Artificial intelligence (AI) in Australian firms is growing. Associate Professor Sam Kirshner reveals how AI can be a serious competitive edge for those willing to take the plunge. Artificial intelligence (AI) is any type of software that carries out tasks similar to those of a human.
This can include the ability to reason, solve problems or learn from experience.
The AI as we know it today was triggered by the curiosity of British polymathic Alan Turing in the 1950’s. If humans use information and reason for problem-solving and decision-making, why cannot machines do the same? They happen to be able, and here we are.
In business, AI has a wide range of uses ranging from simple (voice-activated home assistants like Siri and Alexa) to complex (Amazon’s huge recommendation engine). So how can your business make the most of artificial intelligence technologies?
1. KNOW YOUR USE CASE
Do you intend to predict the future? Map consumer journeys? Research statute laws? Populate your CRM? All of these tasks rely on data – often large quantities – and AI software can perform these tasks more quickly and accurately than any human.
AI addresses three business needs: automating business processes, analyzing data, and interacting with clients and employees. According to Associate Professor Sam Kirshner, an expert in business analysis at the UNSW Business School, organizations should look at AI through the lens of business capacity.
‘Artificial intelligence is a better way of forecasting and automating tasks,’ said Associate Professor Kirshner. “Artificial intelligence helps people rethink how we integrate information, analyse data and use results to improve or streamline decision-making.”
According to a global survey of executives conducted by McKinsey & Co. 59% of respondents used automation to increase customer engagement and satisfaction, and 58% used automation to boost employee productivity. Organizations can fail when they adopt a too broad approach and do not define and specify the results they want.
“There is a great divide in skills and expertise. Where I have seen a lot of AI in Australia, is in startups and tech companies that build the AI mindset from the ground up, and apply it to niche tasks,” Associate Professor Kirshner said. Start your artificial intelligence efforts by examining specific services or features to see who would benefit the most and how. This process of survey and exploration of the expected results and their impact on the business is essential to ensure success.
2. BRING HUMAN AND ARTIFICIAL INTELLIGENCE TOGETHER
AI can analyze data, create predictions, and complete data entry tasks faster than any human being. But it is not a substitute for human judgement. The key to getting the most out of AI technology is to ask them to do the hard work and, if necessary, have their judgment assessed by a human.
‘The more you track the entry or prediction, the less you have to assign an evaluated judgment, the more you can start replacing humans with AI. For example, autonomous vehicles can replace taxis and carpool services because there is little judgement associated with predicting the best way to travel from point A to point B. The vehicle simply follows the determined route.” Associate Professor Kirshner said.
On the other hand, it is unlikely that AI will replace physicians as human judgment plays an important role in areas such as AI medical technology. For example, it can read scans and make a predictive diagnosis. A doctor will take that prognosis and use their judgment to come up with the best treatment plan,” he said.
Rather than replacing jobs in their entirety, AI will replace certain functions or daily tasks in roles to help streamline efficiencies and help with productivity.
Most managers who are concerned about job loss are committed to a strengthening strategy. It is about integrating human labour and machine labour, rather than completely replacing humans. Indeed, capitalizing on automation can generate a return on investment of 200% or more, according to an overall report for 2020. The same report also found that the perception that automation reduces jobs is “grossly exaggerated” and that organisations should not see downsizing as a main benefit of intelligent automation.
It is all about human and AI collaboration. Business leaders must now determine how they can best integrate it into their workplace.
3. BUILDING TRUST THANKS TO ARTIFICIAL INTELLIGENCE AND ETHICAL FRAMEWORKS.
This is no easy way to adopt artificial intelligence technologies. A recent study from the University of Queensland found that most people are reluctant or ambivalent to trust AI systems. However, when organisations plan and encourage the use of ethical AI, consumer confidence increases. This is a trend accelerated by the COVID-19 pandemic, which means that resistance to AI applications is rapidly decreasing.
Africa has eight(8) ethical principles of artificial intelligence (AI) designed to ensure that AI is safe, secure and reliable. The principles are only voluntary, and the government intends to “aspire and complement – not replace – existing AI regulations and practices.”
According to Associate Professor Kirshner, the adoption of ethical principles varies widely between industries. We should follow in Europe’s footsteps and enact AI regulations and laws, as well as promote consumer education.
“Even if you have adopted a whole process for accountability, if consumers do not know that AI has been harming them, they would not take any steps to prevent it or to rectify it. So it is going to depend on part how people are educated about how artificial intelligence impacts their lives.”