Artificial intelligence is no longer just an experimental concept. In New Zealand and across the globe, it has become an everyday part of life as we know it. AI influences how businesses operate, how services are delivered, and even how we interact with entertainment on a daily basis.
From healthcare to banking, to sport, and even online pokies, AI is steadily reshaping industries and all walks of life. While this happens, regulators are working hard to keep up with this change of pace.
AI in Business
When it comes to retail, AI enables supermarkets and chain stores to manage stock levels more effectively than ever before. Algorithms can look ahead and forecast demand spikes based on the time of the year and other socioeconomic situations. This ensures that products stay stocked with relevant items and reduces waste.
The healthcare sector also utilises artificial intelligence to its advantage. AI-driven diagnostic tools are being developed and trialled to support doctors in identifying conditions such as melanoma. Given New Zealand’s high rate of skin cancer, this is particularly exciting and could change the lives of many throughout the country.
Those in the financial sector are also utilising AI in various ways. Banks use the technology to detect fraud, monitor suspicious activity, and give customers more personalised service. In fact, the Reserve Bank of New Zealand and the Financial Markets Authority are both monitoring the growth of these technologies to ensure that customers remain protected.
All of these tools are great examples of how AI can help, but they are not replacements for human expertise. Instead, they can be used to provide extra insight and earlier intervention when it’s really needed.
Shaping Entertainment and Media
Entertainment industries across the board have been quick to adopt AI in its many forms. Streaming platforms utilise AI to enhance their algorithms and make recommendations based on users’ previous viewing history. In sports, artificial intelligence is being used to analyse player performance, identify potential issues on the field, and even assist officials in making calls that would previously have been impossible.
To bring viewers closer to the action, broadcasters in New Zealand are trialling AI graphics that will help make sporting experiences even more exciting.
Of course, the gaming sector has dived headfirst into what AI has to offer. In the case of playing online pokies, casinos are using AI to both personalise the spinning experience and boost customer protection.
AI is being used to create algorithms that recommend better interfaces and promotions, but on the other hand, it’s also a tool for helping regulators identify signs of problem gambling. New Zealand’s Department of Internal Affairs has praised the use of AI in these instances, as it can help minimise harm more than technology has ever been able to do before.
More Industries Adopting AI
Here are a few more examples of how artificial intelligence is being used in industries that the general public may not even realise.
- Air New Zealand: The airline service has adopted AI to help it improve its fuel efficiency and manage maintenance. This has helped reduce operational costs and minimise the environmental impact.
- Accounting: New Zealand’s largest local accounting platform, Xero, uses AI to help small businesses manage tasks more easily. This includes automating invoices and reducing errors.
- Education: Adaptive learning tools are being tested throughout the education system to help boost the progress of students. AI helps to target support in both classrooms and tertiary systems.
These simple examples provide an insightful glimpse into how AI can be applied in different sectors while also benefiting human beings in those industries. However, this naturally raises ethical, environmental, and regulatory questions, which have never been an issue in the past.
Balancing Innovation with Responsibility
While AI has become a part of our everyday lives, the challenge is to make sure that innovation doesn’t overpower public trust. Regulators are already looking into ways to update existing legal frameworks that must be considered. Managing the risk of data breaches, privacy, and the negative possible impact of AI cannot be ignored.
There’s no doubt that AI is a powerful tool, but as all good superheroes know, with great power comes great responsibility.