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Gibraltar Finance Report
The impact of AI on business in the digital age
By the Hon Albert Isola, Minister for Digital and Financial Services
The digital age introduced the world of Artificial Intelligence (AI), taking over systems of the past to improve the efficiency of operations in a range of sectors from business to healthcare. Implementing AI technology in the right scenario has the potential to reduce operational costs, increase productivity and efficiency, grow revenue and improve the customer experience.
The societal impact of AI can be seen in the facilitation of major advances in healthcare and the greater access to information and communication systems enjoyed by a large number of the population, however, the applications of AI will extend far beyond these use cases. The widespread implementation of machine learning and artificial intelligence will likely change the way we live as we know it.
Artificial Intelligence attempts to simulate human reasoning through robotics, providing it with the ability to take over dangerous and
repetitive tasks, giving humans the opportunity to focus on some of the more complex issues facing modern society. AI has created a next generation workplace for businesses that now operate seamless collaboration between enterprises and individuals. This transition has been greatly accelerated by the COVID-19 pandemic.
Cloud based technologies The switch to remote working increased usage of cloud based technologies, which in turn spurred innovation in these technologies, forcing them to aggregate, transform, and present data more quickly through the use of machine-learning-enabled technologies.
Fears and scepticism surrounding the implementation of AI initially prompted people to think that it would eventually render human intervention obsolete. While there are significant concerns relating to AI black box systems (where any given AI technology
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Gibraltar International
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