Artificial Intelligence: The “Steam Engine” of the Fourth Industrial Revolution
At the World Economic Forum’s (WEF) annual meeting in Davos this week, a panel of industry and government leaders came together for a timely discussion on artificial intelligence as potentially the “steam engine” of the fourth industrial revolution.
The Transformative Potential of AI
The conversation centered around AI’s transformative potential across every facet of society, business, and government, while also highlighting the need for responsible regulation to manage risks.
A Responsible Approach to AI
Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said that countries must take a “responsible AI nation” approach with proactive policies and regulations.
While risks exist, the benefits are too great to simply reject the technology altogether, he argued. “We believe in the power of artificial intelligence as well as proactive regulation. So instead of rejecting it, how do you use it effectively?” he said.
The UAE’s Commitment to AI
The UAE sees AI as critical for remaining competitive globally and has made major investments to become a leader in the field.
The Minister highlighted AI as an amalgamation of past revolutionary technologies. He stressed the urgency of embracing AI, warning of the consequences of delay.
The Impact on Every Industry
According to Accenture CEO Julie Sweet, AI will make a material impact on every single industry in ways never seen before with prior technologies.
Rather than pinpointing certain industries as AI leaders and laggards, Sweet argued there’s no room for complacency. In every sector, some companies are moving aggressively to adopt AI while others risk falling behind.
AI in Warfare
Senator Mike Rounds highlighted the potential applications of AI in war, explaining that AI can be deployed on land, in the air, in space, and for cybersecurity applications.
Rounds stressed that the country that adopts AI for its military first will have a clear advantage over others.
The Profitability of AI in Military Applications
The integration of AI in military applications has become increasingly prominent and profitable. Even OpenAI has revised its core principles to permit the use of its technologies for warfare purposes—a use case that was explicitly banned before.
Economic Competitiveness through AI
IBM CEO Arvind Krishna estimated that AI will generate “incredible economic competitiveness for companies and nations” and lead to $4 trillion worth of annual productivity gains by the end of the 2020s.
Krishna argued that countries and companies who embrace AI early will gain an advantage over late adopters.
The Beginning of Mass AI Adoption
Cristiano Amon, CEO of Qualcomm, noted that we’re just at the beginning of mass AI adoption. Thousands of use cases are emerging across every type of device and industry vertical.
Amon emphasized the need to make computational power pervasive to scale AI effectively.
The Role of Data and Computing Power
Amon discussed the role of data and computing power in AI’s expansion, predicting that “AI processing is going to be the next way of doing computing.”
The Urgency for Swift Adoption
The panelists agreed that AI has potential on par with historic innovations like the steam engine, electricity, or the printing press. However, they emphasized the need for responsible regulation to manage risks while allowing room for innovation.
Hot Take: Embrace AI Swiftly or Risk Irrelevance
The message was clear—adopt AI swiftly or risk irrelevance. “If you embrace artificial intelligence, you will be complete,” Minister Al Olama said. “If you do not and you’re late, you will be finished. And if you reject it altogether, you will be completely finished.”
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