Nicolai Tangen, the head of Norway's Oil Fund, argues that the Norwegian business sector is lagging in artificial intelligence (AI) adoption, advocating for its pivotal role in enhancing productivity and trading.
Nicolai Tangen, the CEO of Norway's Oil Fund, has expressed concerns that the Norwegian business community is not keeping pace with advancements in artificial intelligence (AI). He highlights the necessity for companies to embrace AI more fully, suggesting that every organization should have an advocate for relentless innovation—someone he humorously refers to as a 'crazy person at the top.' Tangen positions himself in this role, emphasizing that his ongoing discourse around AI is aimed at driving forward-thinking strategies within the fund and beyond.
The Oil Fund has set ambitious targets, aiming for a 20% annual increase in productivity through the integration of AI practices. This strategic move is part of a broader vision to not only keep up with global trends but also to leverage technology to maximize efficiency and returns on investments. Tangen claims that AI-driven improvements in trading processes have already resulted in significant cost savings, amounting to "many billions" for the fund, demonstrating the tangible benefits of this technological shift.
Tangen's remarks are timely, as he draws attention to the critical role of AI in economic growth; citing that nearly 40% of the GDP growth in the United States can be attributed to AI-related investments. By urging Norwegian businesses to adopt a more proactive approach to AI, Tangen seeks to inspire innovation and ensure that the national economy does not fall behind in the rapidly evolving digital landscape.
