Economics of AI
Those of the economic research institute EcoAustria and the Think Tank AI Austria Organized Economics of AI Conference brought together leading experts from business and research last Friday to discuss the economic effects of artificial intelligence. For the approximately 150 participants on site in the SO/Vienna and for numerous viewers via live stream, the event offered scientific keynotes and top-class panel discussions that helped the transformative potential of artificial intelligence illuminated.
United Europe crucial for AI innovation
According to the introductory words of the two initiators of the event, Monika Köppl-Turyna (EcoAustria) and Clemens Wasner (AI Austria), Pierre-Alexandre Balland (University of Utrecht) emphasized in his Keynote The need for a united Europe when it comes to strengthening competitiveness in the field of artificial intelligence: In Europe, we have an impressive pool of talents, especially in terms of AI research. This creates promising opportunities to use to keep up with the leading players in the US and Asia. The coordinated use of resources, research facilities and the exchange Entrepreneurial know-how is essential for Europe in this context.’
labor market in transition
Fabian Stephany (University of Oxford) then provided insights into his research on the relevance of AI skills in the labor market. He emphatically emphasized that AI knowledge is key success factors for workers in all sectors and explained: ‘To stay AI competent, the recognition of informal learning is essential. Learning should be an integral part of the work, and we should start thinking like data scientists. This approach not only allows you to constantly refresh your skills, but also promotes a Proactive adaptation to the rapid development in the field of artificial intelligence.’
Europe’s position in the global AI landscape
Under the moderation of Madlen Stottmeyer (Die Presse), the experts then discussed the necessary framework conditions to strengthen Europe’s position in the area of AI developments. In this context, Clemens Wasner (AI Austria) emphasized that too few flexible regulations can impair innovation: ‘Europe should not aim to prevent innovation through inflexible regulations, but rather play a leading role in consumer protection in the field of artificial intelligence.’ Monika Köppl-Turyna (EcoAustria) added: “The transformation, triggered by artificial intelligence, not only influences operational processes, but also opens up the opportunity for new business models and innovations. In this context, the provision of venture capital is a key factor in particular to offer innovative AI developments the necessary financial support and thus Strengthening Europe’s position on the global AI stage.’
Company view of AI top managers in dialogue
In a final panel discussion, Hermann Erlach (Microsoft Austria), Thomas Arnoldner (A1 Telekom Austria), Michael Zettel (Accenture Austria) and Karin Mair (Deloitte) illuminated the company’s view of artificial intelligence. ‘At Microsoft, we attach great importance to creating an environment that promotes the development and application of AI technologies. We are already seeing a very positive mood among our employees in terms of using AI, combined with noticeable increases in productivity.’ so Erlach. Michael Zettel emphasized that the insufficient use of artificial intelligence is a missed opportunity for businesses. “AI is probably the biggest source of growth, especially in the consulting industry”, like that slip of paper. Karin Mair, Managing Partner at Deloitte, eventually encouraged a childish openness to learning new things and advocated open ecosystems and increased cooperation within Europe in connection with artificial intelligence.
The recording of the Economics of AI Conference can here be looked up.
