Catching the AI Wave: Every Caribbean company needs an AI Strategy

The AI global market is projected to be over US$1 Trillion in value, in five to ten years. As the world accelerates towards an era dominated by artificial intelligence (AI), the Caribbean finds itself at a critical juncture. Caribbean businesses and governments have limited to no AI experience, the time is now to chart our course towards innovation, efficiency, and sustainable growth for all Caribbeans using AI. This article delves into the pressing need for Caribbean entities to embrace AI, the challenges they face, and the benefits they stand to gain by incorporating AI strategies into their operations. 

AI Strategy

Before we delve into the importance of AI for Caribbean companies and governments, let’s first clarify what an AI strategy is. An AI strategy is a comprehensive plan that outlines how a business or government will integrate AI technologies into their operations and strategy to improve efficiency, enhance decision-making, and drive innovation. The plan identifies the key areas where AI can provide the most value, sets short- and long-term goals, allocates resources, and establishes a framework for AI implementation, monitoring, and continuous improvement. The Big takeaways here are that the use of AI must create value and that value must generate a Return that is significant. According to the Organisation for Economic Co-operation and Development (OECD) over 69 countries have an AI Strategy, with 800 policy initiatives taking place, we are expecting this to increase exponentially in 2023 due to the public’s fascination and adoption of easily accessible Language Models like ChatGPT. 

Missing the Boat: The Risks of Ignoring AI

Caribbean businesses and governments that fail to adopt AI risk falling behind in the global race for innovation. As AI transforms industries worldwide, the Caribbean must adapt to avoid being left in the dust. Local companies may find themselves unable to compete with international players harnessing the power of AI, leading to reduced market share, revenue, and job opportunities. Governments that lag in AI implementation risk diminishing their countries’ global standing, as nations that adopt AI experience increased efficiency in public services, enhanced security, and improved decision-making. As an example, the BPO sector that traditionally relied on numbers and relatively inexpensive labour is expected to be completely disrupted by AI tools that can replace customer-facing workers. AI language models never get tired or frustrated, know all the policies and procedures by heart, and were designed specifically for customer delight, not to mention their ability to adapt to new languages, dialects and customer types automatically. The only mitigation against this disruption is a human-AI collaborative approach to ensure the Caribbean has the highest level of customer service quality.

Overcoming challenges: Access to resources and expertise

The Caribbean faces unique challenges in adopting AI, including limited access to resources and expertise. However, regional public sector and private entities companies can play a pivotal role in fostering collaboration, sharing knowledge, and providing support for AI initiatives. Educational institutions, too, must step up to the plate, developing programs that nurture AI talent and equip the workforce with relevant skills. One of my favourite quotes from Charlie Munger sums it up “Show me the incentive, I’ll show you the outcome”. You can’t expect people to change or dedicate themselves unless they know there will be a big benefit. The same goes for AI Strategies, it’s not just a piece of paper about a hyped-up technology, it is the roadmap for the next 5 or more generations of society and 5 or more decades of a business’ life.

The Double-Edged Sword: Job Loss and Economic Growth

At the turn of the century during the industrial revolution, agriculture was the primary industry of work for most people, and education played a major role in transitioning workers from agriculture to other industries that needed human capital. The 3Rs; Reading, Writing and Arithmetic were the medium of transition, with the recent explosion of popularity of AI tools we need to take it a step further. It is estimated that around 18% of the global workforce will be replaced by AI and automation (Goldman Sachs), the Caribbean will feel this either by directly automating local jobs or losing out to other regions that embrace AI for economic growth. Of real note here is that these jobs are not limited to unskilled labour, professionals will feel the AI crunch just as hard. AI may not be able to completely replace an expert in a trade yet, but it can make experts more efficient, leading to lower demand for experts across Industries. AI won’t take your job, a human using AI will. 

To ensure we are prepared for AI we need to focus on what I coin The 3Cs – Creativity, Collaboration, and Critical Thinking. We should not try to compete with AI but empower our population to utilize it to be better, focusing on the 3Cs:

Creativity

In a world where AI excels at routine tasks and data processing, creativity becomes a vital differentiating factor. By developing their creative abilities, individuals can come up with innovative solutions to complex problems, create new products and services, and explore unconventional approaches. Nurturing creativity involves fostering curiosity, embracing experimentation, and valuing diverse perspectives. 

Collaboration

As AI systems become more prevalent, the effective human-machine collaboration will be essential to maximizing productivity and achieving optimal outcomes. Individuals must develop their abilities to work alongside AI, harnessing the technology’s strengths while leveraging their unique human attributes. This collaboration extends to interpersonal relationships, as diverse teams combining AI and human expertise can generate greater insights and drive innovation

Critical Thinking

The ability to think critically and make sound decisions in complex situations is a skill that AI has yet to fully replicate. Developing strong critical thinking skills enables individuals to analyze information from multiple sources, evaluate the credibility of those sources, and make well-reasoned judgments. As the world becomes more connected and information-rich, these skills become increasingly valuable. 

AI for the people: Demystifying AI

To successfully integrate AI, the Caribbean must break down the barriers of jargon and technical complexity. By promoting AI literacy and creating a shared understanding of AI’s potential, stakeholders can make informed decisions and drive public support for AI initiatives. AI champions and influencers within the Caribbean can help bridge the gap by sharing relatable, real-world use cases that highlight the tangible benefits of AI adoption. AI is transformative because it is a general tool that empowers us to do what we do best; Solve problems and create solutions in the face of adversity.

Rising Tide: The transformative potential of AI in the Caribbean

Despite the challenges, the Caribbean stands to gain immensely by embracing AI. Here are a few key areas where AI can make a significant impact:

Economic diversification: AI can help identify new growth sectors, such as renewable energy, agri-tech, and digital services, enabling the Caribbean to diversify its economy and reduce reliance on traditional industries like tourism.

Disaster resilience: AI-powered tools can enhance disaster preparedness and response, predicting the impact of hurricanes and other natural disasters, and enabling governments to make data-driven decisions that save lives and resources.

Sustainable tourism: AI can optimize resource use, reduce waste, and promote eco-friendly practices, supporting the Caribbean’s efforts to become a global leader in sustainable tourism.

The time is ripe for Caribbean businesses and governments to catch the AI wave and embrace its transformative potential. By understanding the challenges and seizing the opportunities presented by AI, the Caribbean region can chart a course towards innovation, efficiency, and sustainable growth. Developing and implementing a comprehensive AI strategy is a crucial step in ensuring a brighter future for the Caribbean in an increasingly AI-driven world. With a proactive approach and collaborative mindset, Caribbean companies can go beyond riding the AI wave to making our own waves with new heights of prosperity and success.

Adrian Dunkley is a Forbes Council Member, an AI Entrepreneur who has launched multiple successful AI startups and an AI Engineer with over 15 years of experience. He is also the Founder of StarApple AI, Jamaica’s 1st AI company, whose goal is to make Jamaica the Global hub of Tech Innovation.