At Data & AI Edge, Dr. Michael Kollo, CEO of Evolved AI, unpacks the fundamental difference between data and AI, emphasising that AI isn’t just an extension of data infrastructure.

It’s a whole new way of making decisions.

He challenges the common misconception that AI is merely a utility, like data, highlighting its potential to transform how organisations think and decide.

Through stories and examples, Dr. Kollo underscores the importance of integrating AI into a business’s existing cognitive processes, rather than treating it as a separate tech solution.

He addresses common fears and misconceptions about AI, especially the worry that it will replace human workers.

7 AI pitfalls organisations must avoid:

  • Misconception of Data and AI: AI requires a different approach than data infrastructure.
  • Inconsistent Decision-Making Processes: Misaligned decision-making hampers effective AI integration.
  • Over-Reliance on Data Quantity: More data doesn’t guarantee better decision-making outcomes.
  • AI as a Cost-Cutting Tool: AI’s potential extends beyond workforce reduction and automation.
  • Binary View of Technology: AI’s probabilistic nature requires a flexible, non-binary mindset.
  • AI as a Support Function: AI should be integrated as a core business function.
  • Cultural Resistance and Fear: Address employee fears to ensure successful AI adoption.

Dr. Kollo argues that AI should be seen as a core business function, not just a support function, emphasising its ability to enhance human skills and drive value.

Additionally, Dr. Kollo stresses the importance of cultural readiness and adoption within organisations. He highlights the need to address employees’ anxieties and uncertainties about how AI will impact their roles and future prospects.

It’s vital to understand AI as a transformative force within organisations.

Businesses should seamlessly integrate AI into their decision-making processes and organisational culture.

He emphasises the need for collaboration between business and technology teams to use AI effectively, positioning it not as a standalone solution but as a strategic enabler of competitive advantage and business growth.

Key takeaways:

  • AI is a paradigm shift in decision-making, distinct from traditional data infrastructure, challenging the idea that it’s just an extension of data.
  • AI should be viewed as a core business function, not just a utility or support function. It can enhance human capabilities and create value within organisations.
  • Cultural readiness and alignment with existing cognitive frameworks are crucial for successful AI adoption, requiring collaboration between business and technology teams to integrate AI effectively and position it as a strategic enabler of competitive advantage.
Contributors
Dr. Michael G. Kollo Director of AI at ADAPT
Dr. Michael G. Kollo is recognised as an accomplished executive leader and educator within the realm of artificial intelligence’s significance in business... More

Dr. Michael G. Kollo is recognised as an accomplished executive leader and educator within the realm of artificial intelligence’s significance in business strategy and product development across various sectors including financial services, technology, and public services. Holding a portfolio of leadership roles, Michael has contributed his expertise to renowned institutional investors such as Blackrock, Fidelity, Renaissance Asset Management, Axa Investment Managers, and HESTA. Additionally, he served as a non-executive director for Clime Investment Managers, an ASX-listed entity.

In the entrepreneurial sphere, Michael has been involved with AI and software companies, notably as a key figure at Faethm Pty, an Australian AI software company that was acquired by Pearsons in 2021, and at the Blockchain company Clanz. Beyond entrepreneurship, he actively participates in mentoring and supporting fintech and cybertech startup ecosystems in London and Australia.

In the realm of academia, Michael boasts a PhD in Finance from the London School of Economics, coupled with extensive lecturing experience at esteemed institutions such as the LSE and Imperial College. He has also been invited as a speaker at TedX events, focusing on the responsible utilisation of AI. With publications addressing machine learning’s application in investment management and contributions to the World Economic Forum’s AI/Fintech panel, Michael’s expertise is widely recognised. Moreover, he has cultivated a global audience through educational podcasts like “Curious Quant.”

As well as Director of AI at ADAPT, Michael is also the CEO of Evolved AI, a distinguished executive education and software development firm dedicated to empowering individuals through effective and responsible AI usage, thereby fostering resilient, transparent, and rapidly evolving enterprises.

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