WHEN: Today, Tuesday, October 1
WHERE: CNBC Evolve: AI Opportunity
Following are excerpts from the unofficial transcripts of panels from CNBC Evolve: AI Opportunity which took place today, Tuesday, October 1 in New York.
Mandatory credit: CNBC Evolve: AI Opportunity.
Filling the Gaps: AI and Industry panel featuring Vimal Kapur, Honeywell Chairman & CEO
VIMAL KAPUR ON MANAGING UNCERTAINTIES
I see the situation between election uncertainty and war just being less exciting today versus if you had asked me the same question in January, but at the same time, there are a lot of exciting opportunities in pockets. So Aerospace is big segment for us. A lot of growth there. Everybody knows about AI, data center, utility story, energy transition. So, companies like us have to manage these uncertainties all the time. Things like weather issues, port strikes are kind of becoming, unfortunately, table stakes for us. It just happens so frequently that we have to manage our operating system to deal with it and also deal with geopolitical circumstances, but overall, I would say, I remain optimistic. You always have to find good and bad and continue to drive the business.
VIMAL KAPUR ON INDUSTRIAL IN THREE BUCKETS
Think of an industrial company into typically, it’s good to define industrial into three buckets. They all own an asset. They will have a physical asset, a warehouse or a plant or a building. So, there’s an asset related opportunities exist. Then they have a lot of processes to do their work, and then they have people. And AI will have opportunities across each one of them.
VIMAL KAPUR ON REVENUE GENERATING OPPORTUNITY
I look at AI as a revenue generating opportunity in context of industrials, because the shortage of skill is the heart of the issue for us, for the most part. And think about it, if I take the example of our aerospace business, we are having labor shortages for three years, and that’s a constraint to grow revenue. So it’s, for us the biggest revenue constraint is lack of skilled labor. So if I can solve that issue, it’s a growth enabler and not productivity enabler. So I see fundamentally, for industrials, for the most part, AI is going to be an enabler for driving growth versus being an enabler for productivity.
Building Better: AI and Infrastructure panel featuring Jake Loosararian, Gecko Robotics Co-Founder & CEO
JAKE LOOSARARIAN ON HIGHEST FIDELITY DATA
It’s important to remember that artificial intelligence is fed by highest fidelity data. If you want AI to work and deliver results that you can rely on, you have to ensure that the data it’s being trained on is believable, and that is simply not the case for the most part in the built world. And so, we have to go into the environments, and we forward deploy our engineers, both robotic and software, to go out and capture as much information about physical structures as we can both the health of it, which that data doesn’t exist, as well as the process data to help create optimizations about how to make this infrastructure work longer and last way longer.
JAKE LOOSARARIAN ON LEVERAGING INFORMATION
With artificial intelligence being this incredible technology that’s taking over, software development is beginning to become commoditized, and so the future belongs to the companies that have first order data sets that no one else has access to, or an ability to leverage and utilize information that no one else has.
Uncorking the Bottleneck in the Hunt for Talent panel featuring Nancy Xu, Moonhub Founder & CEO
NANCY XU ON AI RECRUITERS
Let’s say you’re looking for a software engineer today, AI can actually help you go and traditionally, a recruiter might take, let’s say, 10 hours to look through 1,000 resumes for you. We can actually look over a billion people across the public web in less than 10 minutes, help you figure out exactly who you’re looking for. That’s the faster, cheaper part. But one level further, I think AI agents also have the potential to build better experiences for companies. So your candidates now, when they’re interested, the AI is replying back to them the same day that they’re actually emailing you so you’re not ghosting candidates, leaving them in the pipeline. And you know, I think a lot of people right now think about AI agents as how do we automate workflows that exist today? But I think the next stage will be, how do we actually make those workflows even better, and how do we actually add the scaling factor to companies so that they can grow faster by turning on and off AI agents as they grow.
NANCY XU ON COMBATING AI BIAS
Right now, if you work with a human recruiter, you probably are only meeting 10% of the qualified candidates. And what my hope for AI, and what we’ve seen, is that you can actually take that 10% and now engage maybe 50 to 60 to 70% and over time, engage more and more of the right candidates that are fit. And traditionally, the 50 to 60% that you’re leaving out are folks who don’t have that traditional background, and these tend to be more underrepresented individuals. So folks who maybe are in the Midwest and like they’re, they have an amazing GitHub repository with projects, but you’re not finding them because their keyword doesn’t show software engineer today.
The Pulse of AI in Health Care panel featuring Anaeze Offodile II, MD, MPH, Memorial Sloan Kettering Cancer Center Chief Strategy Officer
ANAEZE OFFODILE ON KEEPING A HUMAN IN THE LOOP
Regardless of how AI is deployed, it’s very important to have a human doctor in the loop, right? So decision making is assisted by AI, not directed by AI. So if you have this framework, then it does mitigate or dampen the impact, negative impact of the false positive, or even of a false negative. So I think human loop idea is something that we at Sloan Kettering certainly, double down on as we deploy these algorithms across our entire universe.
ANAEZE OFFODILE ON CAPITAL INTENSIVE GAME
This is a capital intensive game, yes. It does involve partnerships with strategic entities like the companies you would expect in the space. And not every health system has access to that kind of relationship. So I think it’s incumbent on all of us that sort of occupy this earned but elite status to really democratize the availability and benefit to all patients, our cancer patients, the insights we generate.
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