The Ripple Effect of AI: Navigating Opportunities and Risks in Business
UMNAI’s Angelo Dalli gave a talk on “Navigating Opportunities and Risks in Business” at the “The Ripple Effect of AI” event in Valletta, Malta. “The Ripple Effect of AI” is a business seminar organised by the Malta Chamber and the Malta Business Bureau, in collaboration with the General Workers Union. The seminar is part of the TransformWork Project, which aims to promote a discussion on different aspects of digitalization at the workplace.
In his talk, Angelo highlighted how the increasing use of AI in business, while offering a commercial advantage, presents significant risks and challenges. One of the most significant risks associated with AI is biased decision-making, that may arise from various factors, and can only be addressed if businesses take a proactive approach to implementing AI systems that are transparent, explainable, and ethical. This would involve implementing human-in-the-loop systems that allow human experts to review the decisions made by AI systems; conducting regular audits of AI systems to detect and mitigate biases; and ensuring that AI systems are only used in situations where they can provide real benefits without causing harm. For such Hybrid systems to be effective, the AI part must be fully explainable and transparent otherwise there is no real human oversight.
“In situations where AI is making decisions that impact human lives, explainable AI is not just desirable – it is essential.”
On the human capital side, businesses must grow and invest in their talent pool to keep up with the pace of innovation and maximise the benefits of AI. As AI becomes more pervasive, professionals will need to learn new competencies and develop the interdisciplinary skills needed to implement effective AI solutions.
“While AI can automate many tasks, it cannot replace the human skills of creativity, empathy, and critical thinking.”
While AI can provide insights into customer behaviour, it cannot replace the human ability to build relationships and understand individual customer needs. Nor can it replace the human ability to make ethical judgments and consider the broader implications of business decisions. UMNAI has created a framework, called the Identify Assess Resolve (IAR), to help people collaborate and work together with AI and Hybrid Intelligence systems.
The use of AI offers tremendous opportunities for businesses, but it also presents significant risks. By taking a responsible and ethical approach to AI development, prioritizing the reskilling and education of the workforce, and starting small, businesses can take advantage of these technologies and thrive in the digital age. With the right approach, AI can help businesses unlock new opportunities, increase efficiency, and drive growth while also benefiting society.
More details on the various talks and discussions at the “Ripple Effect of AI” seminar can be found here.
About Hybrid Intelligence
UMNAI’s Neuro-symbolic AI forms the foundation of our Hybrid Intelligence Framework, a system that enables the integration of human knowledge with explainable AI in a collaborative manner. The framework empowers decision workflows that apply intentional reasoning and oversight to ensure fit-for-purpose decisions. In Hybrid Intelligence powered decision workflows, human crafted tests, measurements and assessments intelligently interrogate each prediction to fully understand it. With awareness and understanding, decisions are programmatically aligned to meet the intentions and obligations of the operator.
UMNAI’s Neuro-symbolic AI and Hybrid Intelligence Framework are particularly suited to the application of AI in regulated industries such as financial services, insurance, healthcare, social services and other highly regulated industries.
Contact us if you an application that could benefit from UMNAI’s technology or if you’d like to learn more about the benefits of Hybrid Intelligence.