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BUSINESS TODAY 30 November 2023

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12 30.11.2023 Alexiei Dingli Prof Alexiei Dingli is a Professor of AI at the University of Malta and has been conducting research and working in the field of AI for more than two decades, assisting different companies to implement AI solutions. He forms part of the Malta.AI task-force, set up by the Maltese government, aimed at making Malta one of the top AI countries in the world NEWS AI won't disrupt your business, but your AI-savvy competitor will! I n an era where businesses are on the verge of a transformative wave, Ar- tificial Intelligence (AI) emerges as a beacon of innovation. Its potential to re- define the business landscape is immense, heralding a significant shi in global workforce dynamics and operational strategies. A study conducted by Boston Consulting Group and OpenAI reveals AI's profound effect on productivity and work quality, particularly in tasks that demand extensive knowledge. It has been shown that AI users can complete tasks 25% faster and achieve a 40% increase in the quality of results compared to those working without AI support. Furthermore, Goldman Sachs antic- ipates that AI will affect around 300 million full-time jobs worldwide, with automation potentially altering up to two-thirds of jobs in Europe. is trend is evident in IBM's strategic decision to halt recruitment for roles that AI could replace, impacting an estimated 26,000 employees and British Telecom's plan to cut 55,000 jobs in the coming years. Despite its promise, AI's integration in business poses significant challenges. AI's benefits are clear, but many busi- nesses are still uncertain how to kick- start their AI transformation journey. e role of AI experts in this scenar- io is critical. ese professionals look beyond technology, serving as strategic partners who guide businesses through AI's complex terrain. ey are instru- mental in identifying tasks suited for AI, ensuring seamless integration. eir work extends beyond technology im- plementation, encompassing workforce training and development to promote the effective use of AI tools. AI experts facilitate the creation of AI-augmented organizations, where a synergistic division of labour exists be- tween humans and AI, maximizing the strengths of both. ey foster an envi- ronment where AI handles tasks it is best suited for, while humans focus on areas requiring creativity and intuition. ese experts are vital in cultivating this balanced approach within organi- zations. Moreover, they address the emerg- ing skill gaps as AI reshapes job roles. Instead of mandating lengthy cours- es which partially satisfy their needs, they provide concise, tailored training focused on organizational needs. is approach is particularly relevant given the current labour market dynamics. In a fast-paced job market, employees who undergo extensive training may leave the company before the organization can fully recoup its investment in their training. By providing concise, tailored training modules, they ensure a quicker return on investment and minimize the risk of losing trained employees to the job market. e modules demand min- imal time commitment since they em- ploy micro-learning content yet yield substantial productivity improvement, equipping employees to proficiently en- gage with AI technologies. is strate- gy nurtures an adaptable, future-ready workforce. e role of these experts is not just about initial integration; it's a continu- ous partnership. ey provide ongoing support and advice as AI technologies evolve and business needs change. is enduring partnership ensures that the adoption of AI is responsible, sustain- able, and in alignment with the organ- isation's broader goals. ese experts offer customized advice and strategies to help businesses navigate the com- plexities of AI integration. ey identify potential challenges and opportunities to maximise the benefits of using these AI technologies. is approach enhanc- es operational efficiency and fosters a culture of innovation within the organ- ization. In this AI-centric future, businesses confront the dual challenge of embrac- ing technological innovation while con- sidering ethical, social, and economic impacts. AI's transformative power in business is a call to action, offering an opportunity to revisit strategies and prepare for an AI-centric success. With appropriate guidance from AI experts, companies can leverage this opportu- nity for a competitive edge, position- ing themselves for prosperity in an AI-dominated future. Ultimately, the transformative power of AI in business should not be under- estimated. It is not AI itself that will disrupt your business, but rather a com- petitor who understands how to use AI more effectively than you will. is real- ization underscores the critical impor- tance of strategic AI integration, guided by expert consultancy, in ensuring your business remains competitive and in- novative in an increasingly AI-driven world.

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