AI is a useful support for businesses, but it's not a quick fix, says Blick Rosenberg, a leading tax and advisory firm.
“Microsoft announced this month a new artificial intelligence (AI) hub in London to tap into the UK's vast AI talent and expertise,” said Nick Winters, the company's head of technology. But while the UK's development of AI is exciting, it could cause more problems than it solves if it goes wrong.
“For now, AI cannot replace the human brain and must be used in context. It must be used in conjunction with traditional thought processes rather than as a standalone tool. there is.”
He further added, “There are some personal examples where using AI alone has caused major problems. One of my clients used a well-known accounting software to prepare his tax returns. Then they called me in a panic because their tax bill was many times higher than expected. After a quick check, the software was able to transfer the money from their savings to their current account. It was revealed that they were identifying all bank receipts as income, even if it was just a transfer to a deposit.
“I sometimes use Bing's AI companion to compile ideas for articles and help sheets. I asked them to provide me with something I could use for fiscal policy in my party's manifesto. It looked interesting, but on closer inspection, it was Kwasi Kwarteng's 2022 mini-budget, and we all know how that was received.
“There is also the example of a New York lawyer who was sanctioned for using the AI tool ChatGPT in legal research. The application was found to reference non-existent case examples.”
Nick said: “But we are already benefiting from the support provided by AI technology. Everyday examples include everything from satellite navigation systems to driver assistance technology, from robot vacuums and smart thermostats in the home to mobile phones with facial ID. Includes Open, Enhanced Internet, and more.
We have spell checkers, predictive text, and chatbots in search and even in the workplace, just to name a few. ”
“In short, if used properly, AI can help us be more productive and lead a better life. But only if it is used as a support, not as a quick fix. there is no.”
He further added: “So my top 10 tips for companies using or looking to start using AI are:
- Define clear goals. Identify specific problems and opportunities where AI can add value to your business, such as improving customer service, streamlining operations, and enhancing product recommendations. Don't introduce AI technology without making sure it has the right support in the first place.
- Data quality and accessibility: Ensure your data is clean, relevant, and accessible to AI algorithms. Invest in data collection, storage, and management systems to support your AI efforts. This helps avoid model drift where low-quality or irrelevant data causes the AI to return incorrect or inappropriate responses.
- Start small and expand gradually: Start with a pilot project or small-scale implementation to test the feasibility and impact of your AI application. Once successful, gradually expand your AI efforts across different departments and business functions.
- Choose the right AI tools and partners: Choose the AI tools, platforms, and vendors that align with your business needs, budget, and technical capabilities. Consider factors such as ease of integration, scalability, and vendor support.
- Invest in people and training: Build your in-house AI expertise by hiring data scientists, machine learning engineers, and AI specialists to suit your budget. Provide training programs to improve the skills of existing employees and adapt them to AI technology.
- Ethical and responsible use of AI: Prioritize ethical considerations and responsible AI practices, including data privacy, transparency, fairness, and reducing bias. Ensure compliance with relevant regulations and standards. Human intervention is still required to adjust AI output to fact-check and ensure it is appropriate before publishing it.
- learn through repetition: Embrace a culture of continuous learning and iteration in your AI journey. Encourage experimentation, feedback, and cross-team collaboration to refine your AI models and strategies over time.
- Monitor performance and ROI: Establish metrics and KPIs to measure the performance and ROI of your AI implementation. Regularly monitor and analyze data to assess the effectiveness and impact of your AI initiatives on business outcomes.
- Stay informed and adapt: Stay up to date with the latest developments and trends in AI technology, applications, and best practices. Continuously evaluate and adapt your AI strategy to stay competitive and meet evolving business needs.
- Customer-centric approach: Put your customers at the center of your AI strategy. Focus on delivering personalized experiences and anticipating your needs. As always, use AI as a support, not a solution. Customer problems with your business cannot be solved with AI band-aids. ”
Nick says, “By keeping in mind that AI is a support, not a solution, businesses can harness the power of AI to drive innovation, efficiency, and growth while avoiding potential pitfalls. ”.
