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Risk vs Reward: Are you ready to leverage AI in your business?

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Risk vs Reward: Are you ready to leverage AI in your business?

Artificial intelligence (AI) in all its forms is here to stay. It is a powerful force to leverage that has already revolutionised how businesses function –  and it is not slowing down.

As businesses rush to integrate AI into their operations for fear of falling behind, it’s crucial to understand where you’re at to begin with. Otherwise, you run the risk of opening your business, more importantly, your customers, to a plethora of cybersecurity, privacy and ethical challenges.

So, where do you start with AI?

2023 saw the benefits of AI become even more present in our mainstream ecosystem.

Improving productivity, streamlining processes, and driving better outcomes for communities are just some of the benefits of integrating AI into business operations.

However, before you are able to leverage these benefits, there are a number of steps you need to take to ensure your business is AI ready.

Prior to investing time or resources, ask yourself “Are we at a mature enough point to invest in this, and what should we be investing?

Understanding what infrastructure and processes you need to have in place first, could be the difference between reaping the opportunities of AI and all its benefits, and suffering from the inherent risks that come with it.

At GWI, we specialise in data and information advisory. We understand that when it comes to data, quality, trust and integrity are crucially important. These are built from solid data foundations.

To understand your current state, consider the following:

  • Have you implemented the Australian Signals Directorate’s Essential Eight Framework?
  • Do you have a robust Data Governance Framework in place?
  • Do you know/understand how you are leveraging/using AI?
  • Is your team trained on how to properly leverage AI?
  • Do you have operational AI Governance?
  • What is the quality of your organisation’s data? 
  • How are you protecting personal information?

Balancing risk vs reward

As AI becomes more entrenched in our everyday lives, adopting and integrating ethical and accurate AI should be a top priority for employers. But it’s crucial to weigh the risks against the rewards, and factor these into your planning and decisions at the very start of the process. Whilst being conscious not to inhibit innovation.

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Stuck on where to start with AI?