The dramatic rise in the adoption of AI is staggering. According to PwC, AI's contribution to the global economy by 2030 is pegged at $15.7 trillion. Just within the next year, the market is expected to surpass $500 billion.
"Not only is this a very real sea change for every individual, every community, every industry, and every organization and business," said Klaus Dimmler, Co-Founder and Chief Science Officer at Pax8. “In over 40 years in technology, I have rarely, if ever, seen new software that has so much potential to create enormous value when it is in the right hands. The only thing that comes close is the impact of access to the Internet, the growth of browsers, and the impact of the transformation to cloud computing. Never have we had the computational power to support applications like ChatGPT, and now that we do, it will be impossible to compete and succeed without taking advantage of AI and Machine Learning (ML)."
Pax8 simplifies the way organizations buy, sell, and manage cloud solutions, empowering both sides of the buying equation with one of the world's fastest-growing multi-cloud B2B marketplaces. Its born-in-the-cloud marketplace modernizes the channel's cloud journey with consolidated billing, automated provisioning, and PSA integrations. Ranked in the Inc. 5000 for five consecutive years as one of the fastest-growing private companies in the U.S. and ranked #1 on the Denver Business Journal's Fast50 list as the fastest-growing large business in Denver, Pax8 last year hit a major milestone with over $1 billion in annual recurring revenues.
The company has, in dramatic fashion, displaced legacy distribution by connecting the channel ecosystem to its marketplace, which now serves over 28,000 MSPs.
"AI isn't going anywhere but up," Dimmler said, "and organizations, including us, are making significant investments. For us, the investment is placed internally and externally as we help our MSP partners and marketplace service providers navigate the noise and complexity associated with this jump shift. We are doing due diligence internally to explore the best AI solutions and hiring experts to bolster our internal teams. A differentiator for our company has always been bringing the best and brightest to both sides we serve."
Delivering tangible value from AI at scale is not easy, but there are certain applications that can immediately help organizations reduce costs and improve employee and customer experiences when implemented in a focused manner.
"The opportunity cost in not embracing AI is very real," Dimmler explained. "The economic uncertainty is not slowing us or most of our customers down because, in fact, AI improves productivity and quality and reduces cost at an unprecedented rate. That is not to say that deploying AI throughout a business isn't challenging. There are data issues, business impact, and ROI formulas still in the early stages, a lack of understanding about where AI fits best, less visibility and control without the right tools, and a scarcity of talent and expertise. There’s also a lack of clarity with regards to how costly and complex the infrastructure required will be – in the short and especially longer term. We're out to solve for all these challenges and more."
Dimmler isn't alone in his enthusiasm for AI across nearly every aspect of business.
Bill Gates recently wrote, "The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone. It will change the way people work, learn, travel, get healthcare, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it.
Alphabet's CEO Sundar Pichai, thought by some to have missed how big ChatAPI would be and the impact that would have on their most popular browser on Earth, said recently on CBS's 60 Minutes that artificial intelligence could be the most profound technology in human history. Pichai said he thought of AI "as the most profound technology humanity is working on. More profound than fire, electricity, or anything we have done in the past."
Pichai added, "We are developing technology which, for sure, one day will be far more capable than anything we've ever seen before."
Indeed, Google recently released its AI chatbot, Bard, as part of an experimental trial. The company also plans to incorporate AI tech into Google Search, providing users with answers to search queries in addition to a list of relevant links.
When asked about the dangers of AI, Dimmler was philosophical and practical, saying, "Of course, there are real risks, including consumer privacy, legal issues, AI bias, security concerns, and more. AI programmed to harm people or organizations, or AI developing destructive behaviors if left unchecked, comes with the territory of developing new technology. But we've been here before. Not every AI risk is as dramatic as killer robots or sentient AI. We're fortunate that many visionary experts, regulators, legal minds, and ethicists are coming together to develop clear regulations and other guardrails. It is incumbent on all of us to remain aware of risks so every organization can decide if the risks can be managed given the enormity of the rewards."
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