Business in the Age of AI

Senton holds an LLM in International Commercial Law and is CEO of Spore Finance, a firm specialising in private equity in emerging markets.

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Advances in artificial intelligence (AI) and other technologies are driving transformation. The stakes are high as we face a future where many jobs are yet to be defined and current roles may become obsolete or automated. This evolution requires more than traditional business skills; it requires a pioneering spirit and strategic approach to succeed in a technologically driven world.

Exploring new opportunities

We have always been focused on staying ahead of the curve by identifying trends and exploring opportunities, especially in the healthcare sector. Investments in medical AI, especially diagnostic systems, have proven to be transformative. These advanced AI solutions can streamline the diagnostic process, significantly reducing time and costs compared to traditional methods. They also enhance patient care by providing not only greater efficiency but also faster and more accurate diagnoses.

These innovations benefit governments, healthcare providers and insurers alike by improving efficiency across the healthcare system, reducing unnecessary expenses and improving patient outcomes.

For example, one of the AI-powered diagnostic tools we invested in promises to save patients and clinics time during self-check-in, allowing clinic staff to focus on more important medical tasks, while also significantly reducing human error, especially considering that errors often occur when doctors are tired or overloaded. Such AI-driven technologies can help address the current medical worker shortage and improve the work quality of medical workers, while maximizing quality, minimizing costs, and increasing clinic profits.

In the future, I believe AI-powered wearable devices and injectable sensors will enable continuous monitoring and telemedicine for the elderly and those who require constant supervision, ensuring optimal diagnosis and delivery of treatment. If your company is considering investing in disruptive technologies, I would recommend focusing on innovations that solve a critical industry pain point and provide a competitive advantage and significant return on investment.

Fostering innovation amid uncertainty

Innovation is at the heart of our strategy, as success in a technology-driven market requires continuous innovation and learning. We have invested in training programs that improve our employees' current technical skills and foster their adaptability to master the tools of the future. For example, we recently integrated AI-driven chatbots and virtual assistants into our customer support operations, which enabled our talent to tackle more complex issues and improved our service quality and customer satisfaction.

We are actively training our staff to leverage AI and emerging technologies, and advancing their career paths into AI management and strategic leadership. We have also established dedicated innovation labs within the company, providing a space for our teams to experiment and apply new technologies in a controlled environment. These labs act as incubators for ideas that have the potential to transform core business processes, drive greater efficiencies and create new value streams.

If your company wants to get more involved in innovation, setting up such a lab can be a great way to stay ahead of technology trends. However, if setting up a dedicated lab is difficult, consider running small innovation projects within departments to foster a culture of innovation and creativity.

Strategic collaboration to leverage technological advances

In a rapidly evolving world of technology, strategic collaboration is essential. One of our key partnerships is with a technology start-up specializing in the Internet of Things (IoT), which has enabled us to deploy smart sensors throughout our operations. These sensors monitor efficiency and proactively predict equipment failures, significantly reducing costs and improving productivity.

We have also invested in AI-powered startups that have optimized and automated processes to help other startups and candidates secure funding, as well as startups that are developing small, EMP-resistant AI computers that can power EV AI models and other large language models used in factories, smart homes, and a variety of devices.

By continually researching the technology landscape and piloting emerging technologies with strategic partners, companies can stay ahead of the curve, adapt to the inevitable changes that new technologies bring, and remain competitive in an increasingly digital world.

Ethical Considerations in Automation

As automation becomes more prevalent, it will be crucial to address the ethical implications. I firmly believe that companies need to balance improving efficiency with preserving jobs. We have redefined job roles to complement automated systems, focusing on human-driven tasks that require creativity and empathy that machines cannot replicate. While automating many processes, we have shifted our employees' focus to areas where they excel: customer engagement and personalized service.

Of course, we gain economic benefits from automation, but we are also making sure to use additional resources to train and grow the skills of our staff to align with the technology, while increasing our investment as corporate citizens in democracy, education, the environment and other causes we support.

Managing risk in technologically advanced markets

Effective risk management in an AI-driven era means preparing for cybersecurity threats and data privacy concerns.

We have strong cybersecurity measures and data protection protocols in place to prevent potential breaches that could have devastating financial and reputational impacts. We also provide ongoing guidance and training to improve cybersecurity because we believe a company's cybersecurity is only as good as its weakest link – its employees.

To mitigate these risks, it is important to educate employees on cybersecurity best practices and regularly update security protocols.

Conclusion: Lead with courage and vision

Navigating the high risks of a rapidly changing marketplace requires not only vision but also courage. In my experience, embracing the relentless pace of technological change and anticipating workplace transformation is essential for sustainability and growth. Making bold decisions today will prepare you for tomorrow's challenges. These decisions will lay the foundation for success in a technological future that has yet to be fully realized.

As an entrepreneur, I see myself not only as a participant in this dynamic marketplace, but as an architect of the future. Crafting the business models and strategies that will define the next era of global commerce is both a challenge and an opportunity. There will be many obstacles along the way, but with courage and strategic foresight, the possibilities are endless. As we move forward, let us be guided by a spirit of innovation and adaptation to not only survive, but thrive in this ever-changing business environment.

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