As we stand on the threshold of the era of artificial intelligence, these technologies already touch on many aspects of our lives. As AI’s capability expands and accelerates, it is crucial to think ahead about both the opportunities and the risks that AI will create for our economy, the environment and society overall.

 

AI for Sustainable Development and the Green Deal

Today, the fact that AI can be used as a tool for climate action and sustainable development is evident. The transformative potential of AI to contribute to the accomplishment of the green transition was already recognised in the EU Green Deal at the time of its launch in 2019.

The versatile AI applications in this field include:

  • Improved data collection and analysis, enabling broader and deeper knowledge, scientific breakthroughs and more sustainable decision making, such as fuel-efficient routing in transport;
  • Enhanced predictions to help adapt to climate change, including real-time monitoring of extreme weather and climate events; and
  • Increased efficiency in areas such as energy and resource utilisation, e.g.  the use of AI and machine learning in energy management systems to reduce energy consumption and carbon emissions.

 

The Use of AI in the Workplace 

The International Monetary Fund recently stated that AI will affect almost 40% of jobs around the world. From soil composition management in agriculture over algorithms analysing medical images at top accuracy and speed to smart exoskeletons supporting workers when lifting and carrying: AI offers unprecedented opportunities across all sectors and activities. 

While wealthy countries have better access to the benefits these new technologies bring, they are also faced more urgently with accompanying disadvantages, such as concerns about data security, misinformation and lower labour demand. 

As AI will complement certain jobs and replace others, both upskilling and reskilling the workforce will be paramount to ensure that workers can remain employed and do their job in the most productive and secure way possible. 

 

It is Time for Boards to Take AI Seriously 

At the end of the day, artificial intelligence is a tool – one with the power to profoundly change the way people and organisations work. As many companies expand their use of these technologies and explore its possibilities, they need appropriate guidance from their boards. 

That is why it is imperative for boards of directors to understand AI’s potential, risks and limitations.

 

Successfully navigating your company into the AI-driven world of tomorrow will depend on how this evolution is directed internally. To strengthen their organisation’s positioning and market share leading boards have focused on:

  • building AI literacy, making sure that the necessary knowledge and expertise are present on the board;
  • understanding the strategic opportunities and threats for the business and developing a clear board approach;
  • overseeing the risks and controls of technologies that are used within the company; and
  • keeping up to date with emerging rules and regulations in this sphere.

 

The time to create a vision and strategy around artificial intelligence and how it can best support your business activities is now.

If you would like to know more about this topic and how it may impact you, then do not hesitate to get in touch with us.


 

 

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