• Sunday, April 14, 2024
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Utilize Artificial Intelligence (AI) to improve both your long-term sustainability and your bottom line

AI-powered invoice processing ‘ll boost business transactions – Aligba

Artificial intelligence(AI) can be beneficial to humans, other species, and the environment when used correctly.

It is impossible to imagine the Fourth Industrial Revolution without AI, which is the underlying technology of big data, robots, and the internet of things (IOT). There are a lot of different ways to look at it.

A computer system’s ability to think, learn, and act in accordance with what it perceives and the goals it has been trained to pursue is called artificial intelligence, or AI. Massive data sets enable technology to learn from these insights to the point that it can execute or help in everyday human activities.

For example, AI is being used in healthcare, education, retail and online commerce as well as financial services and marketplaces for the most cutting-edge applications of artificial intelligence. It’s already commonplace to employ AI for anything from finding new employees to instructing pupils with a wide range of abilities and performing medical tests. Online stores, search engines such as Google and Bing, digital assistants that respond to voice commands, translators and voice recognition software are just a few examples of the many potential uses for this technology.

According to PricewaterhouseCoopers, the world economy will gain $15.7 trillion by 2030 as a result of the rise of artificial intelligence. The fact that AI is being used in a wide range of fields and is being improved lends credence to this assessment. Food and water security, human well-being, and the battle against climate change and the preservation of biodiversity could all benefit from artificial intelligence. Using data and AI digital solutions might reduce global greenhouse gas emissions by 4 percent by 2030, according to a World Economic Forum research.

Read also: How artificial intelligence (AI) affects business executives

PwC’s leading artificial intelligence expert says that defining sustainability is the first problem to be solved when contemplating AI’s potential for good. Artificial intelligence (AI) could be a way to help the UN’s Sustainable Development Goals (SDGs) be achieved. Because of increased corporate scrutiny and the need for organisations to be long-term, being net zero is becoming more of a focus. As part of the United Nations’ Sustainable Development Goals (SDGs), lowering one’s carbon footprint is a component of a broader effort to improve people, animals, and the sustainability of the planet.

In May 2022, Rao presented “AI & Climate Change” to the UK government. According to him, “AI for sustainability has gained great attention for its role in attaining sustainability across all 17 of the UN Sustainable Development Goals” (SDGs). This may be shown in programmes like AI for Good, where a research found that AI can assist in 79 percent of the goals’ target achievement.

A lack of sufficient guidance could result in environmental destruction or immoral use of AI, which could lead to bias and unfairness. During the last few months, many people have discussed how bias is created. Since they lack access to the same technology as people of other nations, citizens of those countries have fewer opportunities in their social and personal lives. In this way, the widespread use of AI contributes to the rise in inequality, despite its many advantages.

Because “who picks, who determines” how and when artificial intelligence is utilised, Rao argues that more government oversight is required. Rao is a big believer in “proactive engagement between governments, scientists, civic society, technological corporations, and investors” as a means to reap the benefits of AI while minimising its downsides.

IBM’s CIO, Inderpal Bhandari, concurs with this finding, “As AI becomes more commonplace, it is imperative that it is used to its full potential. In order to be human-centred, transparent, and explainable, artificial intelligence (AI) must be free of harmful and inappropriate prejudices against humanity. Customer service, supply chain security, and sustainability may all be improved by AI powered by data.” For the sake of its customers, it must safeguard their private information.

In the last few years, two new organisations have formed to aid technology companies in explaining how AI may be used for good while also being ethical. As of 2015, IBM has mandated that artificial intelligence adhere to a set of clearly defined moral standards. As a result of the work of these organizations, a more ethical AI can be developed on a worldwide basis. In this effort, everyone has an important role to play “This was said by Bhandari.

As the number of data sources, applications, and uses in a hybrid multi-cloud environment has grown, so too have data structures. Additionally, the increasing regulatory and compliance requirements across geographies makes data governance and the ability to comply with them a big worry, limiting the economic advantage of data silos. If your data strategy and architecture are built on top of a data fabric, you may notice considerable improvements. Having a data fabric gives businesses the ability to manage data at every level of their organisation, from governance to data access to security to privacy. A CDO can use this type of data architecture to manage compliance, enforce policies, and encourage audit preparedness. When it comes to integrating AI and automation solutions, businesses face a wide range of challenges.”

Artificial Intelligence can be used to fulfil both short-term economic and long-term environmental goals. “Extracting real-time value from their data, wherever the data sits,” as Bhandri puts it, “will become vital in helping to decide their competitiveness” for firms pursuing digital transformation goals.