In recent discussions at The Drum's B2B World Fest, industry experts emphasised the significant role of artificial intelligence (AI) not merely as an optimisation tool but as a potential catalyst for transformational growth in businesses. The panel, which included notable figures such as Praj Gaudtala of BBN Insight, Scott Harrison from Cognizant, Ross Sleight of CI&T, and Rosie Bailey, founder of Nibble, explored new perspectives on AI’s capabilities and its profound implications for business practices.
Praj Gaudtala articulated a common concern among businesses, stating, “By and large, most people right now are looking at AI from a cost reduction and optimisation efficiency perspective.” He urged the audience to adopt a different viewpoint: viewing AI as a means for growth rather than solely a mechanism for lowering expenses.
Scott Harrison elaborated on the shortcomings of an efficiency-first mindset, pointing out that businesses previously encountered challenges during digital transformations due to a failure to fundamentally reorganise their operational processes. He cautioned, “Efficiency and productivity gains are short-term benefits,” and flagged a tendency for organisations to simply replicate their existing processes in a digital form without genuine innovation.
The potential of AI in enhancing customer interactions was highlighted by Rosie Bailey, who runs an AI negotiation platform. Bailey illustrated the transformative power of AI technology in facilitating customer negotiations, sharing an example from a pharmaceutical client that leveraged Nibble’s platform to allow customers direct price negotiations on their e-commerce portal. “What’s really interesting is because we’ve been there for two years now,” Bailey noted, “They switch Nibble off at 8am when the sales team arrives and they switch Nibble back on at 6pm. But now, some customers are waiting until after 6pm to negotiate with Nibble instead of talking to sales reps.”
The discussion also included a breakdown of AI into three main categories by Harrison: data science AI, information science AI, and video software AI. He sought to demystify AI’s various applications, with data science AI focusing on numerical data, information science AI dealing with language and understanding, and video software AI encompassing the creation of visual content. He underscored the need for seamless integration of AI into existing business models to enhance efficiency while maintaining user experiences.
The panel collectively recognised that AI’s true value lies in augmenting human capabilities. “At the end of the day, the money needs to come in. Sales need to happen,” Sleight reminded attendees, illustrating AI's potential to deepen customer understanding and improve decision-making processes.
Despite the enthusiasm surrounding AI, the panel did not shy away from discussing the barriers to its adoption, including data security concerns and potential inaccuracies in AI outputs, often referred to as “hallucinations.” An audience member raised concerns about the safety of inputting sensitive corporate data into AI models. Harrison responded by reassuring that most companies manage their data separately, minimising risks associated with feeding proprietary information into larger models.
Addressing ethical considerations, Bailey emphasised the necessity of transparency when using personal data in AI applications, stating, “If I’m using personal data and putting it through, I need to tell the person I’m doing that and how they’re processing it.”
The conversation concluded with the panelists underscoring the importance of experimentation and thoughtful integration of AI into business operations. Bailey warned that AI should not be treated like a simple search engine, while Harrison encouraged businesses to view AI as a supportive coach that enhances productivity rather than replaces human resources.
As the session came to a close, Harrison issued a cautionary note about the ongoing evolution of AI, stating, “This is not stopping. If we want to be in a position where we are better at leveraging AI in our work, we need to embrace it now.” Bailey reinforced this sentiment, stating, “Technology is not the thing to get excited about. It’s the way we use it to solve real problems. AI isn’t just about automating tasks; it’s about transforming the way we think, work, and grow.”
The dialogue highlights a growing consensus in the industry that successfully harnessing AI will be critical for businesses seeking to evolve and thrive in an increasingly competitive landscape.
Source: Noah Wire Services