World Economic Forum 2025: AI technology can drive business growth
On January 20-24, 2025, leaders from around the world gathered at the 55th Annual World Economic Forum (WEF) Meeting in Davos-Klosters, Switzerland. This annual event brought together influential voices from governments, international organizations, civil society, and the private sector. This year’s theme, “Collaboration for the Intelligent Age,” addressed the significant geo-economic shifts and the rapid pace of technological evolution that we are all navigating.
Cybersecurity and the imperative to secure our digital world were key topics throughout the event, emphasizing the critical role of strategic collaboration in tackling these challenges. Recent years have been marked by relentless transformation, spurred by emerging technologies like artificial intelligence. The WEF said: Businesses need to swiftly adapt, anticipate changes, and turn potential disruptions into strategic advantages. This transformation is not a singular event but an ongoing evolution necessitating perpetual adaptation across all business aspects. In essence, perpetual change demands perpetual adaptability.
WEF, based on Tata Consultancy Service’s (TCS’) real-world expertise, documented by CEO and MD K Krithivasan, sheds light on how to navigate the ‘Intelligent Age’:
1. Move toward human-centered AI strategies: TCS’ recent study titled ‘AI for Business’ reveals that 94% of businesses worldwide have adopted Generative AI or other AI solutions. However, only 12% of these use cases have achieved tangible business outcomes, with a primary focus on enhancing productivity. The study suggests that to maximize benefits from AI, adaptive enterprises should employ a multilayered approach that prioritizes human involvement.
2. Use digital tools to accelerate the path to net zero: Adaptive enterprises are increasingly turning to digital sustainability tools to mitigate their carbon footprints and align with international sustainability objectives. These tools may include Internet of Things (IoT) devices for optimizing energy use, AI-driven supply chain transparency, emissions monitoring, and even blockchain technology for tracking carbon credits.
3. Embed advanced technologies for real-time responsiveness in supply chains: Big data analytics, which combine both structured and unstructured data from within and outside companies, can offer real-time insights into supply chain dynamics. This allows enterprises to anticipate disruptions and respond swiftly.
4. Deploy AI-powered automation for intelligent operations: Businesses integrating AI, machine learning, and robotic process automation can streamline repetitive tasks, optimize processes, and limit the need for human intervention. This technological advancement is set to transform operational efficiencies across industries. Furthermore, the use of IoT sensors and real-time data analytics facilitates predictive maintenance.
5. Prepare a future-ready workforce with new digital skills: Recent research indicates that nearly half of business leaders believe artificial intelligence (AI) will have an impact as significant as the internet. Many anticipate that most of their employees will be using generative AI daily within the next three years. To facilitate this transformation, it is essential for business leaders to have a comprehensive strategy for upskilling and reskilling their workforce.
6. Catalyze rapid product development: The advent of digital technologies in the Intelligent Age presents a significant opportunity for businesses to transform their operational methods. By moving away from outdated concepts, companies can leverage the strengths of their ecosystem. These technologies enable businesses to innovate, iterate, and enhance their operations at an unprecedented pace. Research consistently indicates that organizations adopting technology to support innovation and differentiation outperform their competitors, growing 2.8 times faster than their peers.
Reference: World Economic Forum 2025: Businesses can thrive in the age of AI, expectations
