By Octavio Camarena, CEO KIO IT Services
We are living in times of significant change around the world, changes that are redefining the way companies operate and do business. At the heart of these new trends is Artificial Intelligence (AI), a tool that is here to stay and destined to be a vital partner in the operation and leadership of any company.
AI has become transformative and strategic for companies of all sizes and sectors. To mention a few facts: According to estimates from McKenzie, the impact from the use of generative AI, (the basis of offerings such as ChatGPT or Bard) will mean an increase in productivity of between $2.6 and $4.4 trillion per year worldwide.
According to the World Economic Forum, AI services in the retail sector are expected to grow from $5 billion to more than $31 billion by 2028. Meanwhile, the firm Grand View Research, estimates that the size of the global AI market in healthcare was valued at $15.4 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 37.5% from 2023 to 2030. In this specific sector, digital patient data management, increasing demand for personalized medicine, and the need to reduce care costs are some of the major driving forces behind the market growth.
Given this scenario, it is crucial for business leaders to understand and embrace the transformative potential of AI to remain competitive. Let's be clear, the real question today is NOT whether or not AI itself will replace humans, but which companies are already using it to differentiate themselves. AI is and will be key to drive our businesses forward, improve efficiency and productivity and deliver greater value to our customers.
It is important to be clear that AI is not a substitute for leaders and their intuition; it is more of a tool that empowers them by providing real-time information to enrich decision making. It can process vast amounts of data in a matter of seconds, identify emerging trends, forecast outcomes and provide accurate recommendations.
While it is important to address legitimate concerns about data privacy and ethics in the use of AI, we should not lose sight of the myriad benefits it offers. Hyper-automation, for example, allows companies to free their staff from repetitive and administrative tasks, allowing them to focus on more creative and strategic activities. This is reflected in a more engaged workforce.
In this new business paradigm, leaders who understand the importance of AI will be in a strong position to meet the challenges and seize the opportunities that arise. AI is already among us all, and those who embrace it with vision and determination will be the leaders of the future.