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For many, the concept of artificial intelligence is a frightening one. What is it? How does it work? What are its limitations? What are the ethical implications? Will AI eliminate jobs? Will AI take over the world?...
These are legitimate questions, but the speakers at the 2024 RF Bank & Trust Bahamas Economic Outlook dove deeper into the capabilities of artificial intelligence. In addition to sharing their industry knowledge to demystify the concept, they reminded attendees that ‘it’s all just math.’
Conversations about artificial intelligence have infiltrated news articles, everyday chatter, and just about every industry. Social media feeds are filled with quickly generated images created entirely from text prompts or facial adaptation. Artists and entertainers argue the ethical implications of their work and likeness being recreated by programs and algorithms. Chatbots are assisting customers with their questions and queries. Research papers are being drafted in seconds via free online websites….
These are just a minute sampling of the capabilities of artificial intelligence, but they are a few of the most frequently seen applications of its uses in day-to-day life. But, the reality is that AI has so many more practical uses that extend far beyond entertainment.
The RF Bahamas Economic Outlook conference highlighted the many ways that AI can increase productivity and support the internal functions of employees within just about any field. Forecasting, budgeting, risk assessment, fraud detection, automated reporting, optimized asset management, scenario planning, supply chain optimization, expense management, automated customer service responses etc.…. These are just a few of the many processes that can be streamlined by artificial intelligence.
The possibilities were apparent, punctuated by intrigue from attendees and excitement from the guest speakers. But, during a Q&A segment, several members of the audience were transparent about their concerns, fears and uncertainty relative to security and ethical concerns related to the use of AI, and what it could potentially become in the future.
As guest speaker Kevin Surace put it - it’s just a lot of complicated math, but math all the same. AI isn’t sentient - it uses prompts from humans to complete tasks. As it evolves, it becomes better at these tasks and becomes a more useful tool for humans. But, the scope of what AI can currently do is bound by the creativity of people.
The key takeaway of the conference is that being curious and having concerns is not a bad thing. Knowledge can only be gained through questioning and being inquisitive. The event highlighted that being fearful of innovation should not be a barrier to embracing change. Through open dialogue, education and awareness businesses can become more productive and their employees can have a greater arsenal of tools to do their jobs more efficiently and effectively.
