Anthony Soohoo, CEO at MoneyGram

To properly go beyond the hype and explore actual use cases, challenges, strategies, and experiences around AI, HumanX has started a Q&A series featuring some of our renowned event speakers. Join us as we explore the ever-expanding role of AI alongside today’s biggest thought leaders and industry experts–and learn how to navigate your AI journey with confidence. 

Anthony Soohoo is a CEO, entrepreneur, Fortune 100 executive, and global board director. He is currently CEO of MoneyGram and a Venture Partner at AI Fund and AZ-VC. Previously, Anthony was the Executive Vice President at Walmart, where he led the multi-billion-dollar home division and spearheaded one of the largest business transformations in history. At CBS, he led the company’s digital transformation, including the launch of their first over-the-top streaming service, catapulting CBS.com to become the largest television network site in the industry.

The Discussion 

Q: How has AI transformed your approach to solving industry-specific challenges?

A: AI has revolutionized the way we tackle challenges by enabling us to predict and respond to market dynamics with unprecedented accuracy. It’s like having a crystal ball that not only shows the future but also offers actionable insights on how to shape it.

Q: Can you share a success story where AI significantly improved business outcomes?

A: Absolutely. One of the most compelling examples comes from a Fortune 500 logistics company I recently advised. They faced significant challenges in optimizing their vast network of distribution centers and transportation routes. By leveraging synthetic data, we created highly accurate simulations of their entire logistics network, allowing them to test various scenarios and strategies without disrupting their operations.

The result? They identified inefficiencies that had previously gone unnoticed and made strategic adjustments that reduced their overall costs by more than 25%. This not only led to substantial savings but also enhanced their delivery times and service levels, ultimately giving them a competitive edge in the market.

Q: What are the biggest hurdles you face when implementing AI solutions in your organization?

A: The most significant challenge isn’t just the technology itself but the change management required to align the entire organization with new AI-driven processes. Ensuring that everyone, from the top down, understands and trusts AI is crucial for its successful implementation.

Another critical hurdle is having access to enough high-quality data. AI systems are only as good as the data they’re trained on. In some cases, we’ve encountered situations where data was either insufficient or not representative enough to build reliable models. This is where synthetic data becomes invaluable. It allows us to generate realistic datasets that fill in the gaps, enabling us to develop robust AI solutions even when real-world data is limited. However, effectively integrating this synthetic data and ensuring it aligns with our business needs requires careful planning and expertise.

Q: How do you ensure your AI initiatives align with overall business goals and customer needs?

A: Every AI initiative begins with a clear understanding of our business objectives and customer expectations. We measure success not just by technological achievement but by how well it serves our broader strategic goals and enhances the customer experience.

Equally important is understanding the entire value stream—from raw materials to end-user delivery. By analyzing the full scope of our operations, we can identify where AI can make the most significant impact, ensuring that our solutions don’t just address isolated issues but contribute to optimizing the entire process. This holistic approach ensures that our AI initiatives are deeply integrated into our business model, delivering value that aligns with both our goals and our customers’ needs.

Q: How do you address ethical considerations and data privacy concerns in your AI projects?

A: Ethics and privacy are non-negotiable. From my experience and observation, embedding them into the design of AI systems from the outset, ensuring that the solutions are not only compliant with regulations but also aligned with a commitment to earning and keeping customer trust.

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