Proactive approach from businesses is urgently needed on AI regulation: Rashmi Dubé

AI has the potential to transform the way businesses operate, optimise processes, and create new opportunities. Just looking at it from a high level, we can see how automation of routine tasks can significantly be impacted with AI-powered tools such as chatbots, virtual assistants, and automated customer service systems which handle repetitive tasks allowing employees to focus on more complex and creative work. This will and has already led to increased productivity and efficiency in the workplace.

There is also the one-to-one personalised experience - “the customer experience” – where AI can enable businesses through machine learning algorithms to analyse customer data and gain insights into their preferences and behaviour. This gives greater insight, as we can already see with ads on social media, personalised marketing campaigns, product recommendations, and customer service interactions.

This in turn can also lead companies towards analysing data and allowing AI to provide insights and recommendations that humans may miss, which may result in improved business outcomes and teak away or improve decision making.

Machine learning algorithms can analyse data from multiple sources, such as inventory levels, shipping times, and supplier performance, to identify opportunities for optimisation. The results can help businesses reduce costs, improve efficiency, and increase customer satisfaction.

But if AI is all singing and dancing and making our world a better place, why would Dr Geoffrey Hinton quit Google citing concerns over the flood of misinformation and the “existential risk” posed by its creation? I return to my original point - we need more regulation around this arena before it is too late.

Ethics around AI has often been cited as a primary concern and it is. However the use of AI is global, and the question is whose ethics radar will be in use?

The growing issue here is the need to impose rules around AI in order to safeguard human rights. But who decides what this is? The EU has drafted a first-of-its-kind AI Act – the first rules around Artificial Intelligence.

The Commission’s proposal was adopted in draft form this month to ensure that AI systems are overseen by people, transparent, traceable and safe.

Will this be enough? Is it too late? To be clear, the Act will have an impact on the UK as it applies to any developer or user of an AI system outside the EU where the output of the AI system has an effect within the EU.

AI will have a significant impact on business, potentially transforming the way businesses operate. Just see what the pandemic did for global digitalisation for the business world.

What we cannot do is just sit around and let events impact us and once again create a reactive approach. Now is the time to be proactive, to help not just the business world but our communities around us.

Rashmi Dubé is a partner at gunnercooke