‘Once-in-a-Generation-Change’ – How AI Can Transform Industry

As businesses continue to look closely at the pros and cons of artificial intelligence, it’s clear that the technology has the ability to completely change how some industries operate – offering a once-in-a-generation type of transformation.

A recent report by Deloitte highlighted that around a quarter of the Australian economy will be disrupted as a result of generative AI, and I have no doubt the technology has the ability to fundamentally change how businesses operate.

While the digitisation of businesses is not new, AI has taken it a step further, with industry-specific programs being developed which are aimed at taking on particular tasks.

This isn’t like the introduction of email for example, which is largely a one-size-fits-most type of application, niche programs are now developed by people with lived experience of particular industries, who know how businesses function and what is needed on a day-to-day basis.

As a business, we can already see the potential of AI to further streamline our processes and free up staff for other more important tasks, as well as training and up-skilling, which benefits the company overall.

If implemented well, AI can also provide businesses with the opportunity to grow and expand, as well as potentially introduce new measures to increase employee satisfaction.

We recently introduced a four-day work week for example, but we couldn’t have done that if we didn’t find ways to work more efficiently and automate some of our processes.

AI can provide the opportunity to create those efficiencies and streamline operations.

While businesses will find differing ways to adopt AI, one of its key appeals is its ability to take on time-consuming admin tasks such as;

• Document Reading: AI programs are available that can read, search, and summarise lengthy industry-related reports and regulations within minutes.

• Data Entry: While not difficult, data-entry is often time consuming, and prone to human error. Having AI take over this task not only frees up valuable staff time, but also significantly reduces the risk of errors being made, some of which have the potential to result in significant financial penalties.

• Document Cross-Checking: Each individual shipment generates several invoices, all of which need to be cross-checked to ensure details match up. AI can cross-check these details within moments, once again freeing up staff for other tasks.

• Client Notification: AI programs can be implemented to send real-time alerts and updates to clients as their shipment progresses.

It must be acknowledged that some people may be reluctant to adopt AI amid concerns about the potential impact on jobs or a reduction in human-to-human interaction, however I believe the technology can work in collaboration with existing roles, allowing people to work ‘smarter not harder’.

In the same way that we no longer employ ‘runners’ to physically take documents from one place to another, we now have dedicated roles in IT that didn’t exist decades ago.

I also believe AI will allow for improved human interaction as we can commit more time to building relationships with clients, suppliers, and stakeholders – because we won’t need to be spending so much time carry out various admin tasks.

Allowing AI to take on the more tedious aspects of my job so I can meet a client face-to-face, more often sounds like an ideal situation to me.

Brian Hack is the Managing Director of EES Shipping