AI’s underestimated potential: The modern steel of our economy

The world is undergoing an AI revolution, and as the technology evolves, companies are beginning to see how it can transform their operations and fuel growth.

At Fortune’s Global Forum in New York, Zig Serafin, CEO of Qualtrics, recalled a well-known saying: “We often end up overestimating what happens in the short run, and significantly underestimating what happens in the long run. I think that is especially true here with AI,” he remarked.

Serafin compared AI’s current trajectory to the Industrial Revolution’s early days, when steel began gaining traction as a material. Though initially used in railroads, it took decades for industries to realize steel’s potential in building structures - a shift that eventually transformed it into one of the world’s essential materials.

“I think we’re in a similar stage with AI. People see major improvements, but the timeline for change has shortened: we’re moving from a five-year inflection point down to three years,” Serafin observed.

As companies in various industries find innovative ways to use AI, Serafin envisions a new ecosystem - one where organizations fine-tune AI, develop powerful tools, and open up new worlds of opportunity, reminiscent of the Industrial Revolution’s impact.

* Fortune Magazine contributed to this article.