Canada's AI Adoption Lag: The Key to Economic Growth?
In a rapidly changing world, adopting artificial intelligence might be the lifeline Canada needs to navigate the turbulent seas of economic and geopolitical shifts. Business leaders and policymakers gathered to discuss this pressing issue at Western University’s Lawrence National Centre for Policy and Management event in Toronto.
Understanding the Need for Motivation
Michael Pelosi, Canada country manager of Cohere, explained the existing misconceptions surrounding AI. “There’s this idea that ‘Once I have AI, it will work,’” he remarked, highlighting the need for motivation and understanding to effectively harness AI’s potential. He emphasized the critical issues of legal and compliance risks that deter firms from widespread AI utilization, often limiting trials to smaller departments while keeping sophisticated AI features at bay.
Bridging the Trust Gap
According to The Logic, studies show Canadians often harbor skepticism towards AI. Public education on AI’s capabilities and intricacies could assuage these fears, leading to an eventual acceptance that trickles down to the corporate sector. As trust builds, businesses are more likely to embrace AI, capitalizing on its numerous benefits.
Measuring the Impact
Executives dismissed a recent MIT study claiming limited returns from AI initiatives. Kristin Milchanowski, the chief AI and data officer at the Bank of Montreal, shared optimistic insights, noting that their AI applications have successfully enhanced their financial performance, setting a precedent for what AI can achieve when strategically implemented.
Government’s Role in Catalyzing Innovation
Former Bank of Canada governor Stephen Poloz painted a picture of a technologically driven future that AI will spearhead. With AI as the cornerstone of the fourth industrial revolution, he urged government action to incentivize AI adoption, starting internally within its operations. Public sector engagement with AI could serve as a catalyst for broader acceptance and success in the private sector.
The Road Ahead: Business Leaders’ Vision
Bell Business Markets president John Watson expressed a vision where the government could act as an “anchor tenant” for Canadian AI innovations. This strategic partnership would not only boost local technology development but also fortify Canada’s digital infrastructure against global competitors.
Overcoming Hurdles and Crafting a Collaborative Future
David Ossip, CEO of Dayforce, warned startups against over-relying on government contracts in their nascent stages. Instead, he advocated for tax incentives that encourage companies to invest in Canadian technology, fostering a cooperative environment where businesses support and propel each other towards a technologically robust future.
As Canadian firms and policymakers contemplate this technological shift, their collective efforts will determine whether AI becomes a cornerstone of national growth or a missed opportunity in a rapidly evolving global landscape.