As the pandemic further accelerates our digital transformation, companies are relying even more on automation and particularly on artificial intelligence. Two-thirds of CEOs surveyed last year by a major consulting firm said they will use AI even more than before for the creation of new workforce models. Even higher numbers plan to digitize operations, customer interactions, business models, and revenue streams. This huge acceleration and shift will surely bring massive failures, leaving companies — and in some cases even critical infrastructure — vulnerable to loss as critical decision-making is handed off to AI.
As a technologist who has built platforms and worked in the major industries that employ AI often (such as FinTech and health care), I have seen first-hand what goes wrong when some of the world’s biggest companies leave their intelligence to their AI. Based on the hype around AI, it would appear that everything can be improved by sophisticated algorithms sifting through masses of data. From streamlining customer care to inventing new perfumes, and even coaching soccer teams, AI looks like an unstoppable purveyor of competitive advantage, and practically all that company executives have to do is let it loose and go have lunch (cooked by an AI Robot Chef) while they watch their company’s profits climb.