AI is the pen, and we are the authors of the future. Let’s write a story worth telling

Artificial intelligence technologies are an emerging field that can enhance knowledge, entrepreneurship, as well as our everyday lives, dramatically improving our reality.

Utilising AI to transform the public sector can accelerate decision-making, enhance service delivery, and make processes more efficient and accessible. This provides us with the opportunity to develop a tool that will serve as a legacy and an asset for future generations.

Equally important is the retraining of the workforce to ensure that artificial intelligence is smoothly integrated into the country's developmental trajectory, creating new job opportunities.

To this end, investing in STEM education (Science, Technology, Engineering and Mathematics) is vital. At the same time, the public and private sectors must work together to develop AI applications that will enhance citizens' access to services and increase productivity.

Opportunities and challenges

In “The Mind’s Mirror: Risk and Reward in the Age of AI”, Gregory Mone, and Daniela Rus share their deeply insightful reflections on the potential and limitations of AI, and the ethical challenges it involves, providing a comprehensive view of both its risks and its advantages. Besides, artificial intelligence is not a diverse set of technology, but rather a collection of tools, designed to perform tasks such as learning, perception, and language understanding.

Progress in machine learning and neural networks has further bolstered these technologies, transforming industries and increasing efficiency, productivity, and innovation. However, the spread of artificial intelligence is accompanied by concerns about job loss, privacy, and ethical dilemmas. It is crucial to maintain a balanced approach, with a human-cantered perspective (man-in-the-loop), so that technology complements human advantages such as creativity and critical thinking.

In this way, a development recipe is created, from which society will benefit through the automation of everyday tasks, while simultaneously workers will be empowered with new skills.

The impact of AI in labour market

AI’s ability to automate repetitive tasks allows a faster service for citizens, reduces errors, and improves productivity. For instance, according to a study by Insight Enterprises, 66% of senior executives in businesses reported increased productivity after the implementation of AI tools.

Additionally, through its capacity to analyse large datasets, AI enhances decision-making processes in areas such as finance, healthcare, and supply chain management. Specifically, a study from Statista.com indicates that data analysis with the aid of AI can increase productivity by up to 40%.

Additionally, Pascal Bornet—an internationally recognised expert in Intelligent Automation and former executive at McKinsey and Ernst & Young (EY)—emphasises in his book "IRREPLACEABLE" that beyond a 30% increase in efficiency, businesses can also expect up to a 40% improvement in workforce capabilities.

Also, in the industrial sector, predictive maintenance through AI reduces risks and costs, while in customer service, personalised platforms enhance customer satisfaction and trust. A study by the World Economic Forum shows that the adoption of AI in the U.S. could lead to an annual productivity increase of 2.9%.

We have seen companies like Amazon leveraging data collection to strengthen their relationship with consumers. Wouldn’t it be interesting if our interactions with public services had this level of service, making the provision of services less time-consuming?

Skill development and transparency

Beyond the comparative advantages of these technologies, there are also specific risks that must be addressed. For example, systems may reinforce existing biases included in the data they utilise, leading to biased and unequal outcomes (e.g., in hiring practices). Additionally, the widespread use of these technologies often requires the collection and analysis of large volumes of personal data, raising privacy concerns.

To mitigate bias, it is important to emphasise the need for accountability and transparency, while ensuring that systems comply with laws designed to protect personal data and prevent violations.

Moreover, the ability of these technologies to automate repetitive tasks raises concerns about job loss and economic inequality. Therefore, it is crucial to offer training and upskilling programmes for the workforce, so that employees can adapt to the new job market. Findings from the Federal Reserve Bank of Richmond study, highlight that long-term investments in skill enhancement and further strengthening of the workforce are essential to fully harness the potential of AI.

In response to these concerns and needs, the European Union (EU) is implementing the EU AI Act, providing a framework for the use of these technologies in a manner that does not harm individuals.

Limiting the use of artificial intelligence to specific cases creates an environment where humans maintain control and are responsible for quality, decision-making, and the reduction of bias. As a result, governments must evaluate and reassess how work is currently conducted, as well as the skills required for a seamless transition to improved service delivery. This necessitates a shift in workplace culture, retraining, upskilling, and new educational programmes.

As Chief Scientist and Chair of the National AI Task Force in Cyprus, I believe that the promise of seamless customer interaction and experience, as well as reduced risks and bias, can be combined with new jobs in the high-tech and industrial sectors, better healthcare and an improved work-life balance. To achieve this, we should embrace challenges as opportunities and find ways to reduce risks to the minimum, without missing the opportunity of developing and diversifying our economy.

* Demetris Skourides, Chief Scientist for Research, Innovation and Technology