In the AI Innovation Consortium's Back to Business with AI virtual event, a panel of C-level executives gathered to discuss and answer some insightful questions on how businesses are using AI and what the future of that technology will look like. You can view the whole panel discussion, including takeaways from the live audience, in the video above or check out a recap below. 

Meet The Executive Panel

How is Your Business or Organization Using AI?

This question was posed to learn more about the panelists' organizations and their own automation journeys. Purna, President of V-Soft Consulting, shared how V-Soft is using AI for both internal applications as well as with clients through V-Soft's AI practice. V-Soft has been working on a chatbot to generate talent polls and update profiles of talent that exists in the candidate database to automate the staffing process.

Chirag, VP of IT for the Medical Products Division at W. L. Gore, explained that they are newer to the space, but are monitoring the evolution of AI in the healthcare industry so they can include those advancements towards medical devices.

Sarah, President & CEO of Greater Louisville Inc., focused her response on how AI is being used by Louisville businesses. Sarah has seen AI become instrumental in the healthcare community specifically, in regards to increasing management of supply chains, minimizing unnecessary travel and identifying risks. 

The panelists agreed that AI is helping transform manual processes and businesses of all kinds should take advantage and embrace AI moving forward. 

How AI Reduces Government Red Tape

Sarah tackled this question first because government policy is in the forefront of her role. She mentioned that when government realizes they can really on the data component of AI, it provides a feeling of safety as AI reduces the element of human error. There is a desire to remove red tape and AI has helped government and businesses make informed decisions based on data.

Purna gave the example of the USCIS chatbot that is eliminates redundant regulations and the need for standing in long lines for simple questions. Konrad, AIIC Chairman, agreed, noting that a self-serve kiosk or automated chatbot can eliminate the need to engage with government employees, so they can focus on more critical tasks.

Chirag touched on the medical industry and how the FDA has developed guide rails for digital health. Because of this, companies like W. L. Gore have a proper framework to navigate and evolve with practices such as AI.

What is the Biggest Challenge for Adopting AI?

The panel shared what they've seen as some of the biggest setbacks businesses are facing when it comes to adopting AI. Here are some notable challenges: 

• Learning about AI's capabilities as it's a newer technology 
• Understanding AI adoption is a journey and process
• Lacking a clear business strategy 
• Having concerns over ROI
• Having concerns of data (confidentiality, storage, accuracy)
• Experiencing a gap in AI expertise and talent 

What will Business Look Like in 5 Years with AI?

To round out the discussion, the panel took a glimpse into the future of AI. All seemed to visualize the same future of this advanced technology. Acceptance levels of AI are growing, the need is growing, the cost effectiveness is growing, and the robustness of AI's capabilities is growing.

As business progress in the future, there will be a more intentional focus on technology and AI will help transform business by reducing costs, managing risks and streamlining applications. The panelists agreed - we are all beginning to see awareness, education, adoption and innovation. AI has a bright future.