Examples of the use of artificial intelligence in the digitalisation of the economy

14 September 2023 | Knowledge, News, The Right Focus

From at least the 1950s, when Alan Turing published his paper ‘Computing Machinery and Intelligence’, the concept of artificial intelligence has captivated people’s imagination with the promise of a breakthrough in the way the world and the economy can function.

Today, AI solutions are increasingly facilitating our activities in many diverse areas, including:

Data analysis and pattern recognition

With the availability of huge collections of structured data, artificial intelligence can effectively assist in their analysis and pattern search, making it possible, for example, to build advanced risk assessment models, thereby increasing the scope for secure financing. Such tools can also be successfully used to optimise processes and supply chains, and are being used to combat various types of criminal activity

Service personalisation

Requires changing established standards every time. Until now, any deviation has been costly and could be unprofitable on a case-by-case basis. With artificial intelligence, which is efficient, for example, we can get more tailored digital content, including websites, e-learning or music

Business process automation

Personnel costs can often be a significant burden, especially in the case of labour-intensive and repetitive activities. This is why business process automation is undergoing dynamic development, allowing the reduction of human activities in favour of their automation (e.g. generating repetitive reports, ordering data and electronic documents, checking for changes in regulations).

Advice

With the right database, AI can be successfully used to support decision-making processes, for example in capital market advice, where the tool can use historical data, current data and the company’s investment policy to recommend specific financial instruments to the client, thus optimising profit. Another example is assisting medical staff in classifying a patient conditions.

Customer service

There is a growing market for chatbots/customer assistants. A well-designed tool with a large database can effectively speed up customer service, especially for routine issues.

The process of digitalisation and automation through the implementation of artificial intelligence in various areas of life seems inevitable. However, we need to be aware that this brings with it a number of challenges, including the potential for restricting access to information (information bubble) or a discriminatory approach due to the training of models based on poorly chosen information.

EU regulation on artificial intelligence

The proposed EU Regulation laying down harmonised rules on artificial intelligence (the AI Act) addresses these challenges. It will regulate the different uses of AI, including the obligations of providers and users of artificial intelligence systems.

As the draft Regulation is a comprehensive piece of legislation, preparing for its application will require an analysis of the information processed and the identification of necessary changes to IT infrastructure or policies and internal instructions.

Due to the specificity of this area, the success of the process of adapting to the Regulation will depend on the support of experienced AI consultants and lawyers who can help identify potential gaps and risks, and highlight the opportunities and possibilities that such solutions offer.

Questions? Contact us

Jan Ziomek

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Contact us:

Jan Ziomek

Jan Ziomek

Advocate / Partner / Head of FinTech / NewTech Sector Practice

+48 736 429 981

j.ziomek@kochanski.pl