AI Guidance for Investors: Navigating the Future with Strategic Approaches and Regulatory Insights

Strategic AI Adoption:

Companies should adopt a well-thought-out and defined strategic approach to AI, focusing on root challenges they aim to solve with the technology.
Mike Walker, executive director at Microsoft, emphasizes starting with quick hits to prove technology before investing in higher-value projects.

Regulatory Impact on AI:

The EU AI Act sets a foundational standard for AI regulations globally, with a "Brussels effect" expected to influence other countries.
The Biden-Harris administration emphasizes collaboration with industry to develop AI policies consistent with private sector needs.

Cybersecurity Risks in AI:

AI can amplify cyberattacks and be used creatively to mislead humans, necessitating risk mitigation strategies based on "what if?" scenarios.
Companies must prepare for emergencies, especially when dealing with protected health information, by understanding basic data hygiene practices and emergency response.

AI Mapping Strategies:

Businesses should map AI strategies by looking at their current state and envisioning their future state, particularly in terms of what shareholders expect.
Data governance is crucial and should be considered alongside AI mapping to ensure competitiveness.

Training the Workforce:

The upcoming workforce lacks foundational knowledge in recognizing patterns in data, making it essential for companies to train their workforce.
Colin Zick, a partner at Foley Hoag LLP, stresses the importance of consistent training to recognize and address AI-related issues.

Adapting to Trends:

The industry must be agile enough to adapt to changes in the market, especially with AI evolving rapidly.
Astellas had to pivot due to the introduction of the IRA, highlighting the need for flexibility in AI strategies.