My View: How public-private partnerships can play a key role in AI integration
Three tech-focused Valley executives examine the positive impact that private-public partnerships can have on the rollout and adoption of artificial intelligence. Artificial Intelligence (AI) is poised to revolutionize the business landscape as a key to unlocking the potential of AI's potential in businesses of all sizes. The key to this success lies in the strategic embrace of public-private partnerships, such as The Connective, Greater Phoenix’s regional smart city consortium, hosting an AI Workshop in December 2023. The workshop was attended by local business, technology, and government leaders to discuss the benefits of AI in business. Chris Lucero, engineering director at Intel Corporation, shared Intel's success story in optimizing logistics and supply chain management through the use of AI, as well as the integration of digital and physical systems. The conference also highlighted the transformative power of AI for large corporations like Intel and TecnoKal. Dean Duncan, managing director at The Connectic, encourages business leaders to be ‘fast followers’ in adopting AI and encourage collaboration between government and businesses.
Published : 4 weeks ago by Chris Lucero, Hermann Plank, Dean Duncan in Business Tech
As we enter 2024, the transformational force of artificial intelligence (AI) is poised to redefine the contemporary business landscape. In a world increasingly defined by efficiency, innovation, and competitiveness, AI emerges as the key for businesses of all sizes. The key to unlocking AI’s potential lies in the strategic embrace of public-private partnerships.
Public-private partnerships can be used as a guide for business owners and government leaders to leverage the full potential of AI. In December 2023, The Connective, Greater Phoenix’s regional smart city consortium, took a collaborative approach by hosting an AI Workshop. This forum brought local business, technology, and government leaders together to engage in guided discussions, witness live AI demonstrations, and learn from industry experts.
Chris Lucero, engineering director at Intel Corporation and keynote speaker at the recent workshop, shared Intel’s success story in optimizing logistics and revolutionizing supply chain management through the utilization of AI. He presented the concept of smart factories, which include IT sensor data, simulations, enhanced worker safety, and collaboration between robots and humans.
For large corporations like Intel, AI drives substantial efficiency and unlocks new levels of productivity. Lucero discussed the age of cyber-physical systems as part of the fourth industrial revolution, highlighting the transition from steam, electricity, and machinery to the integration of digital and physical systems. AI is significantly transforming manufacturing, leading to smarter, more efficient processes.
“We’re in the age of cyber-physical systems, which is a blend of technology and manufacturing,” Lucero shared. The marriage of cutting-edge technology and corporate agility underscores the transformative power of AI on a grand scale.
Hermann Plank, co-founder and chief innovation officer at TecnoKal, shed light on how AI is a catalyst for fostering innovation, scalability and cost-effectiveness. While AI has been around for over 50 years, the advancements in cloud computing, processing speed and workflow software now also allow small and medium-sized businesses to embrace and incorporate it in all aspects of their business, products, processes, and services. One of the leading trends is digitization.
Technologies such as cloud computing and digital twins properly applied help scale up the business and increase cost-effectiveness and competitiveness. Step one is creating a digital twin of their products and using the virtual world as the first test market. This eliminates building expensive prototypes and, in some industries, reduces upfront inventory and contributes to a more sustainable ecosystem.
The next steps involve the creation of digital twins of processes and services. It would be a replica that allows the builder to simulate, test, and [examine] various scenarios in a virtual, zero-risk environment. Time to market or time to completion can be reduced by up to 80%, with significant cost savings along the way. As a warning, if you are not organized and well-trained in real life, AI won’t help, and you also will fail in the virtual world.
At the crossroads of enterprise and small business success stories and city government challenges lies the true potential of AI integration. Public-private partnerships should bridge the two, facilitating collaboration between government and businesses. Dean Duncan, managing director at The Connective, understands the significance of shared knowledge, resources, and expertise in these partnerships.
Revolutionary AI solutions are born out of collaborative development initiatives, fostering an environment where businesses and city government can collectively succeed.
“I encourage government and business leaders to be ‘fast followers’ in adopting AI, leveraging business success. Understand the technology, its applications, and how it can solve current problems,” said Duncan.
By learning from early adopters, consider the unique problems and regulatory aspects that AI brings. Businesses that are on the vanguard of incorporating AI into their operations can also be strategic advisors when governments introduce safeguarding regulations like public-private partnerships.
Public-private partnerships can lead to partnerships among public institutions. As lessons are learned from the adoption of AI by businesses, city leaders can partner in developing and adopting city-centric AI projects. The Connective brings city members together to adopt smart city technologies.
Regardless of the size of a business or city, the potential for transformative change through AI is immense. Business and government leaders should initiate and actively engage in public-private partnerships to foster an environment where shared knowledge and resources propel businesses toward an AI-integrated future. The time to invest in collaborative AI initiatives is now, as we collectively pave the way toward a future where businesses flourish through the power of collaboration and innovation.
Dean Duncan is managing director at The Connective; Chris Lucero, is engineering director at Intel Corp., and Hermann Plank is co-founder and chief innovation officer at TecnoKal.
Topics: AI