As more businesses adopt AI, innovation will herald in ‘new values’ – Eunoia CEO

Eunoia CEO Stefan Farrugia on Monday highlighted that artificial intelligence (AI) will bring about innovation that will result in new opportunities and values to businesses.

AI and other emerging technologies are now becoming increasingly prominent in the business space, with more companies choosing to adopt them in order to facilitate processes and operate as effectively as possible.

Mr Farrugia remarked that in the “ever-evolving world of innovation”, organisations are now embarking on the AI journey, choosing to merge “the old and new ways”.

He stated that this may be a struggle, yet it is a “necessary one” in order for such organisations to remain relevant and transform into the “next evolution of businesses who deliver faster and more value to their customers”.

He proceeded to categorise businesses into three groups, according to their progress in the AI journey, with these being the “visionaries”, the “closed chapter”, and the “cautious”.

To Mr Farrugia, the visionaries are those businesses which are “early adopters of AI and are now actively engaged in using the new innovations such as Large Language Models (LLMs), which are similar to ChatGPT, to identify and play with new ideas”.

On the other end of the spectrum, there is the closed chapter group, comprising of businesses which believe that AI “is not for them” and that it “will not last or are too afraid of the effects and steer as far away as possible”.

The rest of the businesses, the cautious group, are “waiting”, seeing how tech can help them and what they need to become in order to make use of it, or they are “watching closely the vertical they represent to see what can be done”.

“To be completely honest, the biggest chunk of organisations are cautious, and there are many reasons why. Everyone would like to do fun stuff, but priorities and a deep understanding of your standpoint are essential to be able to transform sustainably. It requires a strong strategy to make sure the transformation happens at all levels, creating a new culture, retaining people and changing mindsets,” Mr Farrugia explained.

He emphasised that as technology continues to evolve, and the more such cautious businesses start adopting AI and other technologies, innovation “will not just accelerate, as we are seeing presently, but will eventually spiral into new values”. Mr Farrugia said that this “might be the biggest win for humanity, allowing humans more time to acquire new knowledge and appreciate the world we live in”.

“My hope is that through this evolution, it will give humans a better and more sustainable way of living, in peace,” he added, before concluding with: “No to war, yes to technology.”

Mr Farrugia has been at the helm of business intelligence solutions provider Eunoia as CEO for over four years. He describes himself as an “innovator with a deep tech industry knowledge”, with more than 20 years of experience across a range of organisations.