How should businesses be preparing for AI transformation? In a recent report, published in partnership with the UK govern- ment, it is reported as little as 15% of all businesses have adopted at least one AI technology. There are multiple reports discussing the start of the shift from excitement to deployment for 2024. Having access to good quality data is our top tip to businesses,
with various technology options providing deeper insights. Process reviews are very important and may identify automation opportunities that can be carried out internally or externally.
Is technology friend or foe? T ere is concern surrounding GDPR that needs to be managed. With new advancements comes new fraudulent and criminal activity, which are becoming more complex and advanced. Unless you have paid for an enterprise version of ChatGPT, for example, it is not advised to put sensitive information onto the platform. And even then, for those that are willing to invest, care must be taken that the answers to the questions asked are factually correct. Generative AI, while impressive, has limitations. One key
limitation is its inability to always produce accurate or meaningful results. T is is because it learns from existing data and doesn’t understand context or common sense in the way humans do. Humans play a crucial role in overseeing and guiding generative AI systems to ensure they produce useful and appropriate outputs. Without human supervision, these systems can generate nonsensical or even harmful content.
Another factor is your risk appetite.
Innovation of any kind
comes with some element of risk and it’s important to understand where you are now and where you’d like to get to in the future. Are you innovating because you want to, or because you fear you must in order to survive? It’s certainly a challenging time to own a business and understanding the risks of pressing ahead or doing nothing can help you to formulate your own plan.
What is coming up next for us? We have been working in this area with governing bodies including presenting to regional chartered accountants; ICAEW members and working with university academics, generally being at the forefront of the changes in the accounting industry. Closer to home, we are always reviewing the market and
discussing with third-party applications the latest changes and advancements to aid small businesses. If you would like to discuss how we can help you streamline
your fi nancial processes or understand how new technologies can benefi t your business, please get in touch.
Contact Ad Valorem Group on 01908 219100, email
enquiries@advaloremgroup.uk or visit the website
www.advaloremgroup.uk
CONSTRUCTION, LAND & DEVELOPMENT
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