AI-Powered Productivity: Strategising for Success

Our Colleagues at the IoD In Jersey held an event in July for the local business community, and we shared the results.

At a recent IoD Jersey event, AIPowered Productivity: Strategising for Success, sponsored by Deloitte, we delved into the transformative potential of generative AI in businesses. The event was hosted by our Chair of the Digital Subcommittee, and speakers included a keynote from Deloitte Partner Peeyush Aggarwal, Emma German from Monoceros, Rory Steel from Digital Jersey, and Simeon Moss and Emma Shirreffs from Deloitte.

Based on the insights from the workshop with over 100 local business professionals, the findings from the topics covered provide great insights for those considering the adoption of AI in their businesses and provide an overview of how generative AI can impact various aspects of business operations.

Legal and Regulatory Considerations

  • Directors and Board Seats: The consensus among workshop participants was board seats are currently safe. However, there’s growing interest in leveraging AI as an additional board member. If trained effectively, AI could contribute valuable insights and augment decision-making processes.
  • Legal Personhood for AI Agents: While the idea of granting AI agents legal personhood (with the power to contract, sue, and be sued) is intriguing, the legal framework isn’t yet in place. Organisations need to navigate this evolving landscape carefully.
  • Spatial Computing and Surveillance: The workshop participants expressed caution regarding mass surveillance and the use of biometric data. Although spatial computing has potential, we’re not ready to fully entrust AI with extensive surveillance capabilities.
  • The most important aspects for managing AI risk: was perceived to be ensuring the data was safe and secure, followed by accountability within the organisation, responsible usage and privacy.

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Talent and Upskilling

  • Training and Digital Adoption: The groups returned interesting results around the level of digital training they perceived was done in their businesses, around 10% of time per month.  This correlates with data from Digital Jersey.
  • Early Days of GenAI Adoption: Businesses are still in the early stages of adopting generative AI tools. Many organisations are experimenting with GenAI, especially for specific use cases involving large data processing or scalability.
  • AI vs. Blockchain: AI tools are becoming more accessible and are gradually entering the mainstream. In contrast, blockchain remains less accessible and challenging to develop use cases for unless you have technical expertise.

Practical Use Cases

The value drivers for implementing AI were discussed, and the groups found that workforce acceleration was the highest priority order for business leaders.  This ties in with other use cases and the current levels of maturity.  Larger potential value is anticipated from using AI to generate business growth in new sales channels and innovation, and these are opportunities that businesses should look to explore.

 

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Generative AI can enhance several core business processes:

  • Processing Large Data Sets: GenAI excels at handling large, potentially unstructured data sets. It can analyse, summarise, and extract valuable insights from vast amounts of information.
  • Automating Internal Processes: By mapping and automating internal workflows, GenAI can streamline repetitive tasks, freeing up human resources for more strategic work.
  • Knowledge Management and Research: GenAI can assist in knowledge management by summarising research papers, generating reports, and organising information efficiently.

In summary 

  • For local businesses experiencing skills shortages AI, if used properly, can create that extra capacity and capability.
  • The adoption of AI needs to be done well, and focus on training the people, rather than leaving colleagues to evolve their own ways of working. Otherwise it becomes another personal productivity tool.
  • Adoption must start from the top – for success it has been proven that understanding and buy in from the board and executives is needed.

Generative AI holds immense promise for businesses. It can augment human creativity, improve efficiency, and drive innovation across various industries. As organizations adopt these technologies, responsible practices become imperative to ensure ethical and effective use.

If you would like to discuss any of these topics further, don’t hesitate to get in touch with Ian Webb, Chair of the IoD Jersey Digital Subcommittee on digital.ambassador.jersey@iod.com.

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