Andreas Mundt, the head of Germany’s antitrust regulator, has recently stated that artificial intelligence (AI) may give large companies an edge over their competitors. He warns that AI technology may enhance the market power of large tech brands. He calls on regulators to be wary of any attempt by any brand to abuse its market power. Mundt says that tech brands with a vast trove of user data could gain an edge in new techs. He mentions smart homes, web searches, online ads, cars and many other products and services.
Mundt told Reuters in an interview
“For us as a competition authority, it is crucial that this new technology does not further strengthen the dominance of the large corporations,”
“The danger is very great because you need two things above all for AI, powerful servers and vast amounts of data. Big internet corporations have both,” he adds.
The Advantages of AI Technology for Businesses
AI has the potential to revolutionize the way businesses operate. It could offer a range of benefits that can help them gain a competitive edge. Some of the key pros of AI for tech brands include:
- Automating Business Processes: AI can automate repetitive tasks, freeing up employees to focus on more complex and creative work. This can lead to increased efficiency and productivity, as well as cost savings.
- Gaining Insight Through Data Analysis: AI can analyze large amounts of data quickly and accurately. This will give tech brands valuable insights that can inform decision-making and improve performance.
- Engaging with Customers: AI-powered chatbots and virtual assistants can provide users with custom support and assistance. This can improve their experience and increase satisfaction.
- Optimizing Processes: AI can optimize processes across a range of industries.
Industries That Will Benefit from AI
AI has the potential to transform a wide range of industries, from manufacturing to marketing. According to Forbes Technology Council, some of the industries that will benefit the most from AI in 2022 and beyond include:
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- Manufacturing: AI can help reduce task time, increase accuracy, and handle administrative tasks, among other benefits.
- Autonomous Vehicle Navigation: AI can help predict supply chain behaviour and customer demand, as well as identify macro weather patterns that can impact harvests.
- Customer Service: AI-powered chatbots and virtual assistants can provide customers with personalized support and assistance, improving their experience and increasing satisfaction.
- Healthcare: AI can help improve patient outcomes by providing real-time data analysis and personalized treatment recommendations.
The Importance of Innovation
Innovative brands are more likely to succeed with AI than those that are less innovative. According to McKinsey, companies with innovative cultures are ahead on generative AI, which can provide a competitive advantage. These companies are more likely to have already put in place an AI-led operating model, allowing them to capture the value of their investments and drive growth.
Google and Microsoft are rivals in the field of AI and both brands are very innovative. The former has developed the Bard AI chat robot, etc., and the latter has invested heavily in OpenAI. So, both brands will be hoping to get a good part of the AI market in the future. However, there are other tech brands like Samsung and Apple that are also innovative.
AI has the potential to provide businesses with a range of benefits, from automating processes to gaining valuable insights through data analysis. Edge AI can provide additional benefits, such as reduced latency and improved security. Innovative companies are more likely to succeed with AI, as they are better equipped to put in place an AI-led operating model. As AI continues to advance, it will become increasingly important for businesses to embrace this technology in order to remain competitive.