Softbank CEO Rajeev Misra discussed artificial intelligence (AI) on Wednesday at the third annual Future Investment Initiative (FII), 2019.
"AI will disrupt every aspect of the global GDP," said Misra, adding that Softbank aims "to use AI and technology and to go in and disrupt those industries."
Misra explained that AI isn't the solution in itself, but can transform already strong business platforms. "As your platform gets smarter with scale, [AI] provides that cost saving to the customer," said Misra. "AI doesn't drive that - you have to have a business that makes sense ... you need a good business model."
But when AI is used correctly, "It improves the customer experience, it reduces costs, and is able to make a better prediction," explained Misra.
Responding to a question about artificial intelligence becoming a buzz word, Misra said that the use of AI is to improve efficiencies. "We invest in companies that are disrupting the way business is conducted in a certain industry," said Misra.
"The next technology disruption will take five years - it will be a lot more rapid - whole swathes of industries will be disrupted," said Misra, arguing that technology disruption is accelerating.
Misra was speaking at the third annual FII in Riyadh, which comes amid a changing global landscape as emerging markets continue to take up a greater role in the global economy.
As one of the world’s leading economic forums, the event sees several key world leaders, business moguls, and investors convene to discuss the challenges, trends, and opportunities that are shaping the global investment landscape.