Professor of Management Accounting
Today, more and more tasks can be and are handled by robots or artificial intelligence. And the speed of AI's presence in different aspects of our life is mind-blowing. The advantages of AI are undisputable. However, there’s also scepticism and fear. In this interview, Professor Hod Lipson, a renowned expert in Robotics and AI from Columbia University (US), shares his perspectives on the rapid advancements in AI, its potential impact on various industries, and the critical role of leadership in guiding its ethical and beneficial development.
The discussion, led by Aleksandra Klein, Professor of Management Accounting at Vlerick Business School, highlights both the transformative potential and the challenges posed by AI, providing valuable insights for C-level executives navigating this evolving landscape. Hod joined us as the keynote speaker at our 2024 Digital Finance Conference. An award-winning researcher and teacher, Hod specialises in robotics, AI, digital design and manufacturing – and he directs Columbia University’s Creative Machines Lab.
In this Vlerick Insight Talk, Professor Aleksandra Klein interviews Hod Lipson, a renowned expert in Robotics and AI from Columbia University (US). They talk about the rapid advancements in AI, its potential impact on various industries, and the critical role of leadership in guiding its ethical and beneficial development.
Hod Lipson acknowledges the rapid pace of AI development, which has even surprised experts in the field. This accelerated progress has fuelled both excitement and anxiety. He emphasises that while the fear surrounding AI is real and well-founded, stemming from concerns about job displacement and socio-economic disruptions, it is crucial to understand that AI's advancement is unstoppable. The key lies in harnessing this powerful technology for positive outcomes rather than resisting its progress.
AI holds immense potential to revolutionise various sectors, including healthcare, agriculture, and climate science. According to Hod, AI can have the ability to democratise healthcare access globally, offering high-quality medical care to currently underserved populations. Similarly, AI-driven innovations in agriculture can lead to more efficient and sustainable practices. Furthermore, AI is already passing humans in its ability to generate new materials. This will allow us to develop more advanced batteries for energy storage, which can significantly impact global challenges like climate change.
A critical message from Hod Lipson is the necessity to steer AI development ethically and responsibly. He compares AI to a powerful engine lacking a steering wheel, emphasising the need for guidance to ensure its benefits are maximised while mitigating potential risks. This responsibility falls on leaders across industries to shape the trajectory of AI, ensuring it is used for good rather than allowing it to be misused.
Professor Lipson highlights the misconception of AI as one single entity, explaining that it is an ecosystem of various specialised AIs that interact and learn from each other. This interconnected nature of AI means that its development should be approached organically, akin to nurturing a child rather than imposing rigid guardrails. This approach involves shaping AI's experiences through interactions and learning, fostering ethical and beneficial behaviours.
Hod notes the enduring value of human skills in the physical domain. While AI excels in cognitive or creative tasks, physical AI remains a significant challenge. Tasks requiring physical manipulation, such as fixing machinery, or professions that involve hands-on tasks, such as plumbing or nursing, are still beyond AI's capabilities. Professor Lipson predicts that it might take another decade or two for AI to achieve human-like physical adeptness. For businesses, this underscores the continued importance of human skills in physically demanding roles, which are difficult to automate.
For C-level executives, also in finance, the implications of AI are profound. AI's ability to process and analyse vast amounts of data can revolutionise financial management and decision-making. However, it also raises the bar for financial professionals, who must now leverage AI tools to derive deeper insights and drive innovation. The expectation is not to replace human expertise but to augment it, enabling more sophisticated and informed financial strategies.
The conversation between Professors Hod Lipson and Aleksandra Klein underscores the transformative power of AI and robotics while highlighting the importance of ethical guidance and leadership. Businesses can unlock unprecedented opportunities by steering AI development responsibly and leveraging its capabilities while addressing the associated challenges. The future of AI is both promising and complex, demanding a proactive and thoughtful approach from today's leaders.
Assistant Professor of Management Accounting