Businesses that adopt artificial intelligence quickly will see the benefits: Stanford AI expert

Business owners and managers should gear up quickly to adopt artificial intelligence, as the early users will get the lion’s share of benefits, according to an expert who studies the impact of technology on business productivity and strategy.

Erik Brynjolfsson, director of the Stanford Digital Economy Lab and a senior fellow at the Stanford Institute for Human-Centered AI, is one of the main speakers at this year’s Super Session, an annual conference hosted by the University of Toronto’s Creative Destruction Lab.

“This revolution is going to happen very quickly. This is much bigger than the technologies of the past decade. I think it’s ultimately going to be seen as a bigger effect on work and employment than the pandemic, which had a huge effect, but this is going to be much more lasting,” Brynjolfsson told BNN Bloomberg.

Brynjolfsson noted that the diffusion of AI technology can happen quickly as it can leverage existing platforms like the internet or office suites. Earlier this year, a UBS study estimated that the ChatGPT chatbot reached 100 million monthly active users just two months after its launch, making it the fastest growing consumer application in history.