SKILLS DEVELOPMENT
Risk & reward evaluated Business leaders are focused on two principal areas where AI and data science can be effectively integrated into their operations. Firstly, there is a need to ensure that all available data is being used to inform the decision-making process; AI can efficiently integrate and analyse enormous amounts of data, saving huge amounts of time and resources. Secondly, there is the application of AI around evolving products or services that a company is delivering, including rapid prototype development. In both scenarios, AI can potentially amplify the scale and speed at which businesses can function. However, adopting AI doesn’t come without risk. There are legitimate concerns about the prospect of AI techniques perpetuating or exacerbating existing biases in society, thereby accelerating the spread of misinformation. AI learns by analysing trends and patterns in historical data, so it can inadvertently perpetuate and accentuate existing biases in datasets. It is crucial that business leaders understand the limitations of these systems and have an appreciation of the input and high‑level assumptions that have gone into any given system, just as we would with any other information source. Value of critical thinking For AI to be most effective and to mitigate risk, it shouldn’t be used to replace human decision making; rather it should be considered as an ‘intelligent assistant’, combining the best features of human and machine intelligence. That means critical thinking skills will be more valuable than ever. Critical thinking has always been an essential skill for business leaders, who must be well-practised in considering the relevance and reliability of multiple information sources before reaching a conclusion based on all the evidence. AI is some way off being able to replicate those skills, so human oversight of AI systems will remain key. Increasingly though, business leaders will need to be confident in transferring and applying their critical thinking and decision-making skills in a context where part of the available information stems from an AI system. That is why our leadership courses go
beyond simply understanding AI approaches and the core principles of the technology, to looking at the benefits and risks of working with AI, plus the critical thinking that is required to use different types of AI models effectively. A multidisciplinary approach
In order to make informed decisions, business leaders must appreciate the key aspects of AI; not just how it works, but also the impact and implications
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Business Impact • ISSUE 3 • 2024
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