AI Business Technology

The AI Business Strategies Your Competitors Don't Want You to Know: Weekly Recap for September 18, 2023

Dive into the pivotal developments in AI for the week of September 11 to 17, 2023. From the EU's new Artificial Intelligence Act to Google's $20 million investment in responsible AI, discover actionable insights and strategies to keep your business ahead.

The AI Business Strategies Your Competitors Don't Want You to Know: Weekly Recap for September 18, 2023


Apple’s “Wonderlust” event on September 12, 2023, unveiled a range of groundbreaking products, including the iPhone 15 series, Apple Watch Series 9, and second-generation AirPods Pro. The iPhone 15 series comes with significant upgrades in design, performance, and camera capabilities. The Apple Watch Series 9 and Ultra 2 introduce new levels of performance and sustainability, while the AirPods Pro 2 offer enhanced audio quality. Software updates across iOS, iPadOS, watchOS, and macOS bring new features to enhance the user experience. If you’re considering buying the new iPhone 15, we’ve also recommended some top accessories available on Amazon to enhance your Apple experience.

# Introduction

The week of September 11 to September 17, 2023, has been a watershed moment for Artificial Intelligence (AI), with significant advancements that could reshape entire industries. This article aims to provide a comprehensive analysis of these developments, focusing on actionable insights and strategies that businesses can adopt to stay ahead of the competition.

# Regulatory Landscape: The Race to Control AI

# The European Union’s Artificial Intelligence Act

The European Union has reached a provisional agreement on the Artificial Intelligence Act, a landmark regulation that classifies AI systems based on their level of risk. High-risk systems like facial recognition technologies will be subject to stringent scrutiny and could incur fines up to 6% of global revenue for violations.

Deep Dive: Businesses need to start conducting AI risk assessments to categorize their AI systems under this new regulatory framework. This involves not just technical evaluations but also ethical considerations, such as data privacy and potential for discrimination. Companies should also start building internal compliance frameworks and consider appointing AI ethics officers to oversee compliance.

# Teradata’s The New Frontier in Data Analytics

Teradata’s is designed to integrate with VantageCloud Lake, enhancing data analytics capabilities. It uses advanced AI algorithms to sift through vast amounts of data and generate actionable insights.

Deep Dive: The real power of lies in its generative capabilities. Unlike traditional analytics tools that rely on preset queries and visualizations, can generate new types of queries based on the data it analyzes. This means it can uncover insights that you didn’t even know to look for. Businesses should consider adopting such generative analytics tools as part of their larger data strategy to uncover hidden opportunities or risks.

# Salesforce’s AI for Impact: Philanthropy Meets Technology

Salesforce’s AI for Impact initiative aims to democratize access to AI technologies for purpose-driven organizations. The first six participants range from educational organizations to trusts focused on teacher development.

Deep Dive: This initiative is not just philanthropy; it’s a strategic move that positions Salesforce as a leader in ethical AI. By providing these organizations with access to high-level AI tools, Salesforce is essentially creating a testing ground for responsible AI, the insights from which can be used to refine their own products. Businesses should take note: integrating AI into your CSR initiatives can serve dual purposes—social good and valuable R&D.

# New AI Tools: A Treasure Trove of Opportunities

# QuestionWell, iScanner, Typpo, and More

Several new AI tools have emerged this week, each with unique applications. QuestionWell, for example, can generate questions and answers based on given topics, which can be a powerful tool for customer service automation. iScanner can recognize and extract text from images, offering applications from automated data entry to OCR (Optical Character Recognition) in archival projects.

Deep Dive: Businesses should start by identifying specific pain points that these new AI tools could address. For instance, if data entry is a significant time sink, iScanner could automate this process, freeing up human resources for more complex tasks. The key is to integrate these tools in a way that complements human skills rather than replace them.

# AI in Law and Healthcare: A Glimpse into the Future

AI technologies are making inroads into the legal and healthcare sectors. In law, AI can optimize the review of legal documents, automate discovery processes, and aid in legal research. In healthcare, AI is being used to improve diagnostics and treatment plans.

Deep Dive: In the legal field, AI can be used to predict legal outcomes based on historical data, which can be a game-changer in how cases are prepared and argued. In healthcare, AI algorithms can analyze medical records to predict patient risks, helping doctors make more informed decisions. Businesses in these sectors should invest in specialized AI tools designed for their specific needs.

# AI in Business and Research: The Sky’s the Limit

Google has allocated $20 million towards funding responsible AI research. This is a significant investment that signals the importance of ethical considerations in AI development.

