Originally published on February 25, 2020 in Forbes by Sophia Matveeva a Former Forbes Contributor and startup founder in retail tech.
Artificial Intelligence is the new fashionable trend in business. While many large corporates create skunkworks for experimental technologies or acquire startups, few incumbent businesses have allowed AI processes to change the core of the organization. This could be because executives in traditional businesses have little understanding of how these technologies work and are unwilling to take the risk of investing in something they do not understand.
A recent book by two Harvard Business School professors attempts to deal with this issue. Competing in the Age of AI: strategy and leadership when algorithms and networks run the world presents a compelling case for putting AI at the center of the business. Any business.
Authors Marco Iansiti and Karim R. Lakhani show the example of Ant Financial, which serves more than 10 times as many customers as the largest U.S. banks with less than one tenth the number of employees. That extraordinary combination of wide reach and low cost is possible because Ant Financial uses data and artificial intelligence from its core mobile payments platform, Alipay.
Read the entire article here.