“Artificial Intelligence (AI) is not the malevolent force portrayed in movies like The Terminator, The Matrix, or 2001: A Space Odyssey,” was Troy Raemond’s outlook presented at the Noosa Chamber of Commerce and Industry’s August Business Breakfast.
Treat it as an opportunity, not a threat, he said.
“Recent research by McKinsey & Co. projected that “it could add a staggering $4 trillion to the global economy” and “that AI has the potential to free up around 70 per cent of employees’ time through automation, leading to increased productivity and efficiency.”
Troy, of MiQ Private Wealth, who is an experienced financial adviser, gave a fascinating presentation about two high impact megatrends – the burgeoning growth and use of AI and the ageing global population – and how businesses can foresee and adapt to changes that are on the way.
“Far from being a threat, AI holds the potential to provide small businesses with ‘superpowers’. It can act as an additional pair of hands, automating tasks, enhancing decision-making processes, personalizing client experiences, fostering innovation, and driving competitive disruption,” he said.
“The global megatrend of AI is reshaping the investment landscape and opening up unprecedented opportunities for growth and innovation for small business and investors. AI’s transformative power is set to revolutionize industries, empowering businesses of all sizes to thrive in a rapidly evolving world. As we embark on this transformative journey, it’s crucial to keep an eye on emerging AI developments and seize the potential.“
Regarding the aging trend, Troy said: “The ageing population is a global phenomenon that has far-reaching consequences for economies, societies, and supply chains worldwide. Countries like China and Europe face significant workforce decline, while others, like Australia and the United States, adapt through immigration and demographic transformations.”
“As the global workforce landscape evolves, it will undoubtedly impact how goods are produced and transported, potentially changing traditional supply chain dynamics. The future holds exciting possibilities and challenges, and countries must navigate this demographic shift with strategic foresight and innovation,“ he said.
Noosa Chamber’s education convenor Andrew Davidson thanked Troy and MiQ Private Wealth for their sponsorship of the chamber.
“Noosa Chamber’s goals are to advocate, drive and ignite sustainable business excellence in Noosa through evidence and actions. Our strategic priorities are our members, strategic engagement with Noosa Council with evidence-based research, and education and learning seminars and workshops,” Andrew said.
To become a member, visit noosachamberofcommerce.au/
