Nigel Vaz of Publicis Sapient explores the link between AI and deflation, insisting that the most effective strategy for business owners is to rapidly adopt artificial intelligence tools.
Nigel Vaz, CEO of the consulting firm Publicis Sapient, has devoted his life to the realm of digital transformation. Sapient, founded back in 1990 in Massachusetts, transitioned into the ownership of French advertising titan Publicis eight years ago through a significant transaction valued at $3.7 billion. Nigel Vaz has been recognized as one of the Top 25 Global Leaders by the New York-based Consulting Magazine.
Nigel Vaz on the Impact of AI on the Economy Source: youtube
Vaz's role involves advising the world's most prominent corporations on business transformation initiatives. His steadfast faith in the capacity of technology to enhance human life was forged during his childhood. Struggling with dysgraphia, a disorder that impairs fine motor skills, he faced challenges holding a pen or pencil and couldn't write. Fortunately, during that era, mankind had already invented not only the typewriter but also the computer. This ability to type provided Nigel with the technological superpower that enabled him to communicate effectively and, ultimately, unleash his intellectual potential. Today, he champions the belief that AI has emerged as a transformative power across diverse industries. Artificial intelligence has fundamentally revolutionized how businesses operate and has opened up novel opportunities for economic growth
When you think about the ability for businesses to serve customers in lower cost more efficient ways, AI is a huge accelerant to what they're trying to do, which means they achieve growth with lower costsNigel Vaz elaborates
The application of AI, for example, in the hospitality industry, banking, retail, or healthcare, enables the automation of routine tasks, enhanced risk management, and a more transparent decision-making process, among other benefits.
The bolstering of efficiency will fuel competition amongst companies. The reduction of operational costs and enhancement of productivity will enable businesses to offer their goods and services at lower prices. This, in turn, will intensify deflationary pressure on the economy. As a result, consumers' purchasing power (and consequently, their quality of life) will increase. Currently, inflation in major economies worldwide is hitting 40-year highs. The widespread adoption of AI could be the lifeboat in these turbulent financial waters. To support his argument, Nigel cites a forecast by Goldman Sachs, one of the world's top investment banks. The forecast suggests that artificial intelligence could contribute to a 7% rise in global GDP.
Thus, the expert underscores the significant role of AI in digital transformation for businesses. However, adapting to this new environment, moulded by AI technology, calls for an all-encompassing approach. Entrepreneurs need to fully grasp how the integration of artificial intelligence will modify their business development strategy, products, project decisions, data roles, staff responsibilities, customer experience, and more. Only then can a company advance and evolve seamlessly.
Drawing on the experiences of Walmart, JP Morgan, and Marriott, Vaz believes that a company's CEO must be actively involved in effecting AI-based transformations. This proactive approach will allow leaders to not just digitize existing concepts and practices, but to completely rethink their business model.
This is the one technology that will force the choice for them to be more transformative rather than digitizing what they already doemphasizes Nigel Vaz
