The strategic integration of AI

AI continues to prove its advancement for business

AI’s mainstream adoption has unlocked unprecedented power for both individual users and businesses. For users, AI offers personalised experiences, from smart assistants that manage daily tasks to recommendation systems that curate content tailored to individual preferences. The integration of AI into everyday devices and services has made it easier for people to access information, improve productivity, and enhance their overall digital experiences.

While Artificial Intelligence and Machine Learning have become consumer-grade technology only very recently, its origins can be traced back to the 1950s, when pioneers like Alan Turing laid the theoretical foundations.

The power of AI for users and businesses

AI software can sometimes feel like real-time science fiction; however, it functions on the same logic as all computing. In a parallel with the arrival of Information Technology to the industry in the 1980s, AI is transforming the accounting industry by enhancing efficiency, accuracy, and client satisfaction, while reducing costs and enabling firms to offer more advanced services. As AI continues to evolve, its role in the industry will likely expand, further empowering both users and firms. As with anything new however, this technology does not come without limitations and considerations. While AI can perform tasks that a human would have done, this does not mean it can do it as well.

Praxity member firm Kaufman Rossin are a great example of a strategic and measured approach to the introduction of AI and are now well into their journey, having identified over 40 use cases across the whole organisation. To help manage the use cases of AI, the firm has formed a partnership with Writer, a company specialising in generative AI for enterprise. This is allowing them to approach and address business problems via newly created AI solutions.

«As we harness the transformative power of AI, Kaufman Rossin’s goal is not to replace human potential, but to amplify it. By embracing AI as a catalyst for innovation, we aim to accelerate and elevate our capabilities, working better, faster, and smarter to unlock unprecedented value for our clients and our firm. The future of AI is not about replicating human reasoning, but about augmenting it, empowering us to achieve the unimaginable and redefine the boundaries of what’s possible.» Albert Primo, Chief Innovation Officer, Kaufman Rossin.

The firm recently gave a presentation to Praxity’s marketing working group, speaking to a group of marketing and business development professionals who were keen to get to grips with the new possibilities.

Strategic approaches to AI integration

While the potential benefits of AI are immense, a strategic approach is essential when introducing AI into any business. This should begin with the development of a comprehensive AI policy, which should focus on:

1. Data protection and privacy: Ensuring the protection of personal and client data is paramount. AI systems must be designed with robust security measures to prevent data breaches and misuse.
2. Augmentation, not replacement: AI should be used to augment human capabilities rather than replace them. This approach not only fosters a positive work environment but also leverages the strengths of both humans and machines.
3. Define acceptable use: For AI to be successfully integrated, employees need to be educated about its capabilities and limitations. Engagement is crucial to ensure that AI tools are used effectively, ethically and transparently.
4. Strategic partnerships: Some firms opt to form strategic partnerships with AI platforms to tailor AI solutions to their specific needs. For example, partnerships with platforms like Writer allow businesses to customise AI tools for their unique requirements, ensuring better alignment with business goals.
5. Seek guidance from established frameworks: Resources like CPA.com’s «Seven Steps to Building an AI Strategy»i provide valuable guidance for firms embarking on their AI journey. This document offers a structured approach to AI integration, from initial strategy development to implementation and ongoing evaluation.
6. Gain a competitive advantage through AI: McKinsey’s report on «Three Approaches to Making AI a Competitive Advantage» highlights strategies that firms can adopt to maximise AI’s potential. These approaches include embedding AI into core business processes, using AI to drive innovation, and continuously scaling AI capabilities across the organisation.

The future of AI: aspiring for human-like reasoning

The aspiration for AI is to replicate human reasoning as closely as possible, while having it work through data-intensive or repetitive tasks at unimaginable speed. While current AI systems excel at specific, discrete tasks, the goal is to develop AI that can generalise across different domains, exhibit common sense, and make decisions similar to human reasoning. Achieving this level of technology is no easy task – it will require ongoing advancements in machine learning, cognitive computing and ethics to ensure that AI systems are both powerful and trustworthy. Gordon E. Moore’s law of computing doubling every year looks to have reached exponential speed, with new frontiers in artificial intelligence regularly conquered in areas that were unimaginable, even recently.

As AI continues its rapid evolution, businesses must approach its integration with a clear strategy and a focus on enhancing human capabilities. By doing so, they can harness the full potential of AI while mitigating risks and fostering a culture of ongoing innovation. Now that AI has entered the mainstream, the challenge lies in using it wisely.

Read the full article at Praxity.