Stax CTO, Mark Sundt, recently sat down with John Gaffney from PYMNTS for an eye-opening conversation about the exciting future of AI and how it’s poised to revolutionize the business world.
With AI advancing at a breakneck speed, it’s never been more important for companies to keep their finger on the pulse of these groundbreaking technologies. Staying in the know and leveraging its incredible power could mean the difference between thriving or falling behind in today’s fiercely competitive landscape.
What is Multi-Party Computation, MPC
One of the most exciting developments discussed was the Multi-Party Computation (MPC) model. This innovative open-source solution is a game-changer, allowing a hierarchy of AI models that communicate between themselves and discover the capabilities of other models.
With MPC, there’s a whole new world of possibilities. Imagine having AI that can adapt and expand its capabilities on the fly, without needing a bunch of specialized apps. It’s a major breakthrough that could lead to generic AI models capable of analyzing any document you throw at them.
Mark adds, “I do this all the time with my cell phone bill. I can ask, ‘what kind of bill is this?’ It just reads it, and what’s great is that I can say ‘what is this?’ And it’ll tell me, ‘hey, it’s a cell phone bill’ and then I ask it, ‘what number was called the most’ and luckily it’s my wife and not my NCAA buddies.”
Integrating AI Within Your Business Operations
As businesses explore the integration of AI into their operations, it’s essential to carefully evaluate pricing models for these services. Factors such as data movement, inference costs, and pricing structures (per transaction or per workflow) must be considered to ensure a strong return on investment. Mark shared examples of current pricing, such as $20,000 per agent or $200 per month for research capabilities, emphasizing that these can provide excellent value when utilized effectively.
During the interview, Mark talks about real-world examples of how AI has been successfully applied at Stax. From auditing PCI compliance for an acquired company to vetting job candidates by comparing resumes to job descriptions and analyzing contracts for potential issues, AI has proven to be a powerful tool. Advanced platforms like Notebook LM and GitHub Copilot have demonstrated their immense potential in these use cases.
Getting your company on board with AI isn’t always the easiest task, but having the backing and enthusiasm of your executive team can make all the difference. Mark knows this firsthand from his experience at Stax, where the leadership has embraced AI technology,
“I work for an incredibly open organization that is so welcoming to new information, new ideas and in fact, I did a CEO presentation about AI and our adoption of AI at Stax and everybody wanted to know about what we were doing.”
But Mark also knows that jumping into AI isn’t something to take lightly. He’s insistent on ensuring that he right safeguards are in place when it comes to security and privacy. After all, you’re dealing with sensitive data, and the last thing you want is for that information to fall into the wrong hands or for your customers to lose faith in you.
That’s why Mark stresses the importance of being super selective when choosing AI vendors.
“You’ve got to make sure that the vendors that you are using have privacy controls in place that you feel good about”
he says. It’s crucial to find partners who take security and privacy as seriously as you do and who have robust measures in place to keep your data safe. With the right precautions and a thoughtful approach, companies can harness the power of AI while still maintaining the trust and confidence of their customers and stakeholders.
When it comes to successfully implementing AI in your organization, Mark has a tried-and-true approach. He recommends treating AI projects just like any other software development endeavor – with a structured, systematic process that covers all the bases.
First things first, you’ve got to nail down the business need you’re trying to address. What’s the scope of the project, and what outcomes are you shooting for? Once you’ve got that sorted, it’s time to put your strategic hat on and figure out the best way to make it happen. Who do you need on your team to bring this AI vision to life, and what’s a realistic timeline for getting it done?
Define your objectives, map out your game plan, assemble your all-star team, and get ready to witness the transformative power of AI in action. With a solid strategy in place, you’ll be well on your way to unlocking the full potential of AI.
Closing Thoughts
One thing is crystal clear: AI is no longer a distant dream – it’s here, and it’s ready to revolutionize the way we work and interact with data. The advancements in AI agent communication and the rise of powerful AI-assisted tools are opening up a world of exciting possibilities for businesses that are bold enough to embrace them. But as Mark and John point out, it’s not just about jumping on the bandwagon – it’s about being strategic and informed in your approach.
By staying up-to-date on the latest developments, carefully evaluating your options, and implementing AI with a healthy mix of confidence and caution, you can unlock efficiency, innovation, and growth for your organization. It’s about finding the right balance – harnessing the power of AI while ensuring that proper controls and safeguards are in place.
Now is the time to start exploring the incredible potential of AI. With the right mindset, the right tools, and the right approach, you can position yourself at the forefront of this exciting new frontier.
Watch the full interview with Mark Sundt and PYMNTS to learn more.
