According to Nigel Vaz, CEO of digital consultancy firm Publicis Sapient, artificial intelligence has transitioned from being a mere option to a fundamental necessity that is set to revolutionize every facet of business globally. In an interview with PTI during the recent World Economic Forum Annual Meeting, Vaz stated that he does not foresee significant advancements in global AI regulation. He anticipates that standards will emerge from specific nations, which will then likely be adopted by others, albeit in varied forms.
Publicis Sapient, initially founded in 1990 as Sapient in Cambridge, Massachusetts, has since become part of France’s Publicis Groupe.
“The discourse at this year’s Davos is particularly timely, as nearly every organization and nation is keenly exploring strategies to utilize data for fostering an intelligent ecosystem that empowers both citizens and enterprises,” he remarked.
“Virtually every CEO present is focused on leveraging AI to enhance their products in targeted markets, ensuring the right messaging reaches the appropriate audience, and advancing initiatives such as personalized retail offers,” he elaborated.
When queried about the necessity of AI regulation, he expressed, “There hasn’t been much progress in developing any global AI regulations. What we are likely to witness soon is the emergence of standards in particular countries, which will be informally embraced by others.”
“For instance, when the European Union introduced GDPR standards regarding data, we observed many companies across different regions voluntarily adopting similar measures, recognizing their reasonableness. However, our concern lies in that certain regulations in some nations might be overly restrictive, potentially hindering innovation,” he added.
On the subject of AI-related risks, he stated, “AI has escalated to an essential tool, and it will fundamentally reshape all dimensions of every business.”
He noted that it will be crucial to monitor how governmental regulations influence the environment. “Concerns surrounding governance, ethics, privacy, and personal data protection are paramount in relation to AI. Establishing comprehensive rules and frameworks is critical for the growth of multinationals,” he asserted.
He concluded by stating, “Every sector within organizations can be reimagined in the context of this new era, making this discussion exceptionally timely.”
