With a value of US$327 billion, AI is the fastest growing tech sector in the world. Approximately 85 million jobs will be displaced, and 90 million new ones will be created within the next 3 years (World Economic Forum). As we automate repetitive, mundane tasks, we need problem-solvers who are interpersonally skilled.

Finding efficiencies in productivity is essential to capturing value. A combination of customer analytics recommendation engines, customer segmentation and sophisticated customer modelling can be used to guide the next best step, product, or service to the customer.

CFOs can also calculate the gain they are getting from this particular application based on how much revenue is being generated or how much retention is being maintained.

The challenge for CFOs will be to identify a business problem that has not been solved by other solutions, then evaluate AI to measure its commercial impact. CFOs should get $10 back for every dollar spent on that solution.

In this interview, Dr. Catriona Wallace – Director of the Gradient Institute & Metaverse expert, helps executives understand and utilise emerging technologies in practical and useful ways.

 

Key Takeaways:

  • Within the next 3 years, 40 % of most jobs will be automated and will displace approximately 85 million jobs and create 90 million more (World Economic Forum).
  • Only 30% of Australian based organisations have a comprehensive organisation wide AI strategy.
  • Comparatively, Australia has not fared very well in productivity levels, nor have we fared well in innovation, either. In terms of innovation, we rank 25th out of 132 similar income-earning countries.
Contributors
Dr. Catriona Wallace Entrepreneur in AI/ML and Professor at Australian Graduate School of Management
Dr Catriona Wallace has been recognised by the Australian Financial Review as the Most Influential Woman in Business & Entrepreneurship. Catriona is... More

Dr Catriona Wallace has been recognised by the Australian Financial Review as the Most Influential Woman in Business & Entrepreneurship.

Catriona is the Executive Chair of Boab AI – Artesian Capital’s AI Accelerator. Catriona is also the Founder of Ethical AI Advisory now part of the Gradient Institute. Catriona was the Founder of Artificial Intelligence ASX Listed company Flamingo AI, which exited to BDMN Investments in 2020. Flamingo AI was the second only woman led (CEO & Chair) business ever to list on the Australian Stock Exchange.

Sitting on the Boards of the Garvan Institute, Reset Australia and Smarter Regions CRC, Dr Wallace also Co-Chair’s Richard Branson’s B Team’s AI Coalition and is on the Federal Government’s AI Action Initiative team.

With a PhD in Organizational Behaviour: Technology Substituting for Human Leaders Catriona was inducted into the Royal Institution of Australia acknowledging her as one of Australia’s most pre-eminent scientists.

Catriona is one of the world’s most cited experts and speakers on Artificial Intelligence, Responsible Technology, Ethics & Human Rights and Women in Leadership. She is also a philanthropist, human rights activist and mother of five.

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Peter Hind Principal Research Analyst at ADAPT
Peter Hind has spent the last 25 years as an analyst and commentator on the ICT industry. ​ His primary areas of interest... More

Peter Hind has spent the last 25 years as an analyst and commentator on the ICT industry. ​

His primary areas of interest are the potential of technology to transform the way organisations operate, the change management obstacles executives encounter in realising this potential, as well as the tactics and techniques leaders have deployed to overcome these difficulties.​

Peter now takes on multiple roles within ADAPT including the moderation of private events and roundtables, interviewing business executives about the strategies they are pursuing and assisting with the structuring of delegate surveys.​

He also interrogates and analyses ADAPT’s treasure trove of end-user and C-suite data.​

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