Businesses have no excuse not to understand the power of AI: Rashmi Dubé

The accelerated digital transformation continued since the pandemic with greater innovations and developments in transformative technologies such as artificial intelligence (AI), the Internet of Things, virtual and augmented reality, cloud computing, blockchain, and super-fast network protocols like 5G.

The use of technology has crossed all boundaries and has blurred many lines as well as providing solutions. The new ways of working and communicating with a hybrid and remote approach mean decision making is being slowly removed from our day-to-day living and automated into daily existence.

There has also been a surge of the use of AI in advertising, the film industry (which led to the SAG strikes), and social media, where creators are developing avatars representing predominantly women and creating back stories to become influencers and promote products. Let’s face it; there can be no excuse for any business not to have an understanding of AI and other technologies, given that it is now proving the most effective sales and marketing tool, as well as customer service if used correctly.

In terms of the economic outlook – the supply chain issues have slowly improved, but resilience is still required. The outlook that was predicted with a touch of gloom and sprinkling of anxiety over the Ukraine war saw a number of manufacturing companies, in particular, take control of their business and supply chain and bring them in-house.

The outlook for 2024, according to Goldman Sachs Research Chief Economist Jan Hatzius, is “for strong income growth (amid cooling inflation and a robust job market), their expectation that rate hikes have already delivered their biggest hits to GDP growth, and their view that manufacturing will recover”. The hope is also that interest rates will still be closely monitored as it is one of the keys to controlling recession.

The good news in 2023 is that finally, businesses are actually paying heed and less lip services to all things ESG (Environmental Social Governance) – or at least the E and S parts of it. Investors are looking closer at businesses in terms of their environmental and social credentials, and increasingly, buying trends are being driven by conscious consumers.

It is good news on some fronts but so much more needs to be done even on the basic level of board of directors understand the G – Governance.

By now business should have a clear plan with clear goals and timeframes of how to reduce any negative impacts.

For me, there have been two main takeaways from 2023: the first is technology and how it is integrated in to business and the day-to-day lives of us all. We are moving away from decision making to automated decisions.

The second is the environment. To me, the UK has woken up a little to take notice of what is actually required but still lacks not only real teeth but a full understanding of what it means from a business perspective to implement change. As the world remains currently fractured and countries like India are making a play to be the dominate “super power”, I will give careful consideration for my predictions for 2024. May you all have a wonderful 2024.

Rashmi Dubé is a partner at gunnercooke