Deep Dive: The focus on “responsible AI research” indicates a shift towards creating AI models that are not just powerful, but also ethical and transparent. Businesses should consider similar investments in responsible AI, which will not only mitigate risks but also position the company as a leader in ethical tech development.

# The Urgency of Responsible AI Scaling

Experts are stressing that humanity has just two years to responsibly scale AI before it becomes too difficult to control risks.

Deep Dive: This is a wake-up call for businesses to start investing in AI safety measures. This involves creating ethical guidelines, setting up oversight committees, and even partnering with third-party organizations for audits. The goal is to ensure that as AI systems scale, they do so in a way that aligns with human values and laws.

# Conclusion

The AI landscape is evolving at a breakneck pace, offering both unprecedented opportunities and complex challenges. Businesses that wish to stay ahead must not only adopt the latest AI technologies but also understand the broader social, ethical, and regulatory landscape in which these technologies operate. By doing so, they can turn challenges into opportunities and drive meaningful, sustainable growth.

Here is the fact-checked Recommended Reading section:

We recommend “The Business Case for AI: A Leader’s Guide to AI Strategies, Best Practices & Real-World Applications” by Kavita Ganesan. This comprehensive guide demystifies the process of implementing AI in businesses and provides real-world examples to help leaders identify high-impact AI opportunities, prepare for AI transitions, and measure AI performance.

Ganesan, an AI advisor, consultant, speaker, and founder of Opinosis Analytics, has delivered more than two dozen successful AI initiatives for a wide range of organizations, from midsize operations to Fortune 500s. With a Ph.D. from the University of Illinois at Urbana Champaign and over fifteen years of experience in the field, she brings a wealth of knowledge to the table.

The book has received an average rating of 4.5 out of 5 stars on Amazon with 111 ratings and 4.1 on Goodreads with 72 ratings. It has been praised for its clear writing style, insightful examples, and practical approach to implementing AI in businesses. Forbes Magazine has described it as a good management introduction to real-world artificial intelligence.

Notable quotes about the book include:

  • “The Business Case for AI is perfect for AI fanatics and AI skeptics alike. From defining AI and its various forms to explaining exactly how companies should approach AI to see the results they want, Kavita Ganesan’s no-fluff book helps make the AI conversation a whole lot easier.” - Customer Contact Week Conference & Magazine.
  • “Kavita Ganesan has written a must-read for leaders looking to succeed with AI in the enterprise. Kavita’s writing style makes a deeply technical topic accessible to every leader, from the C-suite to product managers. If you’re interested in learning what AI can do, how to prepare for it and correctly leverage it in your organization, start with this book.” - Mark Varghese, Technology Director at Expedia.

Customer reviews and testimonials highlight the book’s easy-to-read writing style, humble points of view, and practical usefulness. Readers have recommended it for people in strategy, data science, and management roles.

In conclusion, “The Business Case for AI: A Leader’s Guide to AI Strategies, Best Practices & Real-World Applications” by Kavita Ganesan is a highly-rated and insightful guide for business leaders looking to implement AI in their organizations. With its clear writing style, practical approach, and real-world examples, it is a must-read for anyone interested in leveraging the power of AI from a business perspective.

# Further Reading Resources

# AI Regulation and Governance

  1. Penalties of the EU AI Act - HolisticAI
  2. European Parliament Agrees on Position on the AI Act - Hunton Privacy Blog
  3. EU AI Act: First Regulation on Artificial Intelligence - European Parliament
  4. AI Act: A Step Closer to the First Rules on Artificial Intelligence - European Parliament
  5. Navigating the EU AI Act: Implications for Financial Institutions - Dechert
  6. Fines Under the AI Act: A Bottomless Pit? - Taylor Wessing
  7. Key Enforcement Issues of the AI Act Should Lead EU Trilogue Debate - Brookings
  8. The EU AI Act: What It Means for Your Business - EY

# AI in Media and Technology

  1. AI-Generated Vocals in New Beatles Documentary - Independent
  2. Meta Unveils State-of-the-Art Voice AI - BBC
  3. AI Helps Optimize Sorting Algorithms - Daily Mail
  4. Google’s Bard Writes Code to Answer Queries - US News
  5. Adobe Integrates DALL-E into Creative Cloud - YouTube

# General AI News and Research

  1. ScienceDaily - Artificial Intelligence News
  2. Artificial Intelligence News
  3. Last Week in AI

It's written by

You might also like

Subscribe to new posts