Thinking, Fast and Slow is the name of a best seller by Daniel Kahneman, that captured the imagination of thousands way back in 2011. Today a different kind of Think Fast Think Slow is playing out in the age of AI, especially Gen AI
The human mind is a miracle in its own right and whatever advances we see today are possible because researchers tried to mimic the brain using neural network methods leading to the AI revolution we see today.
The brain’s function is not only to think but also control movement, organ function and a lot of myriad things needed to keep us living, which we do not really think about
The way we collect, and process information therefore must be balanced based on all the other demands the brain is used.
In this context AI or Gen AI can generate mammoth amounts of information and analysis in a matter of seconds which the normal human cannot comprehend fully
This also impacts the traditional IT revenue model works which bill clients based on effort that is related to juxtaposition of skill and time. An experienced developer commands a higher premium compared to a fresher and accordingly charges more for his / her time.
Today AI can help with augmenting skill gaps thereby narrowing the skill gap between experienced professionals and freshers. Also due to its mind-numbing speed, it reduces the time factor as well, which brings to question how the IT revenue model will change over the next few years.
The answer is clear. Clients will not pay for skill or time exclusively anymore but on results achieved, cost savings or increase in revenue and profitability. This kind of outcome-based revenue model will gain prominence in the near future.
For this kind of revenue model to be profitable for IT companies, firms will need to focus on building not just core technical skills but also holistic ones, that lean more towards connecting the dots and bringing empathy, perspective and wisdom to offerings that AI today cannot do very well, for which one needs to slow down, take a step back and reflect.
This skill of Thinking Slow in a world that is Thinking fast in the age of AI is the need of the hour!
