In its simplification, the digital age in all its complexity revolves around data. The transferring of information through various media in a matter of no time at all is a concept which has grown tremendously, not only connecting us and becoming more integrated in the areas of our lives, but also through business development which is becoming increasingly dynamic through digital innovation.
Advances in artificial intelligence are being noticed across practically all sectors, with attention being focused towards providing companies with a seamless flow of data collection, analysis and implementation. In simpler terms, data is power. Whichever organisation aggregates relevant data and makes effective use of it strategically for business growth, is fundamentally a leader in today’s digital age. Artificial Intelligence has brought with it the extended possibilities of automation and augmentation, with this evolving technology infamously forecasted to take over some responsibilities at the workplace, potentially taking over current roles. Yet, at the same time, A.I. is predicted to create more jobs than take away and more importantly, provide individuals with the opportunity to carry out more strategic practices at the workplace, thus allowing them to contribute more intimately towards business development.
‘If various companies in their own market are all in possession of the same data collection and analysis softwares, who would possess the most valuable data, then?’
And so it is true, that A.I. is indeed providing tools for data solutions for companies to leverage themselves over their competitors in the market. Machine learning is used to forecast market trends and consumer behaviour, evaluate risk, calculate potential profit and expense margins and externally, even communicate with users through intelligent chat-bot services. Despite all this, one might wish to foresee what could happen should all companies possess these exact methods. If various companies in their own market are all in possession of the same data collection and analysis softwares, who would possess the most valuable data, then?
As of present, the big companies on the market making use of A.I. software might rightly so feel they have the cutting edge over their competitors and SMEs in their industry. What might not be anticipated as much, however, is that a time might come when A.I. is accessible and affordable by all. Just by taking a look back, the development of any technological device (the mobile phone, television, even the primitive softwares of A.I.) in its early stages was always considered exclusive, yet as time passed and other players in the market adopted and caught on, these technologies have become the norm, manufactured and put to market by a multitude of companies.
‘So much is being said about how A.I. will restructure roles and free up space…
… yet not so much is being said about how companies will actually innovate through these technologies.’
As all this is being said, companies continue to anticipate technology changes as they try to foresee the best way forward. In fact, so much is being said about how A.I. will restructure roles and free up space, allowing employees to make the most out of Cloud Computing and Big Data technologies, yet not so much is being said about how companies will actually innovate through these technologies.
‘Professionals in accounting in Malta will need to become more exposed to the changing landscapes of their industry in order to make use of the fruits of digital innovation.’
For instance, with technology automating tasks and providing data solutions, the accountant’s role will continue to evolve tenfold over the next few years. Professionals in accounting in Malta will need to become more exposed to the changing landscapes of their industry in order to make use of the fruits of digital innovation. Similarly, within an A.I. infrastructure, marketing professionals can form more informed decisions and tactfully plan strategies according to the analysis of gathered data, giving them greater edge when marketing their products or services.
‘Employees should embrace A.I. , but not become dependent of it.’
Furthermore, organisations need to adopt A.I. technologies not simply to do away with manual entries and human errors and bring in a more accurate, responsive data system, but rather to set up a culture of innovation, one which is true to the digital age whilst maintaining an essence which is entirely human. Thus, employees should embrace A.I. , but not become dependent of it. Principles and standards must be maintained, and human communication and intuition must be upheld and nurtured.
‘Organisations need to adopt A.I. technologies not simply to do away with manual entries and human errors and bring in a more accurate, responsive data system, but rather to set up a culture of innovation, one which is true to the digital age whilst maintaining an essence which is entirely human.’
Moreover, as technology is predicted to take over manual roles which demanded specific hard skills, employees must now more than ever focus on developing soft skills of interpersonal, problem-solving and creativity to grow in an innovative way throughout their careers. Therefore, the question does not only remain whether employees will become more productive through A.I. technologies, but rather, how they will be productive working towards an innovative future for the company.
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