Artificial intelligence (AI) has generated a lot of attention recently, and rightfully so. A game-changing technology, AI is likely to be a driver of innovation and economic growth for decades to come. In fact, it’s likely to change almost every aspect of how we live, work and play.
It was against this backdrop that we launched our Future of Work AI programme. With a series of webinars hosted by some of New Zealand’s leading AI thinkers and practitioners, culminating in the AI Show, our aim was to help demystify the buzz around AI and understand what it means for New Zealand businesses.
Throughout the series, we received a range of questions, and while we did our best to answer them at the time, this blog post addresses some of the questions we did not have the chance to respond to.
But first, what is AI?
Simply put, AI is technology that imitates human intelligence, but it is more than just smart machines – it’s a catalyst for transformation. From algorithms that predict consumer behaviour to simple bots that free us from monotonous and repetitive tasks, AI involves creating systems that can think, learn and make decisions just like humans.
The real benefit of AI systems is that they can accurately process enormous amounts of data at a speed that is simply not possible for a human. That means introducing AI tools into your business can deliver major productivity gains for you and your team.
A recent study by the U.S National Bureau of Economic Research, for example, found that customer support agents using an AI tool saw a nearly 14% increase in productivity. To give this number some context, the average labour productivity growth in the United States since 1947 averaged just 2.1%.
The scope of AI is enormous. It’s already making its presence felt in a wide range of sectors. In healthcare, it’s helping with surgeries and offering companionship. In agriculture, it’s streamlining herd management. In conservation, AI-driven drones are protecting endangered species.
This is even more startling given AI is still in its infancy. While we can’t be sure exactly what the future holds, what we do know is that AI will change our lives in much the same way as the internet has.
It is undeniable that AI will have a profound impact on the employment market, just as other technological revolutions have done in the past. The way we work will evolve as businesses take advantage of AI tools and workers use the tech to be more efficient.
The speed of this change is likely to be quick, and in some instances happening now. The World Economic Forum predicts 25% of jobs could change over the next five years because of AI, digitisation and other economic developments. But AI is also likely to drive new industries and could create many more jobs than it replaces.
So, how do New Zealand businesses take advantage of AI?
Before rushing to implement an AI system into your business, the first thing you need to think about are the problems you want to solve. That means looking at the areas where you can automate business processes, augment tasks and create new experiences.
Once you have answered these questions, the next step is picking the right tool. This could mean using a third-party application or building something inhouse that meets the unique needs of your business. This will largely come down to the size of your budget and the problem you are trying to solve.
Finally, you need to make sure that you have the right policies and procedures when it comes to using AI. You want to make sure your AI policy not only protects your data and intellectual property but also ensures you are meeting all your legal and privacy obligations. This is because you will still be held legally accountable for any decisions made by the AI tools you are using.
At the EMA, we want to help Kiwi businesses unleash the potential of AI. That is why we have partnered with Justin Flitter and NewZealand.AI , which can work alongside your team to help you understand how AI can be integrated into your business.
Whether you are looking for a customised workshop for your executive team, support upskilling your staff, a better understanding of the opportunities and limitations of AI, or help making sure that you have the right policies and protections in place, the EMA can help.
We have a range of tools and packages available that can help your business to start taking advantage of all the benefits that AI brings. Simply visit futureofwork.co.nz to learn more.
