Leaders speak on AI potential & ethical impacts ahead of AI Day

As AI Appreciation Day approaches, industry leaders have turned their attention to the profound impacts and future potential of artificial intelligence (AI) in various sectors.

Transforming how we think, work and operate

Daniel Keys, Head of AI and Innovation at xAmplify, highlighted the transformative power of AI across businesses in Australia. "Artificial Intelligence has changed the world we live in. In today's dynamic operating environment, harnessing the potential of AI has enabled us to revolutionise the way we think, work and operate," he noted.

According to Keys, AI offers numerous benefits including streamlining operations, enhancing productivity, and driving innovation. Organisations can analyse vast volumes of data quickly, deriving actionable insights for informed decision making. He emphasised the importance of transparency and explainability in AI systems to prevent biased outcomes and build trust. "It is essential that we prioritise explainability in all AI products and services, ensuring that decision-making processes are transparent, accountable, and trustworthy," he added.

Understanding the impact of AI in work

Leah Rankin, Chief Product Officer at SiteMinder, stressed the significance of AI in enhancing customer experiences. She noted, "For savvy businesses, I foresee a focus on using AI to improve every moment in their customer experiences."

Rankin warned against the temptation to use AI purely for the sake of advancement without considering actual benefits to customers. "There should be a clear benefit to the customer when deciding to use AI or automation. And if there isn't, then you're likely wasting your time and valuable resources," she remarked.

In the tax industry, Nicole Kelly, CEO and Founder at TaxTank, anticipated a shift towards fully automated tax solutions driven by AI, highlighting data privacy and transparency as key challenges. "Robust security measures are essential to protect user data. Another challenge lies in maintaining transparency in AI decision-making processes," she observed. Despite these challenges, Kelly acknowledged AI's potential to automate routine tasks, reduce errors, and provide real-time insights, making tax management more efficient.

Nina Jung, Chief Revenue Officer at Chronos Agency, pointed out the benefits of AI in enhancing productivity, improving decision-making, and hyper-personalising customer experiences. AI tools allow businesses to redirect resources to strategic planning and creative thinking. "We're at an exciting juncture where brands are adopting AI and reallocating resources to higher value tasks," Jung said.

Janine Morris, Senior Solution Engineer at AvePoint, discussed the future of generative AI in information management. With exponential data growth, organisations are turning to AI to classify documents and ensure information accuracy and integrity. However, she emphasised the need to address security concerns, particularly with the use of public AI tools. "There's a risk that sensitive information could be inadvertently shared with other users of the tool," Morris warned.

Joshua McAdam, Chief Operating Officer at SecureCo, highlighted AI's role in enhancing customer interactions through chatbots and voice AI tools. He cautioned against the hasty adoption of AI tools without proper integration. McAdam stated, "Organisations need to be investing in platforms that seamlessly connect disparate technologies within a customer experience stack […] Without a platform acting as a conductor of your technology, organisations risk clunky, unscalable or slow customer experiences."

Utilising AI for ecological and environmental support

Amidst these developments, Tyton Ecological Intelligence (EI), a Perth-based company, unveiled a new AI software for ecological management. The Tyton AI software, developed over seven years, harnesses machine learning to analyse aerial imagery for monitoring vegetation.

Dr. Cam Mounsey, Founder and CEO of Tyton EI, highlighted the tool's capability in aiding environmental managers to monitor study areas with precision. The tool, set to be launched as a SaaS product, uses a machine learning mega-model to deliver accurate environmental monitoring and rehabilitation.

CTO Alex Dunmow, who spearheaded the software's development, remarked on the innovation's relevance in ecological monitoring. Dunmow stated, "We're applying advanced AI to help solve real environmental challenges. It's satisfying to see our tech making a tangible difference in how mining companies manage and restore ecosystems."

As AI Appreciation Day draws attention to the advancements of AI solutions and integrations, the industry continues to ponder the ethical, practical, and strategic implications of these technologies.