Unveiling AI Opportunities and Challenges for Industry Leaders
Explore how ELEMENTAI addresses the opportunities and downsides of AI for industry leaders like Tom, CEO of a home appliance company. Discover key issues, analysis, natural partners, and industry insights to navigate the complexities of AI implementation successfully.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
ELEMENTAI Presented to: JF Gagne & Team Presented by: DeGroote Consulting, McMaster University Nicole, Annette, Stephanie, Alex Work smarter, together. 1
Meet Tom CEO of a MNC home appliance company Interested in AI Thinks IT may help his company Has a lot of IP , very hesitant to implement an AI solution Fearful of the doomsday scenario Wishes he knew more about AI and how AI solutions are developed 2
How does ELEMENTAI promote the opportunity perceived by AI for its consumers & the industry, yet address the perceived downsides? 3
key issues - importance + Consumer Trust & Perception Many doomsday scenario publicized 1 1 - urgency + 2 Adoption & Understandability of AI Solutions Hesitant to trust with IP 2 3 Long Sales Cycle With large companies 3 5 key issues analysis opportunities implementation preferred solution risks & contingencies
analysis 6
Natural partners target audience analysis Unnatural partners Product Corporations (i.e. LG) Corporations with significant IP importance Tech Consumers Non-Tech Consumers Educational Institutions Youth interest 7 key issues analysis opportunities implementation preferred solution risks & contingencies
industry analysis AGAINST FOR Doomsday scenarios Development of deep learning Recent wins (AI beating GO world champion) Fear of AI s humanistic qualities Early adopters enjoying increased efficiencies of AI General populations lack of understanding of AI thought process Increase in AI knowledge base (PHDs) 8 key issues analysis opportunities implementation preferred solution risks & contingencies
company analysis Valuable Rare Inimitable Organized to exploit Human Capital Performance Full control over product Investor backing 9 key issues analysis opportunities implementation preferred solution risks & contingencies
opportunities BENEFITS Aid with understanding of AI solutions Prepping new wave of workforce BENEFITS Counter act negative perceptions BENEFITS Transparency Increased customer trust Aid with long sale cycles 1 Social engagement campaign of AI solutions & processes 2 Partnership with educational institutions Does not address current consumer perceptions Does not address long sale cycles 3 Investment in AI Explainability CONSIDERATIONS Requires human capital and financial resources Management buy-in CONSIDERATIONS Does not help with consumers understanding CONSIDERATIONS 11 key issues analysis opportunities implementation preferred solution risks & contingencies
decision matrix Partnership with educational institutions Social engagement campaign Investment in AI Explainability key criteria weight 3 4 2 Consumer trust & perception 0.4 Adoption & understandability of solutions 3 4 0.3 2 2 1 3 Long sale cycles 0.3 2 2.4 3.7 Total 1.0 1 5 Low High 12 key issues analysis opportunities implementation preferred solution risks & contingencies
preferred solution: EXPLAINAI Investment in R&D relating to explaining AI solutions, processes, pathways, to results they generate. Jan 2020 Jan 2021 Dec 2021 Development of explainability add on to current AI solutions Grassroots community engagement focused on AI education & explainability of AI MAIN GOAL: Empower target consumers and general population to confidently understand and adopt AI solutions by demonstrating AI solutions and promoting AI education 14 key issues analysis opportunities implementation preferred solution risks & contingencies
preferred solution: EXPLAINAI Phase 1: Development of explainability add on for current AI solutions timeline: 0-6 months ACTION OWNER KEY ISSUE TRACKER R&D into imagining the new explainability add on COO Trust & perception Adoption & understandability Development and commercialization of Element AI add on CIO Long cycle sales Market product to target consumers CMO 16 key issues analysis opportunities implementation preferred solution risks & contingencies
preferred solution: EXPLAINAI Phase 2: Grassroots community engagement focused on explain ability of AI Timeline: 6-24 months ACTION OWNER KEY ISSUE TRACKER Trust & perception C-suite executive workshops for prospective clients CEO Adoption & understandability EXPLAINAI Hack-a-thon and bootcamps COO Long cycle sales 17 key issues analysis opportunities implementation preferred solution risks & contingencies
preferred solution: EXPLAINAI Factor Costs R & D costs $5 MM Commercialization and Marketing $2.5 MM Hackathon and Bootcamp Sponsorship $1 MM TOTAL COSTS $8.5MM 18 key issues analysis opportunities implementation preferred solution risks & contingencies
risks & contingencies risks likelihood impact contingency plan Offer free trials of EXPLAIN AI add on Demonstrate previous success Explore other industries with previous experience in AI Focus efforts on grassroots Inject more money, resources Low adoption of AI integration Low High Reluctancy to adopt AI solutions Medium High Delay in development of EXPLAIN AI add on Medium Medium 20 key issues analysis opportunities implementation preferred solution risks & contingencies
Final thoughts for ELEMENTAI How does ELEMENTAI and the AI industry promote the opportunities created by AI yet address the perceived downsides? EXPLAIN AI 1 Risks associated with this solution? Delayed deployment 2 3 Who is our target audience? Business and the general population/end users 4 Natural vs. unnatural partners? Tech consumers and corporations (natural) Youth/education institutions (unnatural) 21
