Below are the key points that Dmitry Kaminskiy delivered during last week’s panel discussion at the Financial Times conference on AI. It was an interesting discussion with Yann Barbaux, Airbus Chief Innovation Officer, and Rachel Braun, business development director of Paramount Group (the biggest private military company in South Africa, applying AI for defense and peace keeping purposes).
1) Despite a lot of hype around the topic, AI will not replace managers or board members but will enhance their effectiveness.
2) Chimera blend between human collective intelligence and machine intelligence will lead to evolutionary leapfrog and Cambrian explosion which will result in the rise of smart corporations.
The companies which will leverage AI decision-making systems for corporate governance will have higher corporate IQ. The difference of the level of collective corporate IQ between Smart corporations will be a major factor in business success.
3) Typical outdated corporations without AI augmentation will become obvious.
This will create strategic competitive advantage and will wash out traditional corporations that do not adapt. And on the next stage the smartest companies will easily dominate the business landscape.
4) It will be not humans which will be displaced by robots. It will be the typical outdated corporations which will be displaced by Smart Corporations.
5) The history of the last three hundred years, gives us a clear evidence that each technological revolution led not to the mass unemployment, but to the economic prosperity and to the creation of more jobs and the freeing of people from routine heavy work toward smart and creative work.
1) Today, you have a human analyst pouring over numbers, but this analyst may be co-opted by the company’s management as happened with Enron and Arthur Anderson, for example. AI will significantly democratize corporate analytics, accounting, and bring unprecedented transparency to the business world. This will keep executives honest and improve the efficiency of capital markets globally. “
2) Increase transparency and make more room for visionary managers instead of financial engineers. Shareholders will use AI to make corporations work better, with real-time analysis and high-frequency reports rather than typical quarterly or annual reports. This will give possibility and tools to correct mistakes and improve efficiency in advance.
3) Corporate accounting will need to be machine-readable and standardized as a part of GAAP accounting. Then, AI will analyze the data for the red flags and many inconsistencies will be detected more easily. Auditing will be transformed into IT industry, and companies and investors will rely on predictive models of success or failure based on the objective unbiased data.
1) A couple weeks ago, a big conference on the topic of AI took place in Washington were gathered leading experts on artificial intelligence technology
The conference coincided with the White House Report called “Preparing for the Future of Artificial Intelligence.”
2) President Obama gave a speech at the conference on the priorities of the US strategy, stating that the next eight years will be a period when AI will transform the economy. But if you will read between the lines, Obama declared that AI will become a matter of national security and stressed the next president’s focus on AI technology and advanced next generation IT-technologies such as blockchain.
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