Dear Vermonters,
As members of the Vermont Business Roundtable, we recognize the opportunity and obligation we have, to do our share to alleviate the severity of disruption to our economic and social fabric.
We believe that limiting the impact of the COVID-19 health crisis is the most important step we should take at this time. (more…)
by David Coates, Managing Parter, KPMG (Retired)
Vermont’s $4.6 billion liability for the state workers and teachers pensions and retiree health care benefits (OPEB) increased by $171 million for this past year ended June 30, 2019, and over 110 percent since 2008. This increase was despite continued assurances by policymakers that they had a plan to pay off these obligations over the next 20 years.
Certainly, there is no evidence to date to corroborate the state’s claim, without some combination of increasing taxes, reducing benefits or cutting existing programs, which the state has been reluctant to do. At this point in time, policymakers need an independent analysis of these benefit plans. (more…)
By Mark Crow, President at Tenth Crow Creative and
Chair, Pension and Health Benefits Reform Task Force, Vermont Business Roundtable
While Town Meeting Day has evolved over time, its purpose of giving community members a chance to be heard about the issues affecting their lives has not changed. Of course, in order for community members to express their views, they must be aware of the issues impacting them. Unfortunately, there is a major issue lurking that impacts all Vermonters, yet is not well known or understood, not only by Vermont taxpayers, but also by some of our legislative representatives.
I’m referring to the continually increasing taxpayer liability for the State workers’ and teachers’ pension and retiree healthcare plans. This Town Meeting Day, I urge you to ask your state legislators what they are doing to address Vermont’s third largest debt (only behind Medicare and non-Medicare social services), and if they know that: (more…)
(South Burlington, Vt.) Today, the Vermont Business Roundtable announced that Lisa Ventriss, president since 2002, will retire at the end of the year. (more…)
At its 33rd Annual Membership Meeting held January 9th at Delta Hotels Marriott, the Vermont Business Roundtable elected new directors to their first three-year term: Renee Bourget Place, KPMG; Jay Fayette, PC Construction; Scott Fewell, Liquid Measurement Systems; and, Tom McHenry, Vermont Law School. Elected to his second three-year term was Tom Dunn, VELCO. (more…)
(South Burlington, Vt.) Today, Lisa Ventriss, President of Vermont Business Roundtable (Roundtable) and Mark Crow, President of Tenth Crow Creative and Chair of the Pension Reform and Health Benefits Task Force, announced the release of its latest policy paper entitled, “Policy Options for Vermont State Employee and Teacher Pension and Health Care Retirement Systems.” Click here for report. (more…)
SPECIAL EDITION: ARTIFICIAL INTELLIGENCE
ECONOMY
Demystifying Artificial Intelligence in the Corporation
Artificial Intelligence (AI) is top of mind for leading corporations these days – 96.4% of top executives reported earlier this year that AI was the number one disruptive technology that they were investing in, up from 68.9% just two years ago.
https://www.forbes.com/sites/ciocentral/2019/10/09/demystifying-artificial-intelligence-ai-in-the-corporation-forbes/#399533da6016
Why Most Companies Are Failing at Artificial Intelligence: Eye on A.I.
Most companies that say they’re using artificial intelligence have yet to gain any value from their A.I. investments. A survey from MIT Sloan Management Review and Boston Consulting Group released Tuesday found that companies that view A.I. as merely a “technology thing,” akin to a product rather than a business overhaul, fail to gain financial results.
https://fortune.com/2019/10/15/why-most-companies-are-failing-at-artificial-intelligence-eye-on-a-i/
The Worlds That AI Might Create
Artificial intelligence will have a profound impact—on our jobs, our health and possibly our very existence. But that’s where consensus ends.
https://www.wsj.com/articles/the-worlds-that-ai-might-create-11571018700
How to Fit Artificial Intelligence into Manufacturing
What is holding up AI adoption, and where is it already in use?
Part I: https://www.machinedesign.com/iot/how-fit-artificial-intelligence-manufacturing
Part 2: https://www.machinedesign.com/automation-iiot/how-fit-artificial-intelligence-manufacturing-part-2
Artificial Intelligence Is Learning With Farmers
Farmers have always collected and evaluated a large amount of data each growing season. It started in ledger books. Then it was moved to spreadsheets, which were eventually saved on USB drives. Now, we have real-time reports enabled by field monitoring equipment, enriched by artificial intelligence (AI), and available to farmers on tablets and smartphones.
https://www.forbes.com/sites/bayer/2019/10/14/artificial-intelligence-is-learning-with-farmers/#1e33ef305ee1
A.I. Remains a Disruptive Force in Finance—Even for Fintechs
Negative interest rates and a slowing global economy are weighing heavily on the bottom line—not to mention the overall mood—of banks. And so it’s hard to find many bankers speaking bullishly about much of anything these days, even at a technology conference dedicated to the future.
https://fortune.com/2019/10/10/artificial-intelligence-disruptive-force-finance-even-for-fintechs/
EDUCATION
How AI and Data Could Personalize Higher Education
Artificial intelligence (AI) is rapidly transforming and improving the ways that industries like healthcare, banking, energy, and retail operate. However, there is one industry in particular that offers incredible potential for the application of AI technologies: education.
https://hbr.org/2019/10/how-ai-and-data-could-personalize-higher-education
How AI Is Changing America’s Classrooms
Teachers College at Columbia University convenes experts at a conference to tackle tough questions about the state of artificial intelligence in education and its implications for the future of teaching and learning
https://universitybusiness.com/how-ai-is-changing-americas-classrooms/
How AI Is Transforming Education And Skills Development
Artificial intelligence can help us to solve some of society’s most difficult challenges and create a safer, healthier and more prosperous world for all.
https://blogs.microsoft.com/blog/2019/10/07/how-ai-is-transforming-education-and-skills-development/
HEALTH CARE
The Ethical Dilemmas AI Poses for Health Care
Artificial intelligence promises all sorts of advances for medicine. And all sorts of concerns.
https://www.wsj.com/articles/the-ethical-dilemmas-ai-poses-for-health-care-11571018400
New Center to Advance Artificial Intelligence in Medical Imaging
UC San Francisco is launching a center to accelerate the use of artificial intelligence in radiology and medical imaging.
https://healthitanalytics.com/news/new-center-to-advance-artificial-intelligence-in-medical-imaging
INFRASTRUCTURE
Is There A Decarbonization Silver Bullet For Utilities?
