Navigating AI: Opportunities and Challenges in Modern Business

Welcome to our first blog post covering the fascinating world of AI in business, inspired by the insightful discussion from the IET AI Technical Network's podcast.

In this episode, industry leaders Kirsten McCormick, Phil Clayson, and Andrew Williams share their perspectives on the impact of Artificial Intelligence (AI) on business operations, the benefits and challenges it presents, and the future of AI in various sectors.

AI is transforming the way businesses operate, offering new opportunities and posing unique challenges. Kirsten McCormick, the IETs’ AI technical network chair and AI lead at General Dynamics Mission Systems, kicks off the podcast by highlighting the importance of discussing AI's role in business. She is joined by Phil, a CTO in the tech industry, and Andrew, the innovation and data director at LoweConex, who also serves as the vice chair of the AI technical network.

Watch the Podcast below!

Key Highlights

AI in Business Operations

Phil shares his experience in the gaming sector, where AI is used to address fraudulent transactions and improve the gaming experience for genuine players. He explains, "We've been using AI to address some of those behaviours inside games where you have currency and therefore the ability to create fraudulent transactions." This example illustrates how AI can enhance security and streamline processes in various industries.

The People Aspect

The discussion then shifts to the impact of AI on people and jobs. Phil acknowledges the apprehension surrounding AI, driven by hype and uncertainty. He notes, "People are nervous. There's a lot of hype worldwide. You've only got to open the newspapers or switch on the television, and you won't wait long before you see or read a story about AI."

Kirsten compares AI to the introduction of calculators, suggesting that AI can be seen as a tool to enhance productivity rather than replace human skills. She says, "Are you actually losing that skill of mental arithmetic by utilising a calculator? Or is it just making your job effective?"

Diversity and Opportunities

AI's potential to create new roles and opportunities is another key topic. Phil highlights the emergence of new degrees and roles that didn't exist five years ago, driven by the demand for quality data. He explains, "The increasing amount of demand for good quality data people will increase as time goes by."

Kirsten emphasises the need for diversity in AI development teams to ensure solutions are inclusive and representative of society. She states, "If you have a team of a minority or a majority, if everybody has the same sort of mindset, you often have a product or a solution that is aiming towards that subset of society."

Ethical Considerations

The podcast also touches on the ethical implications of AI. Phil stresses the importance of adopting AI for meaningful reasons, not vanity projects. He says, "We're not adopting vanity projects. We've adopted projects which are meaningful in one business operational measure or another."

Kirsten adds that ethical guidelines should dictate when AI is appropriate to use, ensuring it complements human skills rather than replacing them. She notes, "There are key skills that can't be just changed by AI, and it's having that mindset and ability to know when it is appropriate to use AI and when it's not."

Conclusion

The podcast concludes with a discussion on the need for innovation and balancing the potential of AI with ethical considerations. Phil highlights the importance of accelerated adoption to keep pace with global advancements, stating, "People are going to have to find a way, companies and humans and employees, they have to find a way of going a bit quicker."

Join the discussion

1. What are your thoughts on the ethical implications of AI in business?
2. Have you experienced AI integration in your workplace? How has it impacted your role?
3. Do you believe AI can enhance diversity and inclusion within organisations? Why or why not?
4. What concerns do you have about AI replacing human jobs? How should businesses address these concerns?
5. Which industry do you think will benefit the most from AI advancements? Share your predictions!

We'd love to hear your thoughts! How do you think AI will shape the future of business operations and job roles? Share your insights and experiences in the comments below.

About the Speakers

 Kirsten McCormick is the IET’s AI technical network Chair and the AI lead at General Dynamics Mission Systems in Hastings. She also serves as a senior systems engineer, bringing a wealth of experience in AI and Defence technologies.

Phil Clayson is a Chief Technology Officer (CTO) in the tech industry, with extensive experience in the gaming sector. He has been an IET volunteer for many years and is passionate about leveraging AI to improve business operations.

 Andy Williams is the Innovation and Data Director at LoweConex and the vice chair of the AI technical network. He focuses on the impact of AI in various contexts and is dedicated to driving innovation through data and AI technologies.