AI supports businesses, but is not a solution

Leading tax and advisory firm Blick Rothenberg says artificial intelligence is a useful support for businesses but is not a quick fix.

Nick Winters, the company’s head of technology, said: “Microsoft launched a new Artificial Intelligence (AI) center in London this month to tap into the UK’s vast AI talent and expertise. However, despite the exciting development of AI in the UK , but when something goes wrong, it can cause more problems than it solves.

“At present, artificial intelligence cannot replace the human brain and needs to be used in combination with scenarios; it should not be used as an independent tool, but should be used in conjunction with traditional thinking processes.

He added: “I have personal examples of AI used alone to cause significant problems. One of my clients told me that they could use well-known accounting software to prepare and file their tax returns. Later, when their taxes were due, They called me in panic when the obligation was several times higher than expected. A brief review revealed that the software had identified all bank receipts as income, even those that were simply transferred from savings to a checking account.

“I sometimes use Bing’s AI assistant to help me put together ideas for articles or help sheets. I ask it for something that could be used as a financial policy for a party manifesto. At first glance, what I receive seems interesting, but upon closer inspection One look, here’s Kwasi Kwarteng’s 2022 mini-budget and we all know how people reacted.

“There is also the example of a New York lawyer being sanctioned for using the AI ​​tool ChatGPT to conduct legal research. The document was found to cite examples of legal cases that did not exist!

Nick said: “However, we are all already benefiting from the support provided by artificial intelligence technology; everyday examples include: satellite navigation systems, driver assistance technology, home robot vacuum cleaners and smart thermostats, opening mobile phones through Face ID, and enhanced Internet

Search functionality and the workplace – spell checker, predictive text, chatbot and more.

“So, if used correctly, artificial intelligence can help us become more productive and live better lives—but only if it is used as a support rather than a quick fix to our problems.”

He added: “So, my top ten tips for businesses using AI or wanting to start using AI are:

1. Well-defined goals: Identify specific problems or opportunities where AI can add value to your business, whether it’s improving customer service, streamlining operations, or enhancing product recommendations. Do not implement AI technology without first checking whether it is the appropriate support.
2. Data quality and accessibility: Make sure your data is clean, relevant and accessible to AI algorithms. Invest in data collection, storage and management systems to support AI initiatives. This helps avoid model drift, where poor quality or irrelevant data causes artificial intelligence to respond incorrectly or inappropriately.
3. Start small and gradually scale up: Start with a pilot program or small-scale implementation to test the feasibility and impact of AI applications. Once successful, gradually expand the AI ​​program across different departments or business functions.
4. Choose the right AI tools and partners: Choose an AI tool, platform or vendor that matches your business needs, budget and technical capabilities. Consider factors such as ease of integration, scalability and vendor support.
5. Invest in talent and training: Build in-house expertise in AI by hiring data scientists, machine learning engineers, and AI experts based on your budget. Provide training programs for existing employees to upskill and adapt to AI technology.
6. Ethical and responsible use of artificial intelligence: Prioritize ethical considerations and responsible AI practices, including data privacy, transparency, fairness and bias reduction. Ensure compliance with relevant regulations and standards. Human intervention is still required to moderate AI output before it is published to fact-check and ensure it is appropriate.
7. Iterate and learn: Embrace a culture of continuous learning and iteration in your AI initiatives. Encourage experimentation, feedback, and collaboration across teams to refine AI models and strategies over time.
8. Monitor performance and ROI: Establish metrics and KPIs to measure performance and ROI of AI implementations. Regularly monitor and analyze data to assess the effectiveness and impact of AI initiatives on business outcomes.
9. Stay informed and adapt: Stay up to date on the latest developments and trends in artificial intelligence technology, applications, and best practices. Continuously evaluate and adapt your AI strategy to stay competitive and meet changing business needs.
10. Customer-centric approach: Put the customer at the center of your AI strategy. Focus on delivering personalized experiences and anticipating needs. As before, use AI as a support, not a solution—customers’ business problems can’t be solved with an AI Band-Aid. “

“Remembering 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,” Nick said.