Realm Digital: Moving Beyond the Hype - AI in Practice
0 likes34 views
The document discusses the practical implications of AI and its adoption across different sectors, emphasizing the innovation-adoption curve and the rising use of generative AI in businesses. It highlights the significant business value AI brings, cost-effectiveness, ease of use, and industry-wide applications while also addressing its environmental impact and the importance of responsible implementation. Key steps for integrating AI into business include setting clear objectives, pilot testing, data readiness, technology selection, and ongoing performance monitoring.
Realm Digital: Moving Beyond the Hype - AI in Practice
- 1. Moving Beyond the Hype AI in Practice
- 2. Hi, I’m Simon Bestbier CEO of A leading technology company based in South Africa. Connect with me on
- 3. Emerging Tech is Terra Incognita It is an undiscovered land for which there are no maps by which to navigate.
- 4. The below curve, popularised by Everett Rogers, describes how different people and companies react to, adopt, and accept new innovative products and technologies. Hype Cycle Visibility Time Plateau of productivity Slope of Enlightenment Trough of Disillusionment Innovation Trigger Peak of Inflated Expectations You are here
- 5. The Innovation-Adoption Curve, popularised by Everett Rogers, illustrates how new technologies are adopted across different user segments. THE CHASM Innovators Early adopters Early majority Late majority Laggards Early Market Mainstream Market % of new users % of market share Risk-takers and technology enthusiasts willing to embrace new technologies despite their risks or unproven market value. 2.5% Visionaries who quickly adopt new technology. They play a crucial role in bridging the gap between innovation and mass-market acceptance. 13.5% This group adopts innovations cautiously but once technology is proven useful. They are deliberate in their decision-making and focus on practical benefits. 34% This group adopts technology after the majority of the market has already embraced it. They require more proof of the technology's value and reliability. 34% Laggards are the last to adopt new technology, often doing so only when it becomes unavoidable or necessary for survival. 16% Innovation-Adoption Curve
- 6. McKinsey & Company If 2023 was the year the world discovered generative AI (gen AI), 2024 is the year organizations truly began using—and deriving business value from—this new technology
- 7. Why did AI Take Off: A Perfect Storm Solves Real Problems AI addresses real-world challenges, from enhancing customer service to predicting failures, delivering tangible results. Cost-Effective & Accessible Cloud and open-source tools have made AI affordable and easy to implement, lowering entry costs for businesses. Ease of Use AI platforms are user-friendly, enabling even non-experts to deploy AI without deep technical skills. Adds Value Across Multiple Industries AI creates value in healthcare, finance, retail, and beyond, improving processes and driving innovation.
- 9. AI Will Fundamentally Change Our Lives Spreadsheets Social Media Smart Phones GPS Internet Email
- 10. $196bn The global AI market is worth approximately $196.63 billion in 2024. By 2030, the AI market is predicted to reach $1.85 trillion. $1.85tn
- 11. vs Sitting in the woods around a campfire
- 12. The Environmental Impact of AI Artificial Intelligence (AI) has revolutionised industries and daily life, but its environmental footprint is growing. Understanding AI's environmental impact is crucial to promoting sustainability as its use expands. Carbon Emissions Training a large AI model like GPT-3 emits as much carbon as 300 round-trip flights from New York to San Francisco Energy Consumption In 2021, global data centres accounted for 1% of the world's energy usage. Water Usage Some data centres use up to millions of litres of water per year for cooling, impacting areas with scarce water supplies. E-Waste The infrastructure for AI, including servers and hardware, contributes to the growing issue of electronic waste (e-waste).
- 13. How to Implement AI in Your Business AI offers immense potential to transform operations, enhance decision-making, and drive innovation, but its success depends on understanding key steps and best practices. Define Clear Objectives Set clear goals for AI projects that align with business objectives. This includes identifying specific problems AI can solve and determining the expected value. Start with a Pilot Project Implement pilot programmes to test AI technologies to allows you to address challenges early and assess the technology’s effectiveness. Data Readiness Ensure data quality and availability by having clean, well-organised data. AI is only as good as the data it processes, so invest in data governance. Choose the Right Technology / Partner Select the right AI tools based on your needs. Select a partner that understands the technology and your business needs. Focus on Collaboration Interdisciplinary teams ensure that AI is designed with both technical and business insights. Monitor AI Performance and ROI Regularly review the return on investment (ROI) to ensure AI is delivering the expected value to the business.
- 14. In Conclusion ● AI is here to stay, with profound and lasting impacts across all sectors. ● Its accessibility means every business, no matter the size, should explore AI’s benefits. ● The future of AI is just beginning—now is the time to embrace it and integrate AI into your business strategy. ● But as we adopt AI, it’s essential to use it responsibly. Consider its environmental impact, reduce energy use, and manage e-waste. Ensure AI safeguards client data and privacy. Balancing innovation with ethical and sustainable practices is key.
- 15. In Conclusion “ As AR and VR continue to evolve and become more accessible, it is essential for businesses to explore and leverage these technologies to create engaging realities for their customers. Let’s continue the conversation. Contact us