Issue link: https://maltatoday.uberflip.com/i/1181032
31.10.19 11 INTERVIEW and deploy AI solutions' Market leaders insist AI needs to become more broadly available in business. What are the benefits of introducing AI-powered solutions to a business today? e benefits of AI to busi- nesses is various. First of all, we have to remember that when we speak about AI, it is not just a program but rather a collec- tion of different algorithms. AI is made up of different sub- fields too, each with its own suite of algorithms. ey make the computers see, talk, learn and understand how the phys- ical world works. Because of this, businesses can gain a lot of advantages from AI. It could be a simple matter of targeting specific customers when they publish their adverts, up to op- timising hundreds of machines in order to improve their yield. AI will also bring forth better efficiency, quicker response to problems and make future predictions which would be otherwise impossible. AI will also provide new services to customers. Chatbots will be on standby, 24/7 ready to answer any query. ey will also guide the user in buying online and shipping them almost immedi- ately. For the first time, AI will assist businesses to provide a unique personalised experi- ence centred around their cli- ents. Is AI the playground of only large multi-nationals? Or can - and should - even small business look into how they can integrate AI in their service solutions? No, AI is not just for the large multi-nationals. A lot of small businesses can benefit from AI and most of them are al- ready doing it. Just think about Facebook or Google Ads. Busi- ness can set them up in a few seconds and let the AI decide when to show an advert. Today, many companies on Facebook use a chatbot. e chatbot is the AI that is handling custom- er queries when no one can answer such as when the shop is closed. A lot of small compa- nies, such as barbershops, have an online system to schedule appointments, in some cases saving them 24 hour a month stuck to the phone and tak- ing appointments. e AI is at the heart of such systems, im- proving the lives of people by automating simple repetitive time-consuming tasks. Malta will definitely need to build AI skill-sets in the future workforce. But the potential for technological job displacement is also a major concern for policymakers. Will jobs in Malta be automated and will people be left behind? e most critical resource, in any country, is human capital. A skilled workforce and a well- oiled educational system lie at the foundation of high-val- ue-added services. With the proliferation of AI, we expect existent work practices to be disrupted, thus creating not only new opportunities but also new challenges. We have seen a lot of predic- tions in the past year. Some ex- perts foretell that around 40% of all jobs will disappear in the coming years. Others say that the AI revolution will create millions of new posts, some of which have not even been invented yet. ere is nothing new in this. If we have a look at what happened when the banks introduced Automated Tell- er Machines (ATMs), we can see a similar pattern. With the deployment of ATMs, many predicted the end of bank tell- ers. However, statistics show otherwise. In 1985, there were 60,000 ATMs in the US and 485,000 bank tellers. In 2002, the number of ATMs rose to 352,000 while the number of bank tellers rose to 527,000. Our interpretation of this is that many people were finding it convenient to make use of the new machines; hence, the number of banking transac- tions began to soar. On the other hand, banks started focusing on better customer service; thus add- ing more employees to their branches to handle more com- plex tasks. We can also see this pattern happening today with online banking. Even though some banks closed several branches and 90% of transac- tions are taking place online, the number of bank employ- ees in the US is practically the same. It goes to prove that it is not just a matter of automation taking over human jobs. e truth of what will happen is most probably somewhere in between. Let's make it clear that in most cases, AI will not take over jobs, but it will auto- mate specific tasks within that job. In essence, the job market will change as follows; Some jobs will become obsolete such as driving. Self-driving cars will be able to transport peo- ple and goods around without the need of a human chauffeur. Some jobs will not be affected much by AI, such as nursing. In the caring profession, the human element is still critical and essential. Some new jobs will be created, such as Organ Creators, whose role will be to develop organs and body parts from organic material. Many existent jobs will change for- ever. ese range from low paid jobs such as store assistants up to high paid jobs such as lawyers. AI will augment their tasks in such a way as to make them safer, faster and more precise. To prepare for this revolution, we need to help the workers of today and those of tomorrow, adapt and acquire new skills. Where do you see Malta in this AI world in 10 years' time? e coming decade will be a fascinating period for Malta since we will see the imple- mentation of the new AI strat- egy. ere's a long way to go. One which will help us reduce our educational gaps, ensure that everyone achieves his full potential, support children at risk, re-skill our workforce and mould the professionals of the future all using AI. It will not be easy, and the road ahead will take us towards exploring unchartered territo- ry. What's for sure is that we are in the right direction to- wards turning Malta into an AI launchpad. We are working not only to shape our island with the use of AI but I am confi- dent that if we continue in this direction, we will also be an example of technological ad- vancements for other countries in the coming years. We are working not only to shape our island with the use of AI but I am confident that if we continue in this direction, we will also be an example of technological advancements for other countries in the coming years