With technology evolving at lightning pace, as humans we need to adapt to the opportunities and threats this poses. Enterprises around the world are undergoing digital transformation to optimise business operations and keep pace with the changing landscape and consumer needs. We are faced with the emergence of new solutions every day, be that to drive efficiency or simply provide enjoyment. Artificial Intelligence (AI) has dominated the headlines in recent months, but what makes these developments different from other advances in technology?
AI can not only make processes more efficient, but its advanced capabilities have the potential to change the fundamentals of our lives. Its impact will be far-reaching; from the way we communicate and learn to the daily operations of businesses. As it stands, AI is still in its infancy, but it is developing rapidly with IBM reporting that 35% of organisations worldwide are already making use of this technology.
Up until recently, AI was often portrayed as science fiction, but many real-world use cases have now emerged. The speed at which AI can retrieve and analyse data presents unrivalled benefits for business growth, improving efficiency, and increasing productivity. But with these opportunities come risks which businesses must address and mitigate to move forward successfully. Data privacy, cybersecurity, and ethical concerns are just some of the challenges businesses need to address when implementing an AI strategy.
Embracing AI
Of companies already utilising AI, 44% are using the technology to streamline operations. AI can help to increase productivity levels by freeing up employees’ time and allowing for a more focused workload, particularly when implementing AI automated processes and cognitive workflow. The large volumes of data AI can gather and analyse within a brief timeframe is also more thorough, detecting patterns that the human eye can easily miss. This is especially valuable in data quality control to minimise errors more likely to occur when these processes are carried out manually.
In addition to data analysis, AI can form predictions and recommendations based on the collected insight for the future actions a business may need to take. This can assist in the overall improvement of efficiencies and help in retaining a competitive edge or, at the very least, prevent organisations from falling behind their competitors.
One of the areas where we are seeing greatest potential emerging is in healthcare. As a member of “La Filière Santé Numérique”, a working group of the French Ministry of Healthcare’s “Conseil du Numérique en Santé”, we are working alongside our partners to help them harness the power of the data they have at their fingertips to improve patient outcomes. Natural language AI opens up exciting possibilities by transforming sources like handwritten prescriptions and recordings of consultations with patients into data which can help detect risks and inform decisions. The importance of AI is distilling down the most salient details, rather than presenting end users – in this case medical professionals – with data overload.
There is no denying the benefits AI offers across all sectors and industries from retail, to supply chain, healthcare, and education. AI has the capabilities to streamline delivery traffic routing in logistics, cutting down on delivery times while enhancing fuel efficiency. The use of generative AI in education to create adaptive learning environments which can adjust to individual students’ needs and abilities allows for more targeted support and higher learning outcomes. Advancements in technology like these have the potential to transform entire industries.
Avoiding the pitfalls
With the adoption of new technology should come a certain degree of caution, especially considering the vast capabilities AI presents. Businesses must consider the potential challenges associated with its implementation as well as the necessary skillsets required to manage AI systems before entirely committing to its use.
AI relies on data, and the more it can access, the better it will perform related tasks. But because of this reliance on high volumes on data, AI systems are vulnerable to attack by cybercriminals. Cyberattacks have been on the rise in recent years, with numerous breaches causing concern for the safety of both personal and corporate data. To combat this, the need for heightened network security and cybersecurity efforts and updated regulations to protect certain information is increasing. However, businesses must also demonstrate transparency on how the data will be utilised and where it can be viewed on top of ensuring auditability, accountability, and security in order to preserve trust.
Human input on AI algorithms can impact the data, leading to assumptions and reinforcing unconscious bias, and detracting from inclusion and diversity goals. It is the responsibility of the organisation to ensure proactive steps are taken so that machine learning (ML) systems do not reinforce unconscious bias, ensuring extensive testing and promoting diversity within their teams for more rounded algorithms. This can have an impact in many areas, from the economic, social, and governance (ESG) initiatives of a business, to HR processes such as recruitment where biases related to race and gender have been seen to corrupt AI hiring tools.
The complexity of data cannot be ignored; 63% of employers state that they lack the skills necessary within their teams to develop and manage trustworthy AI. Rigorous training around AI systems, machine learning, and the use of data must be applied before contemplating adoption, and this may require outsourcing AI to specialists for enhanced learning. Particular skillsets are required when working with AI and it is imperative that employees are afforded the opportunity to learn these skills when working with new AI software and tools for smooth integration and reliable use.
Ensuring success
For successful implementation, AI should be fully integrated into a business’s network rather than viewed as a standalone technology. Using the appropriate infrastructure for the organisation’s needs will facilitate smoother AI adoption, allowing for the automation of routine tasks, data collection and analysis, and more, ultimately freeing up the workforce to focus on higher-level tasks. It is also crucial that businesses encourage transparency and collaboration, as well as introducing frequent training, to ensure the technology is optimally used and maintained.
The benefits of AI have the potential to far outweigh possible downsides when its integration is effectively planned and managed to minimise any risk. AI affords businesses the opportunity for the extensive data analysis and share of knowledge which previous technologies simply do not have the capacity to achieve. Through the collaboration of businesses and specialised technology suppliers, AI adoption offers notably lower costs, enhanced efficiencies, and enhanced end-user offerings that will help in building and retaining a competitive advantage.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.