July 16 marks the global day of recognition for artificial intelligence – Artificial Intelligence Appreciation Day – to celebrate its positive impact on society, whilst highlighting the ethical implications of its use. Ruth Thomas, founder of ChangeMakers Media, asked four industry leaders to share their insights on the future of AI in business.

With the Australian government recently announcing plans to regulate AI, much speculation exists regarding its capacity to disrupt businesses and alter entire industries.

Despite this, 85 per cent of Australian businesses believe that AI will have a positive impact on their industry, according to the recent The Future of AI in Australia report by PwC.

In recognition of the global Artificial Intelligence Appreciation Day, four business leaders have shared their insights on what the future of business looks like for their industries as AI advances.

How AI will disrupt four key industries

1. Online payments and financial technology

Chris Dahl, co-CEO, Pin Payments

“AI has the potential to revolutionise the payments landscape, empowering payment providers with enhanced efficiency, security and customer experiences. However, the biggest impact of AI is its ability to detect and prevent fraudulent activities in real time for payments providers.

“Fraud has increasingly become a risk to both payment providers and customers, as scammers have become more sophisticated in the way they operate. AI algorithms can analyse large amounts of data, identify patterns and detect anomalies that could indicate fraudulent activity. AI will also further personal payment experiences in order to tailor the experience to a merchant’s needs and preferences.

“However, whilst there are many positives, this transformation also comes with risks. A complete reliance on AI introduces problems surrounding data privacy, algorithm biases and other vulnerabilities when it comes to cyber threats. Finding a balance between harnessing AI’s benefits and mitigating risks is essential for all businesses to ensure trust, transparency and regulatory compliance.”

2. Technology

Thomas Fu, Founder and Executive Director, Motor Culture Australia

“As a tech platform which brings together Australia’s automotive community, harnessing the latest technology is very important to us. At the same time, there are undoubtedly issues that exist alongside the widespread use of AI in business.

“We’ve already embraced artificial intelligence within our business to assist with almost every part of our operations, but we’re yet to build it into our tech. A better regulatory framework in Australia will ensure that businesses can engage with reputable AI tech providers and software, and will protect customers from falling prey to new scams or fraud.

“There’s no doubt that, in the future, most businesses will use AI in some shape or form, but ensuring it’s done in a genuine way that improves your customers’ overall experience and internal operations is vital.”

3. Engineering and construction

Julian Vivoli, founder, Vivoli Consulting Engineers

“There’s no doubt that AI is already changing the field of engineering, empowering us to tackle complex challenges with greater precision and efficiency. Its advantages include greater tech and software which can optimise engineering survey, Building Information Modelling, streamline construction processes and improve safety. From intelligent modelling and simulation to real-time monitoring and predictive analytics, AI is revolutionising how we plan, build and maintain the world around us.

“Despite this, there are risks associated with AI adoption in engineering such as ensuring data accuracy and reliability, addressing algorithm biases and ensuring the right building codes and standards are correctly applied. There are countless opportunities that come from utilising AI in engineering, which will drastically improve design and construction, ultimately providing better infrastructure for our communities.”

4. Beauty and wellness

Maria Braun, founder, Mirabelle Beauty

“There’s been a great deal of focus on how AI will change tech-related businesses, but the beauty industry – whose global market size is $103.8 billion – will also be transformed by the power of artificial intelligence. Beauty brands are now harnessing AI tools to create content, engage with customers and reduce time spent on admin related tasks.

“Through the analysis of large quantities of data, AI tools will also enable beauty brands to provide their customers with highly personalised, tailored advice, which will completely change the way customers engage with beauty brands.

“Despite this, it’s essential that beauty brands remain transparent surrounding the responsible use of AI and data, to ensure their customers’ privacy is protected.

“As the founder of a beauty company, AI has been a game changer in running my business single-handedly, but AI won’t replace employees if we effectively learn how to use these tools to leverage its efficiency.”

Want more? Get our newsletter delivered straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.