The 2024 Future of Catawba County Summit brought together leaders and innovators to discuss the path forward for economic success in the region. A clear theme emerged throughout the summit: talent. From workforce development initiatives to discussions on economic conditions, it’s evident that attracting and retaining skilled individuals is paramount.
The Looming Impact of AI
The summit highlighted the importance of traditional approaches to talent development and offered a look into the collaborations happening between business, education and government entities to work together to address the talent needs for the future.
An essential component to inject into the conversation is the transformative potential of the third wave of artificial intelligence (AI). This technological advancement presents both immense opportunities and significant threats for the business landscape. AI has the potential to alleviate labor shortages and streamline operations, but it also carries the risk of widespread economic disruption. Businesses that fail to adapt could face a challenging future.
Navigating the AI Landscape
To help businesses navigate this complex landscape, Liberated Leaders, in collaboration with key organizations in the region, is conducting a groundbreaking study: “Promises and Risks: A Study of the Adoption of AI in North Carolina Businesses at the Dawn of the Third Wave.”
This SWOT analysis will cut through the AI hype and provide valuable insights into:
- The current state of AI adoption in the region
- Opportunities for leveraging AI to address talent challenges
- Potential threats and risks associated with AI implementation
- Gaps in support and resources for businesses
The Specter of Economic Winters
The historical context of job losses due to globalization serves as a sobering reminder of the potential social and economic consequences of technological shifts. Over 20 years ago, the region experienced significant job losses, with approximately 45,000 jobs lost in a population of 340,000, resulting in an unemployment rate of roughly 10%. This stark example illustrates the potential impact of technological disruptions on employment and livelihoods.
Artificial Intelligence (AI) offers the promise of increased productivity and efficiency, but it also poses the risk of job displacement and industry disruption. If left unchecked, this disruption could lead to an “economic winter” characterized by prolonged economic stagnation and hardship. Businesses and individuals unprepared for the AI revolution may find themselves struggling to adapt to a rapidly changing landscape, potentially exacerbating social and economic inequalities.
Beyond the Hype: A Practical Look at AI Adoption in the Real World
In my blog post, “Beyond the Hype: A Practical Look at AI Adoption in the Real World,” I delve into the evolution of AI and its implications for businesses. I define AI, explore the technology adoption curve, and discuss the generational factors influencing its adoption. Here is an excerpt most relevant to this topic.
Defining AI and the Technology Adoption Curve
Before delving into the specifics, let’s establish a clear understanding of the key terms:
- AI: As defined by John McCarthy, AI encompasses “the science and engineering of making intelligent machines, especially intelligent computer programs.” It’s about creating systems that can perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and language translation.
- R&D-to-Commercialization-to-Adoption: The journey from research and development (R&D) to commercialization to adoption represents the critical pathway by which technological innovations transition from theoretical concepts to real-world applications that create value for individuals, businesses, and society as a whole.
- Technology Adoption Curve: This bell-shaped curve illustrates the process by which individuals and organizations adopt new technologies. It typically progresses through five distinct phases: innovators, early adopters, early majority, late majority, and laggards. Each phase represents a different segment of the population, with varying levels of risk tolerance, technological enthusiasm, and adoption motivations.
The Generational Factor in AI Adoption
A key driver of the accelerated AI adoption curve is the generational shift. Digital natives, comprising late Millennials and Gen Z, have grown up immersed in technology. They are not only comfortable with AI but also view it as an integral part of their lives. This generational fluency with technology translates into a faster and more widespread adoption of AI-powered tools and solutions.
In this diagram from Renato Beninatto, combines the Gartner Hype Cycle with the Technology Adoption Lifecycle from Geoffrey’s Moore Crossing the Chasm and the Strauss-Howe generational theory. It offers an interesting perspective on exponential growth that the human brain has a hard time grasping.
The Imperative for AI Integration
This is precisely why local business leaders need to be factoring AI into the talent conversation. Without considering AI’s transformative potential, strategies for attracting, developing, and retaining talent will quickly become obsolete. Today’s talent is savvy about their long-term marketability and actively seeks AI-augmented roles. They require training to harness the tools that can transform your business and keep it competitive. Failing to recognize and adapt to these evolving expectations could lead to talent attrition, with skilled individuals opting for more tech-driven jobs or relocating to counties that offer better opportunities.
Call to Action
We invite business leaders and key decision-makers to participate in our crucial study “Promises and Risks: A Study of the Adoption of AI in North Carolina Businesses at the Dawn of the Third Wave.” Your insights will help shape the future of our region and ensure that we harness the power of AI while mitigating its risks.
Enrollment Details
- Participants: Founders, owners, CEOs, C-Suite members of for-profit businesses with 5 to 5,000 employees
- Time Commitment: 2 hours between November 11th and 22nd
- Enrollment Fee: $250 (proceeds donated to a local charity)
Together, let’s explore the promises and risks of AI and chart a course toward a prosperous future for Catawba County.
Conclusion
The 2024 Future of Catawba County Summit served as a reminder that talent remains a key driver of economic success. The rise of AI presents both challenges and opportunities. By participating in the “Promises and Risks” study, businesses can gain the insights needed to thrive in the AI era.
Let’s work together to build a resilient and innovative future for our region.
Tina Dao
Study Collaborators: The Chamber of Catawba County, The Economic Development Corporation of Catawba County, Lenoir-Rhyne College of Business and Economics, Small Business Center, and Manufacturing Solution Center.
Note: This blog was 90% human generated and 10% machine (AI) generated.
Citations: Renato Beninatto The Complex Journey of Technology Adoption
Federal Reserve Bank: https://fred.stlouisfed.org/series/NCCATA5URN#
