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Separating hype from reality in AI

  • Dawn Milne
  • |
  • Jun 5, 2019
Separating hype from reality in AI

Artificial intelligence (AI) is not new. It has long taken root in our daily lives. ATMs, video games, and autopilot on airplanes are all longstanding examples of AI innovation.

But that’s baby steps compared to what the future will hold.

AI could be the most powerful technology advance to date and has massive potential to reshape business and life, says Steve Irvine, founder and CEO of global AI company

Irvine discussed the opportunities in AI at the Scotiabank Speakers Series in Digital Transformation in Banking in Toronto on June 4.

“AI will become more ingrained into a lot of the ways that we work and live and we’ll soon stop thinking about it as a new technology… I think we’re just scratching the surface of what’s possible,” said Irvine. “It’s a really exciting time to be thinking outside of the box and to be reshaping your job in the industry that you’re in.”

Here are some key takeaways:

Living with AI

Imagine that, instead of an hour-long commute fighting gridlock traffic, you can sit back and work while your self-driving vehicle transports you from your home to your office. If AI improves the commuter experience, more people might opt to live farther from the workplace, which could in turn affect the real estate industry. AI will have secondary effects on business and society that we can’t yet even imagine.

Working with AI

What if AI technology in factory machines helps companies to predict when a system will go down? If such warnings enable companies to service the systems before they break, there will be fewer disruptions to production. Likewise if redundant work tasks are automated, people will have more time to focus on important aspects of the business. No matter what industry you’re in, AI will likely change how you work in some way.

Business with AI

There is no better time to build an AI-focused business or to adapt your existing business. Given the likelihood of AI to disrupt almost any existing industry, it’s important to learn about the fundamental trends that underlie the technology and apply them within your company.

We caught up with Irvine to discuss the trends, opportunities, and future of AI.

Listen to the interview with Steve Irvine

The Scotiabank Speakers Series in Digital Transformation in Banking is an annual event organized by Ivey’s Scotiabank Digital Banking Lab. This year’s event was moderated by Thomas Watson, editor of the  Ivey Business Journal, and introduced by Jean-Philippe (J.P.) Vergne, Director of the Digital Banking Lab.