In an agricultural context, AI has typically meant making sure animals are bred without needing a bull or ram around. But that’s changing, as artificial intelligence is applied in more areas.
Doug Foley, president of Giant Goat, says the data management aspect of AI is already a large part of much of the digital tools we use today, including Google, Microsoft, and even precision ag tools. It’s the more recent addition of language learning on top of data crunching that has really pushed the tech to new heights and public awareness.
Joining us for this new Mind Your Farm Business episode, Foley says that one of the exciting things about AI at a mass adoption scale is that it’s accessible to all. Where he sees a real fit is in those small to medium businesses being able to use AI to leap forward. When implemented strategically, AI can take on data and not just output numbers but now also explain financial outcomes, for example.
“AI can help a smaller business maximize output, (It can) help me understand the data that impacts that outcome and take the steps to get there,” Foley says. By linking an explanation to the numbers, AI acts as a data scientist, not just a computer.
For those who think AI is all about replacing humans, Foley says to think about it another way — how can the same 10 people, for example, accomplish what it would have taken 100? That’s the productivity gain he’s focused on, and says that this tool has the potential to be just as big a productivity boost as the industrial revolution.
Foley adds that getting started with AI doesn’t have to be overwhelming either. He recommends starting on something like ChatGPT, an open source platform, and just playing with it. Get comfortable with what it can do, and then begin to look at ways an AI tool might be able to solve some productivity hold-backs in the business.
Disclaimer: Royal Bank of Canada and its subsidiaries are not responsible for the information provided in this podcast, and this information does not necessarily reflect the views of Royal Bank of Canada or any of its subsidiaries. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its subsidiaries.
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