Looking out across the global policy landscape, we might feel encouraged that decarbonization efforts seem to be gaining momentum.
https://www.forbes.com/sites/forbestechcouncil/2019/10/16/is-there-a-decarbonization-silver-bullet-for-utilities/#5a1cad01590c
Oil and Gas Companies Turn to AI to Cut Costs
Amid a growing push to cut operating costs, big oil is looking to artificial intelligence for help with automating functions, predicting equipment problems and increasing the output of oil and gas.
https://www.wsj.com/articles/oil-and-gas-companies-turn-to-ai-to-cut-costs-11571018460
Department of Energy Advances Artificial Intelligence
WASHINGTON, D.C. – Today, the U.S. Department of Energy (DOE) hosted its fourth InnovationXLab Summit in Chicago, Illinois. Secretary Perry instituted the collaborative model of the InnovationXLab to connect the private sector with the Department of Energy’s (DOE) National Laboratories.
https://www.energy.gov/articles/department-energy-advances-artificial-intelligence
IN OTHER NEWS
The Artificial Intelligence Task Force Wants to Do AI the Vermont Way
Artificial Intelligence was once the stuff of science fiction. Now it’s here, and every publication from the Washington Post to Wired to the Wall Street Journalis full of articles and videos exploring it.
https://www.sevendaysvt.com/vermont/the-artificial-intelligence-task-force-wants-to-do-ai-the-vermont-way/Content?oid=28696941
HR Tech 2019: HR In The Age Of Artificial Intelligence
Five leaders in the AI space discussed AI and HR, including the myth that machines will replace people.
https://hrexecutive.com/hr-tech-2019-hr-in-the-age-of-artificial-intelligence/
The Artificial Intelligence Revolution in Legal Services
Artificial intelligence (AI) represents the latest wave of technology shaping—and defining—the way consumers view products and how organizations deliver services.
https://www.law.com/corpcounsel/2019/10/09/the-artificial-intelligence-revolution-in-legal-services/?slreturn=20190916115407
Sunday Reading: The Rise of Artificial Intelligence
We’re living through an extraordinary moment in technological history. In the past decade, the rise of artificial intelligence (both in theory and in practice) has revolutionized computer science and the workplace.
https://www.newyorker.com/books/double-take/sunday-reading-the-rise-of-artificial-intelligence
Is Artificial Intelligence Good?
You’ve read it in the papers. You’ve experienced it in life. Machines are taking over. And they are doing it fast. Siri turned 9 on October 4 (go ahead, ask her if you don’t believe me). Tesla’s first Autopilot program is also 9. And Alexa is less than 5 years old. Despite the fact that these AI-powered technologies haven’t graduated past their first decade, they seem to be running our lives. And they are apparently doing it better than we can.
https://www.forbes.com/sites/ciocentral/2019/10/14/is-artificial-intelligence-good/#8e09e3c6f709
COMMENTARY
Gopnik: The Ultimate Learning Machines
Last July, I went to the Defense Advanced Research Projects Agency (DARPA), the blue-sky government research lab that helped to invent the computer and the internet. I was there, strange as it may seem, to talk about babies. The latest big DARPA research project, Machine Common Sense, is funding collaborations between child psychologists like me and computer scientists. This year I also talked about children’s minds at Google, Facebook and Apple.
https://www.wsj.com/articles/the-ultimate-learning-machines-11570806023
Garvie: You’re in a Police Lineup, Right Now
Face-recognition technology is the new norm. You may think, “I’ve got nothing to hide,” but we all should be concerned.
https://www.nytimes.com/2019/10/15/opinion/facial-recognition-police.html
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(South Burlington, Vt.) Today, Lisa Ventriss, President of Vermont Business Roundtable (VBR) and Jeffrey Carr, President, Economic & Policy Resources (EPR), announced the Q3 of 2019 outlook results of their joint initiative, the VBR/EPR Business Conditions Survey and Index.
The latest survey, which was conducted during July of 2019, achieved a response rate of 63 percent overall. Survey results show that: (more…)
by Lisa Ventriss, President
Early in my time at the Vermont Business Roundtable (Roundtable) we authored a report titled Having the Courage to Change; it targeted our state’s looming workforce crisis. That was 2006. Children who were entering kindergarten that year are now graduating from high-school and the workforce crisis is no longer looming. As every employer knows, it’s here. And last week, a second major credit rating agency downgraded Vermont’s bond rating, citing the state’s aging population and shrinking workforce.
The Roundtable has been sounding the alarm for years about the workforce crisis and, frankly, we’ve moved from crisis mode into action. Though the workforce crisis surrounds us, the opportunity to invest in solutions is also within reach. And one of those solutions is high-quality child care. (more…)
Results Show Continuing Neutral Outlook
Today, Lisa Ventriss, President of Vermont Business Roundtable (VBR) and Jeffrey Carr, President, Economic & Policy Resources (EPR), announced the Q2 of 2019 outlook results of their joint initiative, the VBR/EPR Business Conditions Survey and Index.
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