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Are we at risk of over-reliance on artificial intelligence to generate and drive innovation? Maybe. But innovation is difficult to automate—after all, many innovations arise from chance encounters and events between humans.
While AI has huge potential, it will only play a supporting role in creating or driving innovations that move businesses forward. “AI cannot fully systematize the serendipitous discoveries and relationships that are often at the heart of breakthrough innovation,” said Spiros Margaris, founder of Margaris Ventures. “While AI is a valuable innovation tool, it It should be used in conjunction with human skill and creativity to ensure a holistic approach.”
Nonetheless, “many companies aim to systematize the innovation process through artificial intelligence and adopt stand-alone solutions,” he continued. “I will always advocate for an innovation process that includes humans.”
We asked Spiros for his perspective on how artificial intelligence can help facilitate business formation or innovation. As one of Europe’s top fintech venture capitalists, he is a senior advisor and investor in a number of companies in the fintech, insurtech, cybersecurity, healthcare and artificial intelligence industries, including two companies with valuations exceeding $1 billion. dollar fintech startups.
He pointed out that artificial intelligence plays a key role in today’s innovation. “We’ve seen generative AI help companies innovate by making it easier, cheaper, and faster to experiment with new ideas. These models are extremely beneficial for creating new products and improving existing ones, allowing companies to quickly Test different options and find the best solution.”
At the same time, he added, “Artificial intelligence is just one of many tools available for innovation. In the future, artificial intelligence innovation will involve the combination of artificial intelligence-driven insights with human creativity and intuition.”
Artificial intelligence will promote innovation and efficiency, which will be critical not only for businesses but also for startups and new companies. “Artificial intelligence’s ability to process and analyze large amounts of data can produce more accurate business insights and strategies,” Spiros said. “In a highly competitive market, this is critical for both established and new businesses. In addition, artificial intelligence is critical for tasks that require extensive data analysis and automation, such as customer segmentation, market analysis and operational efficiency.”
As AI facilitates increasingly sophisticated data analysis, “companies will be able to test and fine-tune business plans to deliver products that are more attractive to customers than companies lacking such insights,” he explained. “Individuals Powered by Artificial Intelligence The development of personalized customer experience is still in its infancy, but it has huge potential for the future.”
Artificial intelligence plays an important role in assisting emerging fintech companies as well as existing banks to build better products. “We are already seeing the impact of artificial intelligence in multiple areas of the financial industry, including credit scoring, fraud detection, risk management, KYC (know your customer) and personalized customer service,” Spiros said. The upcoming iteration will “enable companies to make informed decisions, streamline processes and provide more personalized service. The technology will also reduce the cost of financial services while increasing traditional banking options.”
In the process, artificial intelligence will help “further democratize financial services, making them more accessible and affordable to a wider population,” he explained. “This democratization will be particularly beneficial for disadvantaged populations, who have traditionally faced barriers to accessing these services due to cost and complexity.”
Spiros added that the fintech industry “has done an excellent job of democratizing the financial industry, and more powerful artificial intelligence models will allow the industry to accelerate the democratization process.”
Still, he warned that artificial intelligence must be treated with caution. “Whatever the potential benefits of AI, companies must consider its ethical and regulatory implications, including privacy, security and fairness. Effective use of AI requires a thoughtful approach to ensuring data quality and ethical practices to avoid flawed results and possible litigation.”
“We always need to understand how AI models make specific decisions,” he added. “Indeed, transparency in AI models is critical to ensuring that models do not contain biases that intentionally harm certain individuals.”
Entrepreneurs and companies “must ensure that the data used to train AI models is as unbiased and accurate as possible. Companies that misuse AI may suffer adverse consequences.”
He said it should also be remembered that artificial intelligence “cannot solve every problem”. “That is, they should not view the technology as a panacea that can solve all problems. AI should complement, not replace, human skills and creativity. Strong business models must balance the capabilities of AI with human intuition and Innovation.”
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