How far ahead will those who use it get away compared to the others who won’t
The impact that artificial intelligence is expected to have on businesses and employees was recently analyzed by Lazaros Polymenakos, partner in the Advisory Services Department of EY Greece and Head of Advisory Services Artificial Intelligence in the EMEA region, in the context of the first AI Hackathon Greece.
According to a related announcement, Mr. Polymenakos presented the evolution of artificial intelligence, from its appearance in 1943, machine learning, deep learning, to the revolution of productive artificial intelligence (GenAI). As he explained, the amounts invested in artificial intelligence have increased significantly in recent years, leading to an “explosion” of innovation, catalyzed by GenAI.
“The businesses that take a radical approach and invest the necessary resources early on, are certain to initially face technological, regulatory and other barriers, and disruptions to their human resources. However, in the end, their investment will pay off, as GenAI is truly transformative,” emphasized Mr. Polymenakos. “Instead, laggards will see their market share and profits decline, face a flight of skilled workers to the competition and, at the end of the day, be forced to invest more under pressure.”
According to global research by EY, the 10% of businesses that will implement AI best practices by 2025 will create at least three times more value as a result of their use, compared to the 90% of businesses that will not adopt it. Therefore, EY proposes a balanced approach, which allows the adoption of technology in stages, in key functions of a business, while at the same time the right strategy and the appropriate management of AI technology are developed, it was pointed out in the EIA.
To harness AI, businesses are required to navigate a complex and ever-evolving environment and manage parameters such as varying degrees of digital market maturity, the evolving regulatory environment, complex ecosystems of businesses, products and services, as well as markets where new entrants can create more competition or opportunities for new partnerships.
“Artificial intelligence will not replace workers, but, on the contrary, it will empower them,” said Mr. Polymenakos, adding that “businesses will have to redefine their strategy and operations in all areas, placing people and machines, together at the center”. In this way, as he explained, businesses will increase their productivity, enhance creativity and improve the customer experience, creating new value for consumers, employees and wider society, as well as financial value for themselves.
