“In 40 years, we created the PC, Internet, mobile, cloud, and now the AI era. What will you create? Whatever it is, run after it like we did. Run, don’t walk. Either you are running for food, or you are running from becoming food.” Nvidia Corp. co-founder and CEO Jensen Huang. Whatever it is that your business is running after, let artificial intelligence be the ultimate enabler!

Artificial Intelligence

The term Artificial Intelligence (AI) refers to the ability of computerised operating systems to mimic human-like activities.

The Holy Grail

AI is expected to have injected more than €11 trillion into the global economy by 2030. AI and robotics will jointly stimulate the creation of about 60 million new jobs globally by 2025.  AI in business boosts decision-making, efficiency, resourcefulness, personalized customer experience and scalability.

AI in Business

Marketing and Advertising

AI enhances how companies engage with their audiences and manage their campaigns through deep insights into consumer behaviour and preferences. ChatGPT is one such tool. It expertly comprehends conversation contexts hence it ensures relevance in responses; it enables communication across different language speakers and it can detect and decipher emotions in conversations thus aiding aptly tailored customer service.

Repetitive Tasks’ Automation

There is increased accuracy and productivity hence a reduction of costs. Processes such as data compilation and the development of personalized training programs are automated. Process AI and Think Task are AI tools that can be used to automate repetitive tasks.

Optimisation of Business

Functions that can be optimised include marketing, supply chain management and human resources management. AI tools include Pictory, INK and Scalenut. Their range of features enhance workplace productivity by simplifying various work processes. They can also be used in content creation and performance tracking. AI provides insights into future demand, helping businesses plan their inventory and production more effectively as trends are quickly identified and used in making sound supply chain decisions. AI tools for supply chain management include Birst and KPMG Spectrum.

Consolidating HR Functions

HR teams focus on the strategic functions of their roles. AI tools such as WebHR and Workable assist in screening CVs, assessing qualifications accurately and the tailor-making of training programs to individual employees.

Cybersecurity for Businesses

Tools such as CrowdStrike Falcon ensure a more vigorous and proactive defense against cyber threats. IT environments are monitored, anomalies are detected, sensitive data is secured and fraud is prevented. Large volumes of data are managed and datasets are analysed in real time to swiftly predict and pinpoint anomalies and potential threats.

AI in other Sectors

AI is rapidly expanding into all sectors. In the Education sector, the current technology can automate 20% to 40% of teachers’ workload, potentially freeing up to 13 hours per week. In Healthcare, the use of AI technologies Artificial Reality (AR) and Virtual Reality (VR), helps patients avoid illness and prepare adequately for future medical issues stemming from family history and genetics. In Agriculture, sustainable AI-aided precision agriculture increases profits and lowers costs. John Deere has a See and Spray technology that targets weeds and sprays herbicides only where needed thereby reducing waste. It helps prosumer home owners to manage their energy bills. It calculates when and how much energy should be consumed by providing such information as when to charge a car or sell excess energy.

The opening of Pandora’s box….

Sam Altman, CEO of OpenAI, said that AI is likely advancing faster than the world expects meaning we cannot effectively control its development. In his article titled Autonomous weapons systems: Welcome to the dark side of artificial intelligence, Prof Arthur Mutambara talks about the use of AI applications by bad actors with evil intentions. What can happen if AI is used by people with evil intentions?

Deepfakes

AI is being used to generate photos, videos, audios and text that are hard to distinguish from the originals. Deepfakes are putting businesses at risk of fraud and exploitation. In January 2024, US$25 million was transferred into a fraudster’s account by an employee of a business based in Hong-Kong after being instructed to do so by her ‘Chief Financial Officer’ on a video call that also involved ‘some of her colleagues’. The video call was a deepfake.

Hacking/Offensive Cyberattacks

According to Byfrank Bajak and the Associated Press, Microsoft reported the use of AI technologies by North Korea (Kimsuky), Iran (Revolutionary Guard), China (Aquatic Panda) and Russia (Fancy Bear) in mounting cyberattacks and researching foreign establishments.

Hallucinations

Did you know that AI can lie? This is called hallucinating. It happens when a chatbot generates deceptive or untrue responses. A Vectara research report estimates that chatbots invent information at least 3% of the time and as high as 27%! This is very disconcerting since businesses get deep insights from AI generated data. An AI-driven New York City chatbot, that was designed to assist small business owners, gives out inaccurate statements about local policies and it also advises companies to violate the law.

Autonomous Weapons Systems

Autonomous Weapons Systems (AWS) weapons choose and apply force to targets without any human input. An armed drone can identify, engage and destroy a target using sensor inputs. The drone activator might not know the target specifics, the time or the location of the strike. What if these systems malfunction or fall into the wrong hands? The Terminator movie eerily comes to mind!

In conclusion

AI in business can be the holy grail for businesses but if AI is used by people with evil intentions, Pandora’s box would have been opened! Legislators across the globe are now embracing regulatory frameworks so that there is a balance of novelty and opportunity with risk to uphold protection for humanity, especially the disenfranchised, and the environment.  The Council of Europe’s Framework Convention on Artificial Intelligence and UNESCO’s Recommendation on AI Ethics are notable examples.

Rujeko Adlyne Bara is an avid Business Strategist, a Brand Champion and an Author. Contact: [email protected]