Conversations around the development of AI and how it can be used in a safe and responsible manner has taken a front seat across businesses, in the media, and within recent government discussions.
As the economy recovers and businesses return to normal, leaders are now focusing on the future. Budgets are still tight, operations are continuously being scrutinised, and AI is being championed as the solution to provide great return on investment as it automates tasks, boosts efficiencies and aids businesses in making strategic decisions.
Recently, the UK Prime Minister Rishi Sunak met top technology executives and leaders in AI from OpenAI, Google Deep Mind and Anthropic to discuss the roadmap ahead in preparation for his meeting with US President Joe Biden. The two plan to discuss how AI regulations must move forward globally, and Sunak urges for the UK to become a global leader in developing international regulations and guidelines around AI.
Over the years, as people worry about possible job losses and other issues, AI has sometimes been portrayed in the media in a controversial way. Now, fears are heightening as experts debate the ethical use of this emerging technology. A global call for improved regulations means businesses and government must come together to address this pressing issue.
For organisations, AI can lend itself as an extremely useful business tool. However, without proper regulations, trust and increased education on how it can be used, its benefits will not be realised.
AI as a business tool
Artificial intelligence is one of the cutting-edge technologies that is now being applied into commercial operations for improved efficiency. It is gaining popularity rapidly and will soon become pervasive in business applications.
With the right strategy, AI can truly supercharge business growth, so many organisations are now focusing their attention on incorporating it into everyday functions. It can assist by providing tools such as customer service assistants, fraud detection, data analysis, forecasting, language translation, data cleaning and much more.
Consumers now demand more, and customer experience has in turn become a top business priority, which can be revolutionised through AI offerings. AI can enable a more seamless experience for customers, providing AI-powered chatbots that allow for instant replies to be made for simple enquires while automating hand-off to a human for more complex cases.
As this technology can handle some customer requirements and other business requirements while empowering staff, it is able to create a technology-powered experience that feels more human without causing friction between organisations and their customers.
AI enables workers to focus on more challenging jobs, allowing them to put their expertise to other uses by automating repetitive, time-consuming chores. Not only does this provide greater efficiencies, but will improve employee satisfaction, which is vital as the great resignation proves staff are not afraid to look elsewhere.
Transparency in AI
In order to secure the ethical and safe use of AI technology, a global approach is needed from leaders in government and industry to help drive transparency and trust, as concerns about the technology grow quickly.
Technological developments in this space are progressing quickly and without this, barriers could restrict business adoption.
Recent discussions point towards the development of a global set of regulations to help protect the public from its potential harm, which will allow businesses to use this technology without the worry of public backlash or damaged reputation.
Guidelines will also allow businesses to be more agile, flexible and adaptable, despite uncertain market conditions, and global leaders should now unite to support ethical AI, to promote business growth and contribute to increased global economic stability.
