How AI influence the way businesses (…and not only) work

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A lot of articles have been addressing the recent phenomenon of ChatGPT and other similar technologies that utilize Artificial Intelligence (AI) that change our point of view. Like every new invention, there are pros, cons and suggestions for appropriate operation, but its inevitable that these inventions have already changed forever the way we operate and ultimately the way businesses work.

Specifically, AI is set to have a profound impact on the way businesses work as it has the potential to revolutionize the way companies operate, automate mundane tasks, and improve decision-making. 

One of the first tasks that one can utilize this technology is automation. AI can automate repetitive and routine tasks, such as data entry, customer service, and financial analysis, freeing up employees to focus on more important or exciting responsibilities. This obviously leads to increased efficiency and cost savings for businesses. Robots can also analyze large amounts of data in a fraction of time compared to humans, and make predictions about future outcomes such as customer behavior and market trends. Businesses can make better decisions, such as identifying new opportunities for growth, and anticipate future challenges. Analyzing these data, businesses are also able to create personalized experiences like recommended products or services to customers based on their browsing history, or to provide personalized customer service. Apart from that, AI has the potential to generate new products and services, such as creating intelligent robots, self-driving cars, and more effective medical treatments that will revolutionize the way we understand our world. 

Last, but not least, and as technology evolves cybersecurity becomes an even more demanding field of operation and a mandate for every operating business.  In that sense, and as threats become more sophisticated over time – utilizing robots themselves – businesses cannot afford to be left back.  AI should be utilized to enhance cybersecurity by detecting and responding to threats in real-time and create a safety environment for their operation. This can help businesses protect sensitive data, such as financial information, and prevent data breaches.

However, it's important to keep in mind that it’s only a matter of time until AI disrupt traditional business models and change the way companies operate. Businesses must be prepared to adapt to these changes and invest in the necessary technology and skills to stay competitive. Additionally, businesses must also be aware of ethical and legal considerations when using AI, such as data privacy, security and ensuring fair decision making.

The ethics of AI is a complex and evolving topic, as it raises a wide range of ethical and moral questions.

Apart from the obvious consideration of job displacement on which businesses must consider the impact of AI on the workforce and take steps to mitigate any negative consequences, considerations on Bias, Privacy, Autonomy, Transparency and Responsibility matters must be placed high on our agenda. 

AI systems can perpetuate and amplify bias if they are trained (programmed) on biased data from biased humans. This can lead to unfair and discriminatory outcomes, such as denying certain groups of people access to services or opportunities. Also, AI systems will collect and process large amounts of personal data, which can raise privacy concerns. Businesses should ensure that they have robust data privacy policies in place to protect individuals' personal information. 

Collecting these data and getting trained to automate a lot of processes, won’t take long until AI systems become more advanced, and have the ability to make decisions on their own. This raises questions about accountability and responsibility in the event of an error or malfunction. Unfortunate recent events in Greece, shows that everyone’s is blaming the lack of technology, but what would have happened if a robot took the wrong decision? AI systems can be opaque and difficult to understand, which can make it difficult for individuals to understand how decisions are being made. Businesses must ensure that their AI systems are transparent and explainable, so that individuals can understand how decisions are being made, especially for audit and accountability reasons. Distinguishing between human and machine-made decisions will become even harder as AI systems become more advanced.

In conclusion, AI as a rapidly evolving field, is going to have a significant influence on the way businesses work, by automating repetitive tasks, improving decision making, enhancing customer experiences, and creating new revenue streams, but also raise concerns on Ethics and Morale issues. Businesses that embrace and effectively leverage AI will have a competitive edge, but also must be prepared to adapt to the changing business landscape and address ethical and legal considerations. Businesses must consider the impact of AI on society and take steps to mitigate any negative consequences, and involve all stakeholders in the process of developing and deploying AI systems, to ensure that all perspectives are taken into account.


Andreas Broustas

Business Development Director

Technology Intelligence & Performance

Grant Thornton | Insights

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