Arficial Intelligence (AI) has emerged as a technological marvel that is reshaping our world in profound ways. With each passing day, AI’s influence expands, touching diverse aspects of our lives, from healthcare to entertainment and finance to transportation, among a few.

Mindful that some of the readers of this article might have tripped their adolescences by watching blockbusters like Terminator, Matrix and others, the fears of a frightening future dictated by super artificial intelligences, or the “mere” loss of jobs and the blurred cohabitation model are legitimate. As evidenced by the research work carried out with our colleagues of MCB Group associated with thoughts and insights of our trusted partners, AI, if harnessed astutely, shall bring an ocean of “net” opportunities and benefits.

As the CEO of an international management consulting company, which is in itself a very dynamic ecosystem built on technological solutions, my perspective points towards the following main principles.

In the financial world and other industries alike, AI is a game-changer

Algorithmic trading powered by AI can execute thousands of trades in milliseconds, reacting to market changes with lightning speed. AI-driven data analysis aids in risk assessment and fraud detection, safeguarding financial systems. Moreover, AI-driven chatbots provide personalised financial advice, making financial services more accessible to a broader audience.

We all know Africa has a unique context that is well-positioned to leverage AI technologies to address local socio-economic challenges. AI is used to improve agriculture, healthcare, education, and more, tailored to the specific needs of African communities. African countries are witnessing the emergence of AI startups and innovation hubs for instance. These startups are working on AI-driven solutions that cater to local demands, such as precision agriculture, healthcare diagnostics and financial inclusion.

The need to have accurate and complete data ; a “burden”… yet an essential one

The positive impacts of an astute usage of AI shall significantly be impaired should there not be sufficient emphasis on the importance of quality data via, amongst others, ring-fenced business processes and information flows, system embedded controls and general staff ’s awareness. In certain jurisdictions, the AI readiness and attractiveness shall be influenced by feeble financial literacy rates or the new market players without the “blessing” of historical data.

AI should always remain an enabler in the true spirit of Industry 5.0

AI’s impact on the job market is a subject of debate. While Robotic Process Automation does automate repetitive tasks, it also creates opportunities for humans to focus on more creative and strategic roles. The future of work may involve humans and AI working hand in hand, with Robotic Process Automation handling routine tasks and humans providing critical thinking and innovation, a definite must that requires new ways of being.

The ethical concern is much real

While AI holds incredible promise, it also raises ethical concerns in the realm of privacy and data protection. And as the Data Protection Commissioner of Mauritius rightly says in this paper, AI should not only be viewed as a technology feat, because it is invasive and delves into fundamental and interdisciplinary human, intellectual property rights and freedoms. There are so many stories out there about cases of lawsuits as human rights are violated…

A decade ago, I was privileged enough to successfully complete the ascension of the highest mountain in Africa (the mighty Kilimanjaro). As per the official website of the Kilimanjaro National Park, the success rate of a 5-day route to climb the mountain is as low as 28%. Not surprisingly, the aforesaid rate climbs to 84% for an 8-day route. I still can remember my guide (John) brainwashing me with the Swahili expression for step by step “polé polé”.

Is this not somehow an inspiring coincidence for us, Africans embarking on our AI journeys with, in sight, our nuanced destinations and qualities.

Basic definition, generated by ChatGPT

What is AI?

“AI refers to the simulation of human intelligence processes by machines, particularly computer systems.”

Capabilities?

AI processes include learning, reasoning, problem-solving, perception, language understanding and decision-making. AI technology aims to create systems that can perform tasks that typically require human intelligence.

Most popular use?

AI can be categorised into two main types:

Narrow or Weak AI: This type of AI is designed and trained for a specific task or a narrow range of tasks. Examples include voice assistants like Siri and Alexa, recommendation systems on streaming platforms and image recognition software.

General or Strong AI: General AI refers to a hypothetical system that possesses human-like intelligence and is capable of understanding, learning and performing any intellectual task that a human being can. It can understand different domains, adapt to new situations and even exhibit creativity and emotions.

AI has seen significant advancements in recent years, with applications in various industries, including healthcare, finance, transportation, and entertainment.