Join Mike as he discusses the business implications of AI and data with Steven Harrison, co-founder of Infratech Digital. Steven Harrison shares his visionary insights on the future of AI, the value of data, and how businesses can stay ahead in the rapidly evolving tech landscape. From comparing data to oil fields to predicting the rise of company-specific AIs, this episode will reshape your understanding of technology's role in business growth.

KEY TAKEAWAYS

• Data is becoming a new pillar of economic value, alongside labour, resources, and capital, with unique properties that make it infinitely replicable and potentially more valuable over time.
• AI is evolving from understanding and learning to creating, which opens up new possibilities for problem-solving and innovation beyond just automation.
• Companies that develop their own specialised AIs may gain a significant competitive advantage, potentially outperforming those with only top human talent.
• The adoption curve for AI technology is likely to be nearly vertical, with widespread integration expected within five years across various industries.
• Security is crucial for protecting valuable data and AI assets, and businesses should consider partnering with specialised security providers rather than relying solely on in-house expertise.
• The value created by IT investments needs to be carefully measured and justified, as many companies have shifted expenses to technology without necessarily increasing profitability.
• Businesses should use AI to eliminate waste and free up employee time for strategic thinking about transforming their operations and services.
• Education in digital infrastructure and data management is becoming as essential as basic literacy for navigating the modern world and avoiding exploitation

BEST MOMENTS

"We don't teach how to build the things that make digital possible. We teach how to consume digital when it's already been built. So it begs the question of, well, who's going to build the next generation?" 02:19 (Harrison discussing the lack of education in digital infrastructure)

"The organisations that do that work best today, I think they're going to be positioned for an incredibly lucrative hundred years because as data becomes more controlled, more constrained, the value of the people that do have the data is just going to go up exponentially." 31:29 (Explaining the long-term value of data ownership)

"Once you realise that sort of step one, step two, step three process that have created an AI with the ability to think, I've now given it the ability to learn and have now given it the ability to create. If we look at that AI as we would a little human. It's kind of how we raise children, isn't it?"  36:33 (Harrison comparing AI development to raising children)

"We're going to see countries and organisations that previously would have struggled to compete, suddenly be extremely competitive. Because they've invested wisely in AI technology." 45:29 (Discussing how AI could level the playing field in global competition)

"If you wait until the wave is crashing down on top of you, there's going to be so much competitive pressure. There's going to be so much more pressure for the talent that you can now hire and train and develop today." 1:05:54 (Advising businesses to start AI transformation early)

ABOUT THE HOST

Meet Mike, a seasoned tech entrepreneur and visionary with over two and a half decades of invaluable experience in founding and scaling successful tech start-ups. Mike brings a wealth of firsthand knowledge and a deep understanding of the challenges faced by entrepreneurs and tech professionals.

As a host, Mike is dedicated to sharing actionable insights, strategies, and stories gathered from conversations with industry leaders, innovators, and experts. With a remarkable ability to distil practical wisdom from guests, Mike curates engaging discussions that resonate with both aspiring entrepreneurs and seasoned professionals.