development.
Elishama is Arielle’s Chief of Client Relations, A marketing professional with a background in business consulting and financial services. He endeavors to bridge the gap between marketing, finance and technology. As an avid music lover, he enjoys discovering musical gems and keeping tabs with global and macro-economic affairs.
© Copyright 2024. Arielle Advisory. All Rights Reserved.
