Foreign Ty is like any technology. I think the temptation is to run after the technology and put that into the organization quickly. Realistically, you’ve got to take a step back and ask yourself the question: what problem is chatGPT solving for you and what needs are you fulfilling? And what is the challenge? Knowing the questions that you’re trying to answer from tools like AI directs you in terms of the data that you’re going to need. Beyond the technology, you should be thinking about how you implement it too. Start small, prioritize, focus on one use case at a time, and prove out that use case. But at the same time, incrementally build out your capability, which means your workforce, the experts that you need to engage, even the technology that you may need to acquire, and also some of the data that you’re going to need to address that first use case that you develop. One use case at a time and the problem that you’re looking to address with AI, rather than running to the data first, acquiring the technology, and almost building a solution looking for a problem.
I think what we’ve seen over the last 12-18 months is the emergence of new technologies, such as Apple’s announcement of the Vision Pro. We’re starting to see the emergence of new channels and new engagement, like virtual reality and metaverses, breaking down barriers and enabling remote work. Virtual reality and existing tools like Zoom are improving collaboration and productivity. Automation, intelligence, insights, and analytics are providing better indications of team performance and sentiment analysis. The blending of the virtual world and the physical world will drive much more team collaboration and performance, as location constraints are removed.
In terms of open banking, I was involved in building Mastercard’s first open banking product, which simplified access to all open banking connections worldwide. Today, it accounts for 80% of the entire UK payment volume related to open banking. This product has scaled across many European markets and has been a tremendous success.
The Internet of Things (IoT) has huge implications for commerce. Physical objects with sensors can pass data between each other through internet connectivity. This enables improved supply chain management, personalized experiences, and better insights. For example, sensors can monitor the temperature of food during transit, and cameras in fridges can notify users of forgotten items. IoT will revolutionize e-commerce and enhance our daily lives.
When discussing these topics, it’s important to be optimistic and provide practical steps for organizations to navigate the future. It’s about inspiring people, giving them a sense of direction, and validating their investments. Leaders should have a reasonable level of knowledge to explain these concepts to their organizations and understand the impact on their people. Ultimately, it’s about embracing technology and leveraging its potential for growth and innovation.
