World Economic Forum: ‘Europe must up its game’

Von der Leyen commented that the most significant threat to the global business community over the next two years will be disinformation and misinformation and said that while she is a ‘tech optimist’ who believed that technology presented a ‘very significant opportunity’ it must be developed and utilised responsibly.

Von der Leyen urged Europe to elevate its AI game commenting “Our future competitiveness depends on AI adoption in our daily business and Europe must up its game and show the way to responsible use of AI”.

Chinese Premier LI Qiang spoke directly before Von der Leyen similarly commenting: “People love generative AI such as ChatGPT – but there is also a surprise and fear in some quarters about what it can do.”

Qiang warned that AI must be controlled to avoid machines controlling us, which can only be guaranteed by effective policy and appropriate regulation.

Sridhar Iyengar, MD for Zoho Europe, said: “It is good to see AI as a central discussion point at the World Economic Forum annual meeting. We firmly agree with EU Chief von der Leyen’s point that AI is ‘a very significant opportunity if used in a responsible way,’ with its projected ability to boost productivity and economic growth.

“Points raised surrounding prioritising Europe’s competitiveness in this area are important for businesses to consider in terms of their AI adoption in business operations. AI can assist businesses in crucial areas such as customer experience through chatbots and forecasting through pattern and data analysis, as well as aid efficiency. It can also help increase the speed of data-informed strategic decision making, enabling agility, and increasing business resilience in a turbulent economy and potentially providing businesses with a crucial competitive edge in the market.

“It is also no surprise to see safety as a top concern, following the AI Safety Summit held in the UK in November. Zoho has been a longstanding advocate of safe and trustworthy AI given the risks it poses. The WEF annual meeting represents an excellent opportunity to continue to debate potential policies and guidance to support businesses with AI. The safety concerns have been echoed in the UK especially, with 46% of UK business respondents to Zoho’s Digital Health study calling for increased regulation to protect businesses from the threat of AI.”

“The WEF annual meeting is a great time to bring governments, industry, and education together to better understand both the risks and benefits that AI brings. AI innovation and adoption must be done safely, but we must also understand the role it can play in giving businesses a competitive edge and work towards a balance that ultimately enables businesses to thrive.”

The current AI breakthroughs are being led currently by the US, home to ChatGPT and Open AI, with China close behind. The European Union is actively developing a draft AI Act, which they intend to use as a possible template for regulating the fast-moving technology in other parts of the world.

Sheila Flavell CBE, Chief Operating Officer for FDM Group, said: “AI is continuing to dominate the agenda at the World Economic Forum and is showing no signs of slowing down. Given the speed of AI developments, many businesses are faced with the challenge of implementing AI into their operations or risk being left behind by their competitors. However, many businesses are often without the necessary skills to do so safely and effectively.

“In order to maximise the benefits of AI, organisations must prioritise upskilling and reskilling for staff to create a tech-proficient workforce. Providing training and access to the necessary resources to level up their AI skills can empower staff to lead AI development and implementation for businesses, boosting efficiency and supporting overall business growth.”