02.27.2023 Executive Data Bytes – Does your business 'speak' AI?

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week we are discussing AI literacy. AI is moving fast, and AI literacy is now more important than ever before. 

Focus piece: “The Four Cs Of AI Literacy: Building The Workforce Of The Future”

Executive Summary

AI Literacy is the ability to understand the basics of what an AI is, how it works, and what the strengths and limitations of the technologies are. This Forbes article proves that it does not require a Ph.D. in Computer Science.

Key Takeaways

• The AI market is projected to be 190 billion by 2025, and the average human will interact with at least one AI in their daily life. The next generation- our children, are the first AI-Native Generation, and they have never known life without AI.
• The use of AI in different contexts can have different effects. Understanding these contexts can help industries implement best practices to protect themselves and their customers and drive the greatest return on investment while managing risk.
• New AI applications emerge daily, and expanding AI Literacy will help humans imagine new ways to apply AI technology.
• As the worldwide information economy expands, the role of data and AI to generate insights from data will continue to grow.

Focus piece: “Are Skilled Literacy Shortfalls Impacting AI Development?”

Executive Summary

Building employee skills to eliminate literacy shortfalls can allow brands to achieve their strategic data-driven business goals and undertake AI projects successfully. This CMSWire article explains the connection between AI literacy and its development. 

Key Takeaways

• A 2019 study by SnapLogic titled The AI Skills Gap revealed that 51% of businesses don't have the right mix of skilled AI talent available to achieve their AI goals.
• Artificial intelligence is rapidly accelerating its adoption across industries, and we interact with it often without even realizing it. In fact, 84% of people have interacted with AI, but don't know it.
• A degree of data literacy takes away the mystery that often surrounds AI, and that a brand's ability to effectively use the data it has collected is greatly affected by its ability to communicate internally with data and make clear data-driven decisions.
• 91% of tech leaders believe that investing in talent and business processes is crucial for implementing new technologies, especially in still-emerging fields such as artificial intelligence and machine learning.
• Artificial Intelligence is already playing a large role in most of our lives, but brands are struggling with skilled literacy shortfalls. By upskilling and reskilling employees, brands can get their AI projects back on track.

Focus piece: “Without universal AI literacy, AI will fail us” 

Executive Summary

Artificial intelligence (AI) has the potential to transform how we live, work, and interact with each other. This World Economic Forum article asks the question, do we have the skills required to develop AI inclusively?

Key Takeaways

• AI has the potential to help tackle some of the toughest global challenges, including displacement, hunger, infectious disease outbreaks and climate change.
• Every aspect of our personal and professional lives is already being transformed with AI. We need to be able to understand how AI systems might impact us and use those tools in a safe and responsible way.
• AI is not perfect because of a lack of diversity and representation on the teams designing the technology, and because AI systems are being deployed in real-world contexts without the same ethical values.
• When teaching about AI, it’s important to meet people where they are in terms of their knowledge level, learning format, and access to infrastructure.

Let's talk AI!

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