The tricky thing about artificial intelligence (AI) is that, while everyone is familiar with the term, few people understand what AI entails. Today’s companies are using AI in a wide range of applications – from detecting cyber threats to automating production management work to suggesting “similar products” based on a consumer’s purchase history. For these reasons, today’s boards must be knowledgeable of the opportunities and risks surrounding AI… but to what extent?
In this episode, Dr. Anastassia Lauterbach, board member with Dun & Bradstreet and an expert in AI and cybersecurity, joins TK Kerstetter to educate corporate directors on the basics of AI. Currently authoring a book on the topic, Lauterbach has interviewed 60 board members globally about AI in business, and she shares major themes from her research. She also outlines a roadmap for how today’s boards can approach conversations around AI.
[Companies and boards need to] start with their data. AI is about data, and every company has to have a data value strategy. What are my most important assets? Can my data help me be more competitive? [Do I have the] infrastructure to provide data and data insights for my business? Only then, [should you consider] what kind of AI technology to implement.
Of the 10 Most Valuable Companies in the Fortune 500, five are already what Lauterbach refers to as full-stack AI companies: Apple, Alphabet/Google, Amazon, Microsoft, and Facebook. Beyond these digital world leaders, however, she emphasizes the wide-reaching financial implications of AI as the technology will soon affect all industries and impact the economy as a whole.
Since Lauterbach also serves on the Next Gen Board Leaders Advisory Council, Kerstetter takes the opportunity to ask her whether Europe is seeing a similar demand for younger board members.