The steady march of Artificial Intelligence (AI) has reshaped the way we work, penetrating almost every aspect of modern business.
This seismic shift to AI has offered a plethora of benefits across industries ranging from retail and healthcare to banking and financial services.
On the flipside, drawbacks and potential dangers of using this new technology remain a valid threat and successful integration of AI requires careful consideration of ethical concerns and potential security risks.
Enhanced efficiency and productivity
AI often augments human capabilities and can increase productivity while reducing operational costs.
It can handle repetitive, mundane tasks with the ability to analyse vast amounts of data, freeing up employees for higher value work and decision-making.
AI powered chatbots and virtual assistants provide round-the-clock customer support, addressing enquiries promptly.
There are downsides to the technology, however. An AI-powered chatbot can sometimes fail to understand human emotions and give a robotic reply to a query, resulting in a dissatisfied and frustrated customer.
Safety and security
AI can assist in predictive maintenance, preventing equipment failures and ensuring workplace safety.
Businesses should be aware, however, that a cybercriminal can restrict the capabilities of a business’s AI systems to penetrate them and access sensitive information.
Broadly speaking, AI can support firms through automating business processes, gaining insight through data analysis and engaging with customers.
Those who fail to take advantage of AI risk falling behind competitors who can operate far more efficiently. Many still believe that more regulation is necessary to negate any potential risks.
- Companies House fees expected to rise to fund new powers - September 21, 2023
- Retirees set for second bumper State Pension hike as pay inflation soars - September 19, 2023
- Clampdown on hidden online fees to help shoppers cut costs - September 14, 2023
- One in five strips back pension contributions or halts them altogether - September 12, 2023
- Trying to track down a pension? Help is at hand - September 7, 2023
- Tax Diary September/October 2023 - September 5, 2023
- Class 2 and 4 NIC for the self-employed - September 5, 2023
- Overview of private pension contributions - September 5, 2023