Insights from BSI’s Future Learning Podcast
This article summarises the key points of BSI CEO Simon Dewar’s discussion with Greg Shove and Tony Surtees, highlighting the most exciting and innovative AI applications of Gen AI in recent times. From transforming data analysis to enhancing meeting productivity, AI is proving to be a powerful tool that revolutionises how we work and interact.
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The Rise of AI as a Buzzword
Tony began by addressing how AI has become a prominent topic in recent years. He highlighted the historic value created by substantial investments in AI, with companies like Microsoft adding a trillion dollars in market capitalisation within the first three months of the year. This immense investment in AI infrastructure and capacity is driving significant competition among large organisations, making AI more accessible to everyone.
Navigating New Opportunities – AI Applications
Tony emphasised the importance of individuals improving their skill sets to navigate the new opportunities provided by AI. As AI creates an entirely new world, it is crucial for individuals to understand how to leverage these technologies. Tony states, “There’s an old saying that change appears to happen slowly in the short term, but is massive in the long term,” but rapid advancements in AI mean that massive changes are occurring even in the short term, thoroughly transforming how businesses operate and compete.
The Cost of Creation and Cognition
Greg introduced a valuable framework for understanding AI's impact on jobs and industries – begin by looking at what will happen to your job, and consider how it will change. To understand the impact of AI on your job, ask yourself two questions:
- What happens when the cost of content in your organisation goes to zero?
- What happens when the cost of thinking in your organisation goes to zero? The cost of creating content, data, and information is becoming negligible, posing a significant threat to media companies. Similarly, the cost of thinking and cognitive work – coming up with ideas, brainstorming etc – is also decreasing, with AI models like GPT-4 performing tasks that previously required human intellect.
Transforming Roles and Industries
Greg discussed how AI's ability to reduce the cost of cognitive work will impact various roles and industries. For instance, management consulting, brainstorming, and idea generation will become more affordable and efficient with AI. As AI applications continue to evolve, it will lead to the creation of AI-powered management consultants that are cheaper, faster, and more efficient, potentially threatening traditional consulting firms like McKinsey.
Embracing AI in Professional Services
Greg encouraged professionals, including lawyers and consultants, to embrace AI openly. He argued that using AI tools makes them smarter and faster, which is a significant advantage in their fields. Admitting to using AI should be seen as a strength rather than a weakness. Clients will prefer professionals who leverage AI to deliver better and more efficient services. “No shame here, in fact quite the opposite – I’d brag about it!”, he argued.
Conclusion: Generative AI
AI is rapidly transforming the world of work and business. As our guests discussed, the substantial investments in AI infrastructure are driving significant changes across industries. Understanding AI's capabilities and improving skill sets are crucial for navigating these new opportunities. Embracing AI openly can lead to better and more efficient services, making it a valuable tool for professionals.
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