Businesses warned of risks of not adopting AI, says Stanford professor

Photo courtesy of Bangkok Post

Stanford University Graduate School of Business Professor Amir Goldberg stressed the urgency for businesses to actively engage with artificial intelligence (AI), according to a conversation with a former corporate executive. Highlighting the vital role AI plays in today’s competitive market, Professor Goldberg warned businesses of the risks of not adopting AI, likening it to a fast-moving train that cannot be ignored.

The former corporate executive, with over 15 years of business experience across various sectors, further elaborated on this point. AI, they argued, is not a prospect but an immediate opportunity for innovation and growth. A lack of understanding or reluctance to embrace AI, they warned, could leave companies trailing behind their competitors.

This viewpoint challenges the perception among many business leaders who consider AI a distant disruption. Instead, the former executive underscored the importance of integrating AI into business strategies currently.

In Thailand, AI has already begun to transform business models. Start-ups such as Vulcan Coalition are leading the way with their innovative use of AI. However, compared to global standards, Thai businesses still lag in AI adaptation, reported Bangkok Post.

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The former executive highlighted the transformative potential of AI within their own professional education business. By accelerating the design process and simplifying content creation, AI has optimised efficiency, leading to quicker project completion with fewer people.

The power of AI extends beyond technology to influence company culture and work methodologies. The executive foresees AI as a catalyst for faster and continual evolution within businesses.

AI integration

The advice to businesses venturing into AI is to start small. Companies should identify specific goals, educate their teams, and experiment with small-scale AI projects. The key is to learn from feedback and refine strategies before broadening the application.

As AI becomes more accessible, it’s no longer a luxury exclusive to tech giants. Thai businesses of all sizes can harness the potential of AI, transforming their working strategies and decision-making processes.

However, the biggest hurdle remains the human element. Resistance to change, personal biases, and reliance on intuition can hamper AI integration. The former executive emphasised the importance of cultivating an open culture where the use of AI is discussed freely, and its recommendations are trusted over personal instincts.

Arinya Talerngsri, Chief Capability Officer, Managing Director, and Founder at SEAC — Southeast Asia’s Lifelong Learning Centre, shares this belief. She advocates for the transformation of education through artificial intelligence (AI), aiming to improve prospects for Thais and people worldwide.

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

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