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Writer's pictureUHY Haines Norton

Keeping up with Tech

By Tina Zawila

 

At the UHY International Conference there was a presentation on Artificial Intelligence (AI) and what it means for business and our lives generally.  There’s no denying that AI is here, and here to stay. 


Is it a threat or an opportunity?  Or both?



In my opinion, we cannot stop progress, and therefore, we need to look for opportunities and embrace them.   So how do you identify these opportunities?


The first step is to educate yourself as much as possible on how AI can be utilised in your industry.  What are the tasks that can be automated to save you time and create efficiency?  How are others already using AI?  Make sure your research also covers the ethics and security risks, and ensure you have measures in place to address these risks before adopting AI. 


Once you are ready, start slowly.   Determine which AI tools are right for you and understand the differences between free and paid versions.  (Remember if it’s free you are the product!) Then introduce AI into simple day-to-day processes to determine how well it works, and if it is effective and efficient.  Look out for any inconsistencies and examine the use of AI compared to your more traditional practices.


There are so many ways AI can be incorporated into your business (and life) including, but not limited to, explaining information, analysing data in the public domain, research tasks, identifying discrepancies, generating ideas, forecasting, marketing and even answering technical questions.


However, be aware of the limitations inherent in the AI tool/s you are using such as potential for out-of-date information or “hallucinations”.   AI hallucinations are incorrect or misleading results that AI models generate, and they can be caused by a variety of factors.  One way to overcome these is to specifically tell the AI tool “do not make anything up”.  


When you give AI some thought and do some research, you may be surprised to learn just how much you already use it in your day-to-day activities with your smartphone and computer.   So rather than be afraid, or resist this technology, make informed decisions to take advantage of the opportunities.  I believe that the power of human connection will remain as important as ever and that this is just another tool that can enhance our capabilities.


The business and finance professionals at UHY Haines Norton, are here to help you in all aspects of business, call us today on 07 49721300.